According to Mars Finance, on December 1, a report by China International Capital Corporation pointed out that the current risk of crowding in the AI zone is relatively low, and there are still long-term opportunities, but the value style may have a relative advantage in the short term. The crowding degree of the AI zone has retreated from the peak at the end of September, and the current crowding degree of the AI zone is at a relatively low level, with AI investment value still present and long-term development space existing. However, the current style rotation model recommends a value style in the short term, and institutional investors may reduce their risk appetite at the end of the year, or tend to adopt a defensive strategy in the short term. ( Jin10 )