朱雀基金：市场逐渐认可AI资本开支与业务的正循环

Group 1 - The core viewpoint is that the perception of technology giants' financial performance is shifting from "burning money without returns" to recognizing the value created by AI capital expenditures and business cycles [1] - Domestic AI-related companies have shown recovery since June, driven by strong demand for AI tokens and positive changes in AI chip supply [1][2] - AI is viewed as a significant industrial opportunity comparable to the mobile internet era, with expectations that capital expenditures will remain at a high level for an extended period [1] Group 2 - The progress in large model capabilities is leading to the emergence of applications in vertical fields, with a rapid increase in token usage by leading model users [2] - Robotics is identified as an important application direction for AI, with the formation of industry trends and ecosystems, supported by supply chain companies with industrial production capabilities [2] - Domestic technology companies have rebounded since July and are considered to have high cost-performance potential, with continued focus on advanced manufacturing processes, AI computing centers, and vertical applications [3]