策略点评报告：中国科技股的星辰大海才刚刚展开

Group 1 - The report highlights that since the Spring Festival of 2025, Chinese technology companies like DeepSeek and Yushu Technology have gained global attention, indicating that the journey of Chinese tech stocks is just beginning [12][25]. - Following the implementation of the registration system reform, a significant number of Chinese tech companies have gone public, with the number of companies in the "ChiNext + Sci-Tech Innovation Board" reaching 1,956, accounting for 38.1% of the total companies in the Shanghai and Shenzhen stock markets, and their market capitalization reaching 21.2 trillion, which is 21.6% of the total market capitalization [12][13]. - Current valuations of Chinese tech indices reflect high market expectations for the development of Chinese tech companies, with the ChiNext 2000 index PE ratio at 98.3 times, the AI index at 83 times, and the Sci-Tech 50 index at 113.8 times, indicating a strong market sentiment [13][14]. Group 2 - The rise of Chinese tech stocks is still in its early stages, and historically, capital markets often experience a journey from 0 to 1 and then from 1 to 100, which can be lengthy and complex [16][25]. - The report draws parallels with the historical performance of the Chinese new energy vehicle index, which experienced significant growth phases, suggesting that the current trajectory of AI and humanoid robots in China is in the initial phase of development [19][20]. - The report emphasizes the need for patience regarding Chinese tech stocks, comparing their growth trajectory to that of U.S. tech stocks, which have historically undergone long-term growth processes [20][25].