[CITIC Securities: Use prosperity and supply clearing to respond to high interest rates and closely track the inflection point of the AI ​​investment cycle] On October 11, CITIC Securities Research Report stated that the stabilization of oil prices, lower-than-expected non-agricultural data, and downward revision of the Federal Reserve’s interest rate hike expectations have not changed global long-term bond interest rates. The reason behind this is the continued strong demand for investment and financing from the private sector. Driven by trillions of dollars of investment, North America has taken the lead in getting out of the "abnormal state" of low growth and low interest rates after the financial crisis. The global high interest rate environment is the normal state that we must deal with before the turning point of the AI ​​investment cycle. The only demand that is not sensitive to high overseas interest rates is North American AI and areas related to China's central fiscal expansion. However, overseas and resource sectors, which have had excellent shareholding experience in the past few years, are under pressure. In a weak demand environment, the scarcity of supply-clearing varieties is highlighted, and the anti-involution process still deserves attention next year. In terms of allocation strategy, in the short term, only boom varieties and supply-clearing varieties can be used to cope with the high interest rate environment. It is recommended to closely track the turning point of the AI ​​investment cycle.