Group 1 - The core viewpoint of the report is that the market's visibility regarding short to medium-term investments in artificial intelligence infrastructure has improved compared to the end of last year [1][2] - The company remains optimistic about leading global semiconductor firms focused on AI computing power, storage, and communication, but notes that current valuations of leading tech stocks are relatively high [1][2] - Regarding China's semiconductor industry chain, the company believes that fluctuating tariff policies may accelerate domestic substitution, benefiting upstream equipment suppliers [1][2] Group 2 - The company suggests appropriate diversification in investments considering the valuation situation of certain stocks [1][2]
交银国际：看好头部半导体，建议分散投资