[Changjiang Securities: Short-term price sentiment may have reached the historical extreme area, and volume and energy are gradually approaching the bottom area] On November 1, Changjiang Securities stated that the recent market adjustment is mainly due to the high global macro interest rates, which has led to the rise in stock discount rates and drags down valuation levels. There are also long-term concerns about the AI ​​supply chain, namely the potential slowdown in the growth rate of AI capital expenditure in the United States and the uneven distribution of profits on the hardware side between countries. The relative trends of technology and dividends are significantly differentiated. The core conclusion is that short-term price sentiment may have reached the historical extreme area, and volume energy is gradually approaching the bottom area, and there is a basis for an oversold rebound. However, indicators such as leveraged funds, institutional chips, and industry congestion indicate that we need to wait longer for clearing, and we need to wait patiently for reversal signals. In terms of allocation, we maintain the barbell strategy and continue to focus on dividends, free cash flow, small and micro-caps, and thematic directions (physical AI, commercial aerospace, geopolitical friction in the Middle East, etc.).