科技核心资产月报：产业趋势延续，重视内部高低切-20250918

Core Insights - The report emphasizes that there is no need for pessimism in the technology sector, particularly regarding AI, and highlights the importance of "high-low switching" in investment strategies [5][9][10] AI Industry Chain Trends - The AI industry chain has shown significant price increases since April 9, 2025, with overseas computing power prices rising by 221%, while domestic computing power, AI edge, and AI application prices have increased by 57%, 47%, and 27% respectively, indicating a higher cost-performance ratio for domestic segments [9][10] - North American cloud service providers have maintained strong capital expenditures, with a year-on-year increase of 81.43% to reach $86.2 billion by Q2 2025, supporting sustained high demand for computing power [26][29] - AI applications are entering a performance verification phase, with the monthly inference volume of the Gemini large model increasing to 480 trillion tokens, a 50-fold increase from a year ago, indicating accelerating demand for AI applications [31][32] Pharmaceutical Sector - The innovative pharmaceutical industry is experiencing a recovery driven by both international expansion and favorable policies, with the number of approved innovative drugs in 2024 expected to reach 48, more than five times that of 2018 [5][14] New Consumption Trends - The transformation of the economic structure is catalyzing new consumption trends, with industry revenue growth showing an upward trend since 2024, particularly in "cost-effective" consumption, entertainment economy, and outdoor sports [5][16] High-End Manufacturing - The military industry has seen a reduction in relative returns following the completion of significant events, while the robotics sector is experiencing positive catalysts, particularly with Tesla's upcoming proposals and ambitious production targets [5][17][19] AI Edge Products - The global sales of AI smart glasses reached 870,000 units in Q2 2025, a year-on-year increase of 222%, driven by products from major brands like Ray-Ban and Xiaomi [19][22] - New AI mobile phones and other consumer electronics are being launched, with significant advancements in features and capabilities, indicating a robust market for AI-integrated devices [20][22]