东吴证券：关注低空经济、人工智能、数据要素等领域的投资机会

Low-altitude Economy - Low-altitude economy is identified as the sector with the highest policy-driven growth potential [1] - Infrastructure construction, demonstration cities, aircraft manufacturing, and drone production are key focus areas for low-altitude economy development [8] AI Computing Power - Global AI computing demand is transitioning into the inference era, with domestic AI applications led by ByteDance gaining traction [2] - By 2025, domestic computing power, led by Huawei's Ascend, is expected to see diversified growth [3] - Domestic AI chips are undergoing continuous iteration, with new products from various manufacturers entering testing phases [9] AI Applications - AI application sector shows strong performance in US markets, with accelerating growth and increasing AI adoption consensus [15] - By 2025, global AI applications are expected to reach a critical mass in user adoption, with user metrics becoming a key focus [10] Brain-Computer Interface - Non-invasive brain-computer interface products are rapidly commercializing, with potential for groundbreaking products [5] - Invasive brain-computer interfaces are entering clinical trial stages, with continued industry catalysts expected by 2025 [17] - Companies with leading positions in brain-computer interface technology are recommended for attention [12] Embodied Intelligence - Policy support and local innovation initiatives are driving the embodied intelligence sector [6] - Quadruped robots are seeing expanding commercial applications, with significant shipment growth anticipated [7] Data Elements - Public data supply is gradually opening up, with focus on business model implementation in vertical sectors like healthcare, transportation, and finance [11] - By 2025, fundamental systems for data pricing and property rights are expected to be established [16] Robotics and AI Hardware - Tesla's Optimus robot is nearing mass production [18] - Companies with technical barriers that may enter supply chains of major manufacturers by 2025 are worth monitoring [19] Industry Innovation - Huawei is driving innovation across the industrial chain [13] - AISC is becoming a significant component of AI computing power, supporting the rise of domestic chips [14]