策略主题报告：科技产业投资方法论：理论基础及四阶段投资、龙头命运与N字型定价

Group 1 - The report emphasizes the importance of AI as a central theme for technology investment over the next 3-5 years, suggesting that the semiconductor sector could mirror the automotive industry's growth potential [2][10] - The report identifies a significant shift in technology investment strategies, advocating for a flexible approach to adapt to market changes, particularly in the context of AI and semiconductor investments [2][10] - The report outlines a framework for technology investment, categorizing it into three parts: theoretical foundations and four stages of investment, the fate of leading companies, and the N-shaped pricing pattern [3][9][14] Group 2 - The N-shaped pricing pattern is highlighted as a critical concept in technology investment, characterized by significant volatility and requiring a high level of investor understanding [3][24] - The report discusses the historical performance of companies like Zhongji Xuchuang and CATL, illustrating the N-shaped price movements and the importance of timing in investment decisions [3][25][31] - The report proposes that successful technology investment hinges on understanding the internal dynamics of the industry and effectively timing the investment at the C point of the N-shaped curve [4][29][33] Group 3 - The report introduces a two-wave investment model, where the first wave represents the breakthrough phase (0 to 1) and the second wave signifies explosive growth (1 to 100), applicable to sectors like AI and new energy vehicles [4][42][49] - The three essential elements for technology growth are identified as leading companies, breakthrough products, and a clear industry chain, which together drive the first wave of investment [4][39][43] - The report outlines a four-stage investment process that includes the emergence of leading companies, infrastructure investment, formation of the industry chain, and addressing supply-demand gaps [4][45][51]