RISC-V Chip Investment Value Overview - The key feature of RISC-V chips is their open-source nature, allowing any enterprise or institution to use and develop RISC-V-based chips without paying licensing fees [1] - In March 2025, Alibaba plans to release the world's first RISC-V server-level CPU core, C930, which is expected to replace some imported high-end chips [1] - The Ministry of Industry and Information Technology and eight other departments are likely to jointly issue the "National RISC-V Chip Development Guidance," elevating RISC-V to a national strategic level [2] - Despite the support from domestic operating systems like Huawei's HarmonyOS and Tongxin UOS, the support for RISC-V from Windows and Android remains inadequate [3] - The launch of the XuanTie C930 marks a significant step for China in the server-level RISC-V chip sector, although there is still a gap compared to Nvidia and Intel [3] - RISC-V concept stocks are experiencing short-term speculation due to favorable policies, with a focus on core stocks such as Chipone, Allwinner Technology, and GigaDevice [3] Pharmaceutical Industry Performance Forecast - The pharmaceutical sector is facing multiple adverse factors in 2024, leading to overall performance pressure, primarily due to a sluggish investment environment, the end of high-margin large order execution cycles, and changes in the policy environment [2] - However, the industry has already reflected external challenges and adjustments, with expectations for a rebound in overall performance in 2025 based on a low base [2] Enterprise Storage Demand - The global capital expenditure of the four major CSPs (Meta, Amazon, Google, Microsoft) reached $69.7 billion in Q4 2024, marking a 66% year-on-year increase and a 23% quarter-on-quarter increase [6] - Alibaba plans to invest at historically high levels over the next three years, focusing on cloud computing and AI infrastructure, with an average capital expenditure expected to exceed 108.2 billion yuan [6] - The AI flash memory market in China is projected to reach 25.673 billion yuan, 36.142 billion yuan, and 49.993 billion yuan from 2025 to 2027, with global market sizes of 73.35 billion yuan, 97.68 billion yuan, and 128.19 billion yuan respectively [6] - The domestic SSD market is expected to see incremental demand exceeding 10 billion yuan, providing rapid growth opportunities for domestic module manufacturers, especially in the context of domestic computing power replacement [6] Tourism Industry Recovery and Future Trends - Domestic tourist spending reached 5.75 trillion yuan, a year-on-year increase of 17.1%, surpassing the historical high of 5.73 trillion yuan in 2019 [8] - The trend of combining digitalization with interpersonal relationships is changing travel methods and driving innovation in tourism products and services [9] - Travelers are increasingly utilizing AI to create personalized travel plans, seeking transformative travel experiences [10] - The emphasis on personalized itineraries and unique travel experiences is becoming a key driver for market growth in the tourism sector [12]