On October 23, Xu Chi, chief strategy analyst at Zhongtai Securities, said that there have been no significant changes in the fundamentals of some technology companies recently, but stock price adjustments have been significant, and negative feedback on capital liquidity is an important reason. Judging from economic data and industry fundamentals, the profit resilience and growth momentum of the technology manufacturing industry are still strong. Xu Chi pointed out that the global AI technology revolution is still at an early stage. Recently, next-generation model capabilities have continued to improve, the annualized revenue of leading overseas model companies has maintained a relatively rapid growth rate, and AI applications are also spreading from programming to more fields such as office and scientific research. Improved model capabilities, application penetration, and revenue growth will further drive capital expenses for computing power, storage, semiconductor equipment, and power systems. Combining domestic competition and global energy security requirements, there is still room for further improvement in China's global competitiveness in fields such as technological manufacturing and high-end equipment.

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