Macroeconomic Environment - The three technology bull markets occurred during periods of "economic bottoming and policy stimulus," characterized by proactive fiscal and loose monetary policies[2] - Each bull market was supported by significant government policies aimed at promoting the technology industry, alleviating business pressures, and encouraging capital expenditure[2] Industry Development - The development of core industries followed a three-stage process: "overseas mapping, localization, and unknown fields" during the three technology bull markets[3] - The smartphone boom from 2009-2010 was driven by Apple's rise, leading to a strong A-share market performance linked to the Apple supply chain[3] - The mobile internet boom from 2013-2015 was catalyzed by the issuance of 4G licenses, resulting in a surge in portable device sales and software applications[3] - The new energy market from 2020-2021 saw the commercialization of electric vehicles, with Tesla proving the feasibility of electric cars[3] Future Outlook - The current macroeconomic environment aligns with the characteristics of a technology bull market, with more aggressive fiscal policies confirmed in March 2025[4] - The AI and robotics industries are entering the localization stage, with significant growth potential despite the distance to large-scale application[4] - Short-term uncertainties may exist, but the medium to long-term outlook for the technology market remains promising, warranting continuous monitoring of industry developments[4] Risk Factors - Potential risks include unexpected geopolitical events, greater-than-expected domestic economic downturns, ineffective fiscal policy implementation, and slower-than-expected technology industry growth[4]