科技板块行情有望提速

Core Viewpoint - The technology sector is expected to accelerate, driven by advancements in artificial intelligence and increased capital expenditure from cloud service providers [1][2] Group 1: Technology Sector Performance - The technology sector exhibited an N-shaped trend in the first half of 2025, with a rapid rise during the Spring Festival, followed by a market correction at the end of February [1] - By mid-April, market sentiment began to recover, although the technology sector was not the main focus, with innovative pharmaceuticals and new consumption industries performing well [1] - Since June, significant changes have occurred in the technology sector, with overseas tech companies reaching new stock price highs and capital expenditures from cloud vendors being revised upwards [1] Group 2: Artificial Intelligence Developments - The artificial intelligence industry is expected to enter a favorable phase, with global capital expenditure accelerating and the computing power chain experiencing an upward trend [1] - North America and China are maintaining high levels of investment in computing power, with overseas cloud service providers expected to continue increasing capital expenditures in mid-2025 [1] - The continuous iteration of foundational models is evident, with OpenAI expected to release GPT-5 in August, enhancing model capabilities [1][2] Group 3: AI Application Commercialization - The commercialization of AI applications is accelerating, with explosive growth in token consumption both domestically and internationally [2] - AI large models are expanding from isolated technological breakthroughs to broader industry applications, impacting software, edge computing, and productivity [2] - The emergence of agent collaboration models is driving competition among existing market players, with major internet companies exploring the integration of AI into their ecosystems [2] Group 4: Future Outlook - The technology market is anticipated to gain momentum in the second half of the year, with clearer performance guidance for overseas computing power chains [2] - Domestic technology trends indicate that large models are catching up with global advancements, and bottlenecks in computing power are expected to be resolved [2] - Upcoming releases of models like GPT-5 and DeepSeek R2 in August are expected to catalyze market activity, particularly in multi-modal capabilities [2]