A：In the first half of the year, the technology sector, especially the communication equipment, semiconductor and electronics industries, performed well under the promotion of the AI concept, with a large increase. However, the tech sector experienced a sharp correction in July. This round of correction is mainly due to the deleveraging pressure of the overall market, not only in China's A- share market, but also in South Korea and the United States. Specifically, the correction began with concerns about excess computing power and the peak of AI development, especially Meta's external leasing of computing power, which raised concerns about the possible excess in the AI industry. In addition, South Korea's frenzied production expansion plan led to high leverage, as well as the U.S. stock market high adjustment, so that the global market to form a resonance effect, thus triggering a significant correction in the technology sector.

A：Despite the volatility of optical modules and semiconductor equipment, the performance space of the AI computing market is still large. In the short term, you can focus on the opportunity to carry out a low suction layout after the shock. Regarding the financial pressure faced by large factories, although the financial report data shows that these large factories are under greater cash pressure on AI investment, from the perspective of the overall North American cloud factory, they have clearly felt the cash flow pressure and have been reflected in the statements. Nevertheless, considering the early characteristics of the development of the cloud computing industry, it is still necessary for cloud vendors to continue to invest in AI areas to seize this important opportunity by aggressively investing in new data centers to obtain future cash flow recovery.

A：Yes, the liquidity level is an important factor in the correction of the technology sector. In the first half of this year, many investors may face losses if they did not invest in the technology sector and chose other sectors. As a result, there was some congestion in the tech sector at the time, which exacerbated the intensity of the pullback. However, from a fundamental point of view, the July correction does not involve the weakening of industrial trends. On the contrary, the fundamentals are still strong and stable.

A：If technology companies cannot follow the AI trend and actively embrace the changes of the times, the money on their books may only be book numbers, and if they can follow the trend, they have the opportunity to continue to maintain their leading position in the corresponding fields.

A：It is very necessary for cloud vendors to invest in computing power infrastructure. From the trend point of view, they may seem to control everything, but in fact they do not have many choices, so the investment has strong certainty.

A：Judging from the recent data, for example, Amazon raised its budget in capital expenditure for the whole year of 2026 and exceeded expectations in its second-quarter financial report. The data center hardware life cycle is about 5-6 years, and the software return cycle is about 2-3 years, which means that infrastructure investment can generate positive net cash flow for at least the next 3 years, and there is huge room for growth in forward cloud revenue, so investment is necessary and certain.

A：Before the AI, Amazon had the largest cloud revenue, while Microsoft and Google were relatively small. Since the current round of AI, Amazon's cloud revenue growth rate has increased, proving that AI has a rapid growth effect on its revenue; Microsoft's cloud revenue growth rate has exceeded the company's guidelines due to its binding ChatGPT and early deployment of computing power; Google's most advanced AI layout, cloud revenue growth rate has exceeded expectations, and the backlog of orders has increased significantly.

A：According to estimates, global AI development investment is expected to reach US $870 billion this year, an increase of more than 60% year-on-year, and is expected to reach US $1.5 trillion next year. Industrial trends and fundamentals continue to accelerate.

A：Please share your assessment of whether there is a risk similar to the Internet bubble in the current development of science and technology.

A：There is a clear difference between the formation of the Internet bubble in 2000 and the current wave of AI. At that time, the Internet bubble was due to the sharp rise in the stock prices of technology companies, which caused the market price to far exceed the actual value. Although the current wave of AI also has a certain increase in valuation, the overall industrial environment and technology development path are relatively clear, and the head technology companies Leading investment and market development, good cash flow, strong financing capabilities and future income creation capabilities.

A：The existence of a bubble in a market means that the market price of the asset exceeds its true value. However, in the actual market operation, it is not easy to judge when there is a bubble, but when analyzing historical data, it can be identified by some clues, such as the formation of the Internet bubble in the US stock market in 2000, which is related to the global economic background, the process of the industrial revolution and the special environment of the capital market at that time. At present, there may be some risks in the overall AI field, but it is still far from the extreme bubble of 2000. The main reason is that the current strength, capital expenditure and overall cash flow of AI-related companies are much stronger than those of technology companies in those years. Therefore, we do not have to worry too much about the risk of the bursting of the AI bubble, but in the investment process should adopt a sound strategy, such as fixed investment, grid layout, etc., in order to reduce the risk of possible losses.

A：In 2000, the global economic situation was generally poor, but the US economy was strong, which led to a large influx of global liquidity into the US market. At the same time, the United States has increased market liquidity by allowing pension funds to invest in the stock market through policy changes. In addition, at that time, the United States was in the midst of the Internet revolution, and well-known technology companies such as Google and Amazon were founded during that period, but there were also problems at the industrial level, such as overcapacity caused by excessive demand estimates for certain technologies (such as optical fiber).

A：Compared with the Internet industry in 2000, the current AI industry has the following significant differences: first, the global economic liquidity is not as exaggerated as that in 2000; Second, the development trend of AI technology is clear, and capital expenditure is mainly led by head technology companies. Third, the main force in the current AI industry is the powerful head technology manufacturers, rather than many unknown small companies in that year. Fourth, the leverage ratio of head technology companies has not increased significantly, have a strong ability to raise capital; fifth, AI have a strong ability to generate revenue, some companies have clear expectations for future revenue growth, and the overall industry trend is more certain.

A：At present, the semiconductor equipment sector does face the risk of a high correction, especially after the sharp rise in the first half of the year.

A：The expansion of memory chips is more likely to accelerate, especially considering that the memory chip process is relatively low and the localization rate is high, which will benefit the domestic semiconductor equipment industry chain. In the medium and long term, the expansion of advanced process is the key to the localization of domestic semiconductor equipment, and in the short term, the expansion of memory chip production has become the main driving force. In the context of increasing global demand for memory chips, the rise in memory chip prices has led to a rise in the share prices of related listed companies, as well as considerable orders for domestic semiconductor equipment and a high degree of prosperity.

A：The price of memory chips has continued to rise since Q1 this year, with a large increase. It is expected that the growth rate will gradually narrow in the future. Q4 may increase by more than ten points. Next year, it may maintain a single-digit increase, and the overall increase will stabilize at a high level. Due to the rapid growth of demand and storage chip prices have been rising, downstream manufacturers can not afford, storage chip prices are difficult to quickly fall back, at least until 2027 may still be in short supply, but the price increase is limited. Therefore, from the perspective of the main line of investment, the certainty of memory chips is better than that of memory modules.

A：Despite the disturbance in the calculation plate, it remains to be seen whether the main line is still AI in the second half of the year. Investors can pay attention to communications, semiconductor equipment and other fields, especially semiconductor equipment, in the context of memory chip price increases and production expansion, its performance growth is more certain, so it is a better investment direction.

A：In terms of AI hardware, the communication field is a key direction, especially the optical communication industry. A- share listed companies occupy a large share of the U.S. optical module market, such as more than 70% of the market share. The optical communications industry chain has high performance certainty and relatively cheap valuations, but there is a risk of valuation suppression that may result from the optical module ban. In addition, semiconductor equipment and communications are closely related, with the growth of data center demand for computing power and the increase in the price of the memory market, the relevant semiconductor equipment manufacturers are expected to benefit. At the software level, although AI technology continues to advance and has a wide range of applications, such as AI large model iterations to rapidly drive computing power requirements, it is expected to reshape multiple software sectors. However, there is no clear signal on the right that indicates that the software will have a strong and sustainable market. It is recommended that investors make a layout after seeing a clearer positive signal.

A：The computing sector is likely to continue to pick up in the second half of the year, but there is pressure above the lock-up plate, which could create structural opportunities. In addition to computing hardware and semiconductor equipment, innovative drugs and AR application tracks may also be the direction of financial attention. However, the diversion of funds has led to market diversification, and investors need to adjust their investment strategies according to their own preferences, while paying attention to market volatility and risks.

A：In the second half of the year, science and technology investment may not be as large as in the first half of the year, especially Q4 may rebound and repair the market around AI, especially the semiconductor equipment sector. However, the overall investment needs to be cautious, the market is in a state of division, the volume of transactions decreased, funds scattered to innovative drugs, artificial intelligence application track. For investors, they should pay attention to long-term investment opportunities, adjust investment strategies in a timely manner, lay out near the support level, and pay attention to preventing market risks.

A：Communications and semiconductor equipment is an area of concern, especially semiconductor equipment, which may have the opportunity to rebound and continue to develop, while being affected by new catalytic factors such as the Great Wall. In addition, AI as the underlying productivity is having an uplifting effect in all areas, including AI healthcare, the film and television industry (e. g., AI slow drama), education, office, and the power sector, all of which are likely to have a catalytic effect due to AI technology.

A：The market is concentrated in these areas mainly because the AI is currently in the early and middle stage, investors pursue upstream certainty, and electronic and semiconductor equipment as the core technical support of AI development, demand growth is obvious. At the same time, NVIDIA's revenue is expected to grow by 70% next year, which means that GPU deployment will increase significantly, and there may be problems due to power shortages in North America, which also provides investment opportunities in related fields.

A：At the investment level, investors are advised to remain calm, choose a direction that is easy to study and track, and adopt a medium-and long-term layout in batches or on dips. In the technology sector, you can focus on mainland China chips, especially GPUs, memory chips and analog chips. In addition, the configuration of the core plus satellite strategy, such as technology as the offensive end, dividends or bonds as the defensive end, and combined with broad-based varieties such as the CSI 500 for balanced configuration.

A：In the second half of the year, the core logic of the-share market as a whole still exists, and the market may show a volatile upward trend, but the trading volume between tracks fluctuates greatly, so it is necessary to find the rhythm and direction. It is recommended not to bet on a single track, but to use a combination strategy, such as technology attack, dividend defense, and focus on the relatively balanced broad-based varieties of growth and value stocks. At the same time, gold, securities direction and some blue chips also have a certain allocation and investment value.

A：In the second half of the year, a decentralized layout strategy will be adopted to avoid concentrating on one track. In terms of indexes, the Shanghai Composite Index and the Shenzhen Component Index have increased significantly, but the direction of the sector may continue to move in a rotating market. For example, the liquid-cooled server sector adjusted again today after yesterday's correction. The change of turnover in the two cities is of great significance to the market to break through the pressure level. If the trading volume can not be effectively enlarged, the market may maintain a volatile market. Therefore, the second half of the year will focus on structural opportunities, especially in the direction of computing hardware and semiconductors, both of which have greater certainty in the second half of this year, and investors are advised to focus on them.