长城基金：双重利好共振，科技长期配置逻辑坚实

Group 1 - The current period is considered the "best era for technology investment," driven by rapid advancements in AI infrastructure and significant breakthroughs in key technologies domestically [1] - AI technology has become a central focus in the market, with strong capital expenditure and demand expectations driving growth [1][2] - The AI penetration rate in A-shares has increased from a median of 8.3% to 14.8%, indicating substantial room for growth [2][3] Group 2 - Historical trends suggest that AI penetration rates in various industries could reach 25%-30% during the later stages of market cycles, highlighting further growth potential [3] - Domestic substitution and self-sufficiency in technology are becoming essential for national strategic security, particularly in semiconductor and high-end equipment manufacturing [3][4] - The establishment of the National Big Fund Phase III, with a registered capital of 344 billion, aims to support long-term innovation and self-sufficiency in the semiconductor industry [4] Group 3 - AI and domestic substitution are complementary forces that provide a solid foundation for the long-term growth of the technology sector [5] - Despite short-term market volatility, the technology sector's current valuation remains attractive compared to historical peaks, with an increasing number of high-quality companies [5] - Investors are encouraged to focus on core technology sectors through targeted funds to capitalize on the ongoing technology wave [5]