大拐点 大机遇：创新变革，拥抱科技新动能

Core Viewpoints - The technology sector is leading the transformation of new and old driving forces, ushering in a new era of high-quality development, with a strong emphasis on technological innovation as a necessary path for modernization [4][12][16] - The electronic manufacturing industry in China is gradually moving from simple assembly to high-value-added segments, with significant competitive advantages in various stages of the supply chain [4][17][22] - The development of AI and data elements is expected to empower new productive forces, with a focus on domestic computing power and AI models driving market expansion [4][5][12] Overview of the Technology Sector - The technology sector serves as the core foundation for empowering new productive forces, integrating digital technology with the real economy to enhance intelligence levels [12][16] - The transition from old to new driving forces is supported by the integration of emerging technology industries and the deepening of domestic substitution [12][16] Upstream Sector: Chip Demand Recovery - Chip design is crucial for the semiconductor industry and the digital economy, with a focus on edge AI applications [30][42] - China has a significant advantage in both supply and demand for consumer electronics, with smartphone production expected to grow [44][48] - The domestic chip manufacturing capacity is anticipated to gradually improve, emphasizing self-sufficiency [4][7][12] Midstream Sector: AI and Computing Power - The AI server market is seeing a rise in domestic market share, with local manufacturers emerging strongly [5][7] - The demand for optical modules is increasing, indicating a robust growth trajectory for the industry [5][7] - Quantum information technology is expected to reshape computing power and encryption, presenting new opportunities [5][7] Downstream Sector: AI Transition from "Cloud" to "Edge" - AI large models are driving significant growth in intelligent computing power, with an increasing supply-demand gap [5][7] - The media and internet sectors are expected to benefit from favorable policy expectations, with a positive outlook for the Hong Kong internet and consumer discretionary sectors [5][7] - The integration of AI technology into consumer electronics is anticipated to drive a new growth cycle, with innovations in smartphones and other devices [5][7][44]