Group 1 - The core viewpoint is that AI monetization is accelerating, with strong capital expenditure from cloud vendors, leading to rapid growth in global data center installations [1] - The overall power density of Intelligent Computing Centers (AIDC) is increasing, and high-voltage direct current (HVDC) distribution solutions are becoming a trend [1] - Solid-state transformers (SST) represent the latest technological route under high-voltage direct current distribution, offering advantages in conversion efficiency, construction time, space occupation, and renewable energy integration compared to HVDC and other solutions [1] Group 2 - The report highlights that after a significant drop in gold prices, gold remains the most suitable safe-haven asset during global restructuring, and the recent decline provides a buying opportunity [2] - Despite the drop in gold prices, typical gold company stocks performed better, indicating a consensus on the long-term allocation value of gold-related assets [2] - Most gold companies are expected to achieve both volume and price increases by 2026, and current valuation levels are becoming attractive for additional allocation [2] Group 3 - The securities sector is experiencing an upward trend in prosperity, driven by government policies aimed at stabilizing growth and the stock market [3] - A moderately loose liquidity environment and continuous optimization of the capital market are enhancing expectations for the expansion of medium- to long-term funds [3] - Factors such as improved investor confidence are collectively driving the positive outlook for the securities sector [3]