According to the CITIC Construction Investment Securities Research Report, is the technology market over? This is the topic that the market is most concerned about right now. Reviewing historical experience, whether technology has ushered in a “bubble collapse” depends on three things. First, whether the technology industry trend has actually come to an end; second, whether liquidity has reached the point where it is not essential; and third, whether traditional growth has ushered in a reversal. If not, we still can't think of technology as the end. The current discussions on the technology market are the same as the concerns about the US-Iran conflict in May. CITIC Construction Investment's views have not changed. The world is currently experiencing a round of supply side. Technology has not yet come to an end, and so is geography. In terms of configuration, it is recommended to focus on the direction of the semi-annual report performance with strong certainty, focusing on three boom clues: first, AI hardware, upstream semiconductor equipment, materials, etc., with high certainty of performance delivery; second, cyclical products such as industrial metals and chemical materials, which are driven by AI demand and production capacity constraints, and profit elasticity is expected to be released; and third, high-end manufacturing with outstanding overseas advantages, and export resilience supports performance growth.

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