Zhaoshang Securities Highlights Tech Recovery and Mid-Year Earnings Amid Short-Term Volatility

According to Zhaoshang Securities, the firm released a research report stating that following recent market volatility triggered by Meta's algorithm processing capacity sales, the industry is not entering an oversupply phase but rather transitioning from a pure capital expenditure expansion stage into a return on invested capital (ROIC) verification stage.

The brokerage attributed current market adjustments primarily to significant recent gains in the broad AI sector combined with leveraged fund amplification and bearish sentiment driving short-term capital outflows, rather than fundamental overcapacity concerns.