According to CoinMeta, a research report by CITIC Securities indicates that the current demand in the computing power industry chain remains resilient, and the recovery of A-share technology stocks has not yet concluded. The report mentions that by the end of July, global technological deleveraging had largely come to an end. Overseas technology sectors began to recover first due to eased macroeconomic constraints and verified industry prosperity, with the market shifting from being priced by liquidity to being priced by fundamentals. The recovery of A-share technology stocks has been relatively slow, mainly due to the congestion in trading volume and the pressure from margin trading positions accumulated during the previous period's rapid rise, rather than a reversal in industry trends. Historical experience shows that the capital structure primarily affects the pace of industry development, while the medium-term direction is still determined by the realization of earnings. In terms of investment allocation, priority should be given to core assets with higher fundamental certainty, while also paying attention to innovative drugs and industrial metals.