华西证券：科技是中长期主线，目前还处于“硬件先行”的上半场

Core Viewpoint - The article emphasizes that China is still in the early stage of transitioning between old and new driving forces, with technology being the medium to long-term focus, currently in the "hardware first" phase, and yet to enter the "application scenario expansion" phase [1] Group 1: Industry Insights - Technology is identified as the main theme for medium to long-term investment, with current emphasis on hardware development [1] - The capital expenditure of technology giants is below expectations, and the high concentration in the sector may lead to increased market volatility [1] Group 2: Market Outlook - The performance in 2026 is expected to outperform that of 2025, indicating a potential for better returns in the near future [1] - The low interest rate environment continues to support dividend logic, which may benefit from pure bond substitution logic and temporary risk-averse sentiment [1]