“重估牛”系列之AI主线：科技内部若高切低，关注什么方向？

Group 1 - The AI software application sector has not yet experienced an explosion, with industry progress lagging behind the upstream foundational and technical layers, awaiting the emergence of blockbuster applications [2][3][11] - Financial data indicates that while revenue in the AI application sector has seen growth, profitability remains unstable, with a noticeable slowdown in revenue growth in Q2 2025 [16][27][23] - The software-related indices have significantly underperformed compared to hardware-related indices since the beginning of the year, with most AI software indices still at low levels [27][28][30] Group 2 - The TMT (Technology, Media, and Telecommunications) sector is expected to continue internal industry rotation, with low-positioned TMT segments likely to benefit [4][33] - The recent policy document titled "Opinions on Deepening the Implementation of 'Artificial Intelligence+' Action" supports the rapid development of the AI application industry, aiming for over 70% penetration of new intelligent terminals and agents by 2027 [35][36] - Internet giants are accelerating capital expenditure on self-developed chips, which is expected to enhance the trend of AI applications and lead to the emergence of blockbuster products [38]