The current bottleneck in AI computing infrastructure remains evident, with supply-side growth far from keeping pace with demand. From underlying hardware to application ecosystems, the true consumer-grade demand explosion is still in the brewing stage.

From the perspective of the robotics industry chain, this cycle is at a critical point transitioning from infancy to consumer markets. The three major directions—smart electric vehicles, unmanned aerial vehicles, and humanoid robots—represent the core imaginative space for technological reshaping over the next decade. Continuous investment by leading tech companies is paving the way for these sectors.

The bottom characteristics of the silicon industry cycle are becoming increasingly apparent. With the advancement of production cuts and price increases, patient holding may lead to good opportunities. The valuation of assets related to Hainan Free Trade Port is at a low level, and the potential upside is worth paying attention to, but one should also watch out for rotation opportunities driven by hot events.

Don't forget two emerging sectors—nuclear fusion and commercial spaceflight. Although these fields currently don't have as much buzz as AI, their long-term potential is gradually being unlocked. The current focus remains on layout in the secondary market, seizing dual opportunities in RMB assets and new tracks.