Group 1 - The market visibility for short to medium-term investments in AI infrastructure has improved compared to the end of last year, with a positive outlook on leading global semiconductor companies focused on AI computing power, storage, and communication [1] - The valuation levels of leading tech stocks are currently considered high, prompting a recommendation for diversified investments [1] - The MSCI Information Technology Index increased by 1.9%, underperforming the MSCI Global Index which rose by 2.8%, marking the first month of underperformance since the global market adjustment in April [1] Group 2 - The average spot price of DDR5 (16GB) has stabilized with a slight decline since July, while the contract average price of DDR4 (8GB) has surged from $2.6 to $3.9, exceeding the spot price of DDR5 [2] - The semiconductor equipment import value in July grew rapidly, with a year-on-year increase of 14%, indicating sustained high levels of domestic semiconductor manufacturing investment [2] - The forecast for China's semiconductor equipment sales in 2025 has been raised to $52 billion, reflecting a 5% year-on-year growth, which is above market consensus expectations [2]