Core Insights - The report indicates that since September, the small-cap sectors represented by the CSI 1000 and CSI 2000 have entered a period of consolidation, while technology-weighted stocks have seen strong gains. Recently, technology stocks have begun to adjust, which is viewed as a correction of strong stocks, characteristic of the later stage of market consolidation. As this period of fluctuation approaches its end, small-cap stocks are expected to stabilize first [1][3][4]. Trend Dimension - The current market is in a small-cap outperformance cycle, which began in 2022 with the rise of the AI industry. This cycle is expected to last 5-7 years, indicating a shift in market style driven by the transition between traditional and emerging industries [2][11]. Wave Dimension - From a wave perspective, small-cap stocks have significantly underperformed technology-weighted stocks since September. The CSI 2000 and CSI 1000 have lagged behind the STAR 50 and ChiNext 50 indices. As technology stocks enter a correction phase, small-cap stocks are anticipated to stabilize as the market moves towards the end of the consolidation period. Additionally, historical data suggests that small-cap stocks have a higher probability of outperforming the broader market in November, following the release of Q3 reports [3][15][23]. Industry Dimension - Potential directions for small-cap technology stocks during the October consolidation period include AI applications (both software and hardware), the expansion of domestic computing power, and the proliferation of innovative drugs. For AI applications, there are notable advancements in large models and vertical applications, while hardware applications are led by robotics and innovations such as autonomous driving and AI glasses. The report emphasizes the importance of monitoring technological advancements and new product developments in these areas [4][25][26]. - The report also highlights that leading companies in AI chips, wafer manufacturing, storage, and semiconductor equipment have already seen gains, suggesting that there are opportunities for small-cap stocks to benefit from ongoing technological and market developments. In the innovative drug sector, if the upward trend in market conditions continues, small-cap stocks are expected to follow suit [25][26].

丨证券研究报告丨 市场策略丨专题报告 [Table_Title] 科技内部若高切低，关注什么方向？——"重估 牛"系列之 AI 主线 报告要点 [Table_Summary] AI 软件应用端尚未迎来爆发。从产业端来看，AI 软件应用领域的产业进展暂时落后于上游基础 层和技术层，等待爆款应用的出现。从财务端数据来看，AI 应用端营收有所增长，但盈利仍不 稳定。从涨跌幅来看，年初至今软件指数相对硬件指数跑输，当前位置较低。后续 TMT 内部行 业轮动有望持续，低位 TMT 板块或将受益。政策端来看，《关于深入实施"人工智能+"行动的 意见》发布，支持人工智能应用产业高速发展。产业端来看，随着互联网巨头资本开支持续加 速推进，自研芯片，AI 应用爆款产品有望加速落地。建议持续关注 AI 应用方向。 请阅读最后评级说明和重要声明 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 [Table_Summary2] AI 软件应用端尚未迎来爆发 从产业端来看，AI 软件应用领域的产业进展暂时落后于上游基础层和技术层，等待爆款应用的 出现。人工智能产业链分为基 ...

Core Insights - The Chinese venture capital market is at a turning point, characterized by a structural transformation and a focus on capturing opportunities amidst uncertainty [1] - The "WAVES New Era 2025" conference gathered top investors and innovators to discuss AI technology, globalization, and value reassessment [1] Investment Trends - Investors are increasingly focusing on early-stage investments in AI, with many firms actively participating in seed and angel rounds [4][5][6] - The emergence of younger founders and the rapid pace of technological change in AI are reshaping the investment landscape [9][10] Market Dynamics - The current AI startup environment is perceived as less crowded compared to previous tech waves, indicating potential for growth and innovation [33][35] - High valuations for AI startups are driven by competitive dynamics and the need for firms to position themselves within hot sectors [26][28] Investment Strategies - Investors emphasize the importance of understanding the unique backgrounds and capabilities of founders, particularly in the context of rapidly evolving technologies [14][16] - The traditional metrics for assessing product-market fit (PMF) are being reevaluated, with a shift towards more dynamic indicators that reflect the fast-paced nature of AI development [22][23] Future Outlook - The consensus among investors is that AI will continue to be a major driver of economic growth, suggesting that opportunities for startups will persist in the coming years [35] - Founders are encouraged to focus on practical execution and iterative development rather than getting caught up in long-term uncertainties [32][34]

Investment Rating - The report maintains a positive outlook on the AI industry and recommends a strategic focus on AI software applications and related sectors [1][2][3] Core Insights - The report emphasizes the ongoing transformation driven by AI technology, highlighting the resurgence of market interest in AI themes and the potential for investment in the AI software application sector [1] - It identifies opportunities in the domestic AI computing power supply chain, particularly in cloud service providers, computing power leasing, and various hardware components [2] - The humanoid robot industry is experiencing sustained interest, with a trend of expanding from structural components to electronic components, indicating potential for collaborative development within the electronics industry [3] - The report also notes the value reassessment in the Hong Kong internet sector, driven by advancements in large model technology and the open-source movement [3] - The consumer electronics panel supply-demand dynamics are improving, with signs of price increases due to rising demand and supply-side adjustments [6] Summary by Sections AI Industry - Continued optimism regarding the growth potential of the AI industry, particularly in software applications and computing power supply chains [1][2] - Key companies mentioned include: 用友网络, 金蝶国际, 汉得信息, and others [1] Humanoid Robots - The humanoid robot sector is expanding, with electronic architecture similar to that of intelligent driving systems [3] - Relevant companies include: 峰岹科技, 思瑞浦, and others [3] Internet Sector - The report highlights the ongoing value reassessment in the Hong Kong internet sector, particularly for Tencent Holdings due to its diverse AI application scenarios [3] Consumer Electronics - The report suggests investment opportunities in the panel industry, with companies like TCL 科技, 彩虹股份, and 京东方 being highlighted [6]