[JP Morgan Zhang Xiaoning: Continue to be optimistic about the barbell strategy. AI is still the core main line of the growth side] On October 14th, J.P. Morgan China Equity Strategist Zhang Xiaoning released his latest view, saying that the current domestic liquidity of A-shares is still sluggish, but AI is still the core main line of the growth side of the barbell allocation. Under the current market style, we continue to be optimistic about the barbell strategy, allocating high-dividend targets on the defensive end, and allocating growth themes such as AI infrastructure and CXO/innovative drugs on the growth end. Regarding the AI ​​sector, Zhang Xiaoning said that geopolitical concerns have indeed suppressed the valuation of the AI ​​sector, but the AI ​​sub-sector with reasonable valuations can buffer downside risks: in the two vertical fields of storage and server/switch ODM/OEM, the market-to-sales ratio in the next 12 months is reasonable and the year-on-year sales growth rate in the next 12 months is considerable.