Mei Ri Jing Ji Xin Wen·2025-08-04 01:17Group 1: Pharmaceutical Sector - The pharmaceutical sector has experienced a significant structural recovery trend after a prolonged valuation adjustment, with public fund holdings still below historical averages, indicating potential for growth in 2025 supported by policies promoting commercial insurance [1] - Continued optimism for pharmaceutical innovation is noted, with expectations for ongoing business development (BD) of innovative drugs in the second half of the year, driven by domestic category C directories and commercial insurance policies [1] - A recovery in pharmaceutical investment and financing is anticipated, as a thriving secondary market may lead to a rebound in primary market financing, benefiting CXO and upstream sectors [1] Group 2: AI and Computing Hardware - The AI sector is driving significant growth in the telecommunications industry, with a positive outlook for high growth in hardware development, as the computing power sector remains in a rapid development cycle [2] - Continuous investment in large models by various companies is expected, with demand for computing power becoming increasingly robust due to competition for traffic entry points and expansive application market potential [2] Group 3: Electricity Demand and Equipment Manufacturing - AI is projected to strongly drive global electricity demand growth, with expectations that electricity consumption in global data centers will more than double by 2030 [3] - Recent increases in capital expenditure forecasts by major overseas companies indicate sustained high investment in the AI sector, while supply constraints in power distribution equipment present opportunities for Chinese manufacturers [3] - In the first half of 2025, exports of power transformers from China are expected to show a year-on-year growth rate of over 40%, continuing a trend of high growth [3]