[CITIC Securities: Market adjustment is coming to an end] On October 18, CITIC Securities research report believes that the adjustment range and time of this round of AI core tickets are close to the range of new energy core tickets from the end of 2021 to the end of April 2022. The first round of hardware valuation adjustment in the second-stage guidance downward revision of the super industry cycle growth is nearing completion. However, for long-term funds that value the "first-order guidance" rather than the "second-order guidance" of AI growth, the current adjustment is not enough to change the trend. Memory prices, computing card rental prices, and CSP profit margins are the core variables that reflect the direction of the "first-order guidance."