Industrial Securities(SH:601377) Mei Ri Jing Ji Xin Wen·2025-12-01 06:44Group 1 - The core viewpoint is that global giants are significantly increasing capital expenditure, shifting the market focus towards the commercialization of AI applications in the coming year [1] - AI is expected to continue its rapid penetration, with mature terminal hardware technology, clear implementation paths, and quick value realization [1] - Domestic manufacturing leaders are deeply integrated into the supply chains of top terminal brands, creating competitive barriers in core components and assembly processes due to their vertical integration capabilities and global supply chain layout [1] Group 2 - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), covering core assets in Hong Kong such as Internet, semiconductors, innovative pharmaceuticals, and new energy vehicles [1] - The Hong Kong Stock Connect Technology Index has a higher allocation in new energy vehicles, innovative pharmaceuticals, and semiconductors compared to the Hang Seng Technology Index [1] - From the base date at the end of 2014 to the end of October 2025, the cumulative return of the Hong Kong Stock Connect Technology Index is 256.46%, outperforming the Hang Seng Technology Index by nearly 160% [1]