CICC MD Zhang Yiming: China’s AI Industry Trend Unchanged, Pricing Logic Recalibrated

The framing matters more than the headline: a senior CICC equities figure is separating industry fundamentals from valuation mechanics, which suggests the debate inside Chinese sell-side research has moved from whether the AI theme is intact to how it should be priced. That distinction tends to surface when sentiment has cooled but conviction in the underlying buildout has not. What is worth watching is whether this recalibration language spreads across other bank research — a shift in how the street talks about pricing logic, rather than about demand, would signal the correction is being treated as a valuation event rather than a thesis break.