长城基金廖瀚博：积极寻找产业变化

Group 1 - The A-share market experienced a volatile upward trend in Q1 2025, with the technology and manufacturing sectors leading the gains, particularly in humanoid robots and domestic computing power [1] - The core logic behind the technology sector's rise is driven by technological advancements, such as the emergence of DeepSeek, which enables equitable access to large models, and increased capital expenditure by domestic cloud providers, boosting the domestic computing power, especially in AIDC-related industries [1] - A foreign automotive company announced plans to mass-produce humanoid robots starting in 2025, marking a significant development year for the domestic robotics industry [1] Group 2 - After a significant rise over one quarter, the stock market capitalization of hot sectors reflects optimistic expectations for future industry development, although industry growth may take time and could be fraught with challenges [1] - Future stock prices of popular companies are expected to revert to fundamentals, with potential differentiation in the next round of market increases [1] - The company emphasizes the importance of embracing the era and seeking investment opportunities amid industrial changes, maintaining a strategy of actively looking for changes in the industry to invest in advantageous assets at reasonable prices [1]