[CITIC Securities: Global Risk Asset Volatility Linked to Dependence on AI Single Narrative] On November 23, CITIC Securities' research report pointed out that the volatility of global risk assets appears to be a liquidity issue on the surface, but fundamentally, it stems from excessive reliance on the single narrative of AI. When the pace of industry development (especially commercialization) fails to keep up with the rhythm of the secondary market, appropriate valuation adjustments can help mitigate risks. Factors such as AI expanding commercialization scenarios, hardware cost reductions, and rising financial stability risks forcing the Federal Reserve to cut interest rates earlier may break the current stalemate.