Huatai Securities pointed out that there may be a recovery after the short-term technological collapse, but it may still be in a state of high fluctuation until the pressure of congestion is fully absorbed. The Chinese and US earnings season resonates in mid-late July and is expected to usher in a long window. Technology's internal suggestions avoid pure themes and high congestion, and focus on four clues: 1) domestic AI computing power, including Shengteng ecosystem, domestic GPU supply chain, and actual model-side usage; 2) storage, especially long-term cooperation, production expansion, and HBM/high-end DRAM benefit chains; 3) semiconductor devices benefiting from storage expansion and domestic replacement expectations; 4) MLCC, PCB, and upstream materials benefiting from AI inflation.

Huatai Securities pointed out that there may be a recovery after the short-term technological collapse, but it may still be in a state of high fluctuation until the pressure of congestion is fully absorbed. The Chinese and US earnings season resonates in mid-late July and is expected to usher in a long window. Technology's internal suggestions avoid pure themes and high congestion, and focus on four clues: 1) domestic AI computing power, including Shengteng ecosystem, domestic GPU supply chain, and actual model-side usage; 2) storage, especially long-term cooperation, production expansion, and HBM/high-end DRAM benefit chains; 3) semiconductor devices benefiting from storage expansion and domestic replacement expectations; 4) MLCC, PCB, and upstream materials benefiting from AI inflation.