According to the CITIC Securities Research Report, although factors such as AI return on investment disputes, high interest rates and financing environments, and transaction congestion have suppressed technology stock valuations, GEM valuations have returned to the low level of the first few rounds of the Federal Reserve interest rate hike cycle in 2017-2018 and 2023-2024, and Science and Technology Innovation 50 is at a low level since the 924 market. If events such as interest rate hike expectations in 2027 are reversed, financing costs decline, model capability breakthroughs, and new applications drive the next round of ARR, the A-share technology sector will have huge recovery flexibility; 27Q1 is an important observation window, domestic HBM is expected to enter a phase of mass production climbing, domestic computing power enters a period of volume harvesting, domestic storage and production expansion will drive high equipment prosperity, and focus on α opportunities such as technological upgrades and high performance certainty

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