[CITIC Securities: Waiting for the Federal Reserve to raise interest rates and recommend maintaining an AI+ energy-based structure in the allocation] On September 13, CITIC Securities Research Report pointed out that the market continues to have valuation suppression factors but the fundamentals are still resilient. The emergence of periodic opportunities depends on the release and pricing of local risks to create space. If the Federal Reserve raises interest rates in September, it should be regarded as a signal that the adjustment since July is coming to an end and the layout space is open, rather than a new round of downward adjustments. The already quite sluggish market sentiment indicators and the rapidly declining active capital position indicators also support the above judgment to a certain extent. In terms of allocation, after the risk of interest rate hikes is priced in, it is expected that opportunities in the technology field will be more concentrated in directions that benefit from increased manufacturing complexity (such as new optical communication technologies, PCBs, advanced packaging, etc.) and directions with volume growth logic (such as wafer manufacturing and gas turbines). Individual stocks with heavy non-institutional positions may be more flexible. In the non-technical field, it is recommended to continue to focus on energy and leading securities companies with overseas potential. For prudent allocation, you can focus on banks, coal, etc.