CITIC Construction Investment released a research report saying that after explosive growth in computing power investment drove a round of prosperity in the hardware industry chain, the market began to worry about the high capital expenditure that needed to be maintained through financing. We believe that the opportunities to iterate on new technologies such as advanced AI PCBs and 800V are worth paying attention to. In terms of semiconductor localization, AI has raised global demand for storage, logic, and advanced packaging to a higher level. Boosted by both downstream manufacturing market share and upstream localization rate, the explosive power and sustainability of semiconductor equipment, materials, and components over the next three years has higher visibility, and is strongly optimistic about the opportunities for semiconductor localization. On the terminal side, the impact of component price increases represented by memory chips is nearing its end. Demand is expected to improve in the future. Embedding agents in terminals is accelerating, and we are waiting for explosions such as AI phones, AI PCs, and AIoT to emerge.

CITIC Construction Investment released a research report saying that after explosive growth in computing power investment drove a round of prosperity in the hardware industry chain, the market began to worry about the high capital expenditure that needed to be maintained through financing. We believe that the opportunities to iterate on new technologies such as advanced AI PCBs and 800V are worth paying attention to. In terms of semiconductor localization, AI has raised global demand for storage, logic, and advanced packaging to a higher level. Boosted by both downstream manufacturing market share and upstream localization rate, the explosive power and sustainability of semiconductor equipment, materials, and components over the next three years has higher visibility, and is strongly optimistic about the opportunities for semiconductor localization. On the terminal side, the impact of component price increases represented by memory chips is nearing its end. Demand is expected to improve in the future. Embedding agents in terminals is accelerating, and we are waiting for explosions such as AI phones, AI PCs, and AIoT to emerge.