继续重点关注科技主线！私募确认A股盈利驱动方向

Group 1: Core Views - The technology sector continues to be a key focus for private equity institutions as they plan their next steps, particularly in light of the "14th Five-Year Plan" which emphasizes the leading role of technology [1] - The improvement in the external environment has boosted market risk appetite, with China gaining the upper hand in recent negotiations with the U.S., leading to a more stable mid-term economic relationship [2][3] - The "14th Five-Year Plan" highlights the importance of technological self-reliance and innovation, making the technology sector, especially in areas like AI and domestic substitution, a critical investment focus [4] Group 2: Market Trends and Opportunities - The capital expenditure (Capex) in the AI sector is experiencing high growth, with operational expenditure (Opex) driven investment opportunities emerging, indicating a shift towards "AI electricity" as a new investment hotspot [5] - The strategic value of data resources and traffic entry points is becoming increasingly prominent, favoring internet platforms with data accumulation advantages [6] - The market is expected to maintain a "slow bull" trend, with a gradual recovery in corporate earnings anticipated from 2025, driven by improvements in PPI and overall economic conditions [7]