[CITIC Securities: Optimistic about the possibility of a rebound in U.S. technology stocks after the midterm elections, suggesting semiconductor hardware as the primary direction] November 2, CITIC Securities research report pointed out that in the second half of 2026, U.S. technology stocks will continue to fluctuate around changes in the high-frequency AI narrative, and the transmission of bond CDS to stock prices will also increase short-term market volatility accordingly. The decline in U.S. semiconductor hardware stocks since early October is still basically in line with the market trading logic since mid-June, but the suppression caused by macro liquidity pressure and mid-term election uncertainty outweighs the periodic pessimistic turn in the AI ​​narrative. With the clearing up of major macro and industrial disturbances in the past 1 to 2 weeks, as well as the phased return of optimistic AI narratives, we are optimistic about the possibility of a rebound in U.S. technology stocks after the midterm elections, and recommend semiconductor hardware as the primary direction.