智通财经网·2025-12-22 04:00Group 1 - The core viewpoint is that global technology investment enthusiasm will remain strong in 2025, but there will be a structural differentiation characterized by "strong computing power, weak applications" [2] - Major global tech giants are significantly increasing capital expenditures, benefiting upstream computing chips and supporting hardware, while the computer/software sector faces three pressures: 1) Software companies' revenue growth is overall lower than that of the computing chain; 2) Software company valuations are not cheap compared to hardware; 3) Concerns about "large models consuming software" continue to grow [2] - By Q3 2025, domestic public funds are underweight in the computer sector by 1.7 percentage points [2] Group 2 - In 2026, AI applications are expected to break through as computing costs are projected to continue declining, paving the way for application prosperity [3] - There are three major opportunities for AI applications in China: deepening industrial applications, expanding overseas, and reconstructing edge-side AI [4] - China possesses the world's only complete industrial system, providing high-value real-world data, application scenarios, and energy supply, which will generate diverse agent forms [4] - AI application expansion overseas is a strategy for domestic AI product teams to leverage "extreme efficiency + global pricing," with overseas revenue growth generally outpacing domestic [4] - Internet giants and AI startups are actively exploring edge-side forms in the AI era, with high growth potential for related products as hardware and algorithms mature [4]