Haitong: Technology sector leads the spring market surge, opportunities in various fields are becoming more prominent.

Haitong released a research report stating that the macro policy tone is positive, liquidity and domestic fundamentals have marginal improvements, spring market rally has begun, and the technology sector is leading the gains. With the positive tone of macro policy, improved liquidity and domestic fundamentals, coupled with the recent accelerated AI application landing of Deepseek's large model, as the spring market rally unfolds, attention should be paid to sectors that will see positive catalysis from industry trends including AI. Haitong's main points are as follows: Electronics: Domestic computing power back on track, DeepSeek accelerates edge-side deployment The profound impact brought by DeepSeek mainly reflects in two dimensions: 1) Under the same training effect, the low-cost solution provided by DeepSeek will offer new training ideas for the industry, and domestic cloud service providers will turn their attention to the development potential of domestic computing power cards; 2) Cloud-side inference will see increasing demand for computing power cards and local storage to support large models, becoming a medium to long-term industry trend. Hardware side is expected to benefit deeply from five aspects: 1) Domestic computing power supply chain; 2) Application end - AI smartphones; 3) Application end - AI PC; 4) Application end - AIoT; 5) Application end - smart cars. Computers: Domestic large models scaling new heights, AI application explosion imminent The strong performance of models such as DeepSeek, Kimi, and Alibaba proves that even without a strong overseas "computing power advantage," the country's large models can still gradually catch up with and even surpass overseas AI models' dominance by innovating model architectures and advanced algorithm strategies. Against the backdrop of domestic large models continuously climbing new heights, the country's AI applications are set to truly explode by 2025, and attention is recommended for AI applications and AI computing power direction. Communication: Cloud service providers' investment solid growth, AI entering infrastructure and application resonance The robust global AI capital expenditure will continue to provide core growth momentum for the industry and AI applications are facing industry inflection points and significant development opportunities, with broad growth potential as breakthroughs in large models and cost optimization occur. Therefore, it is recommended to continue to pay attention to: application directions - 1, AI terminals; 2, AI ASIC; 3, IDC. Computing power infrastructure investment directions - 1, optical devices & chips; 2, high-speed copper cables; 3, network devices & chips; 4, PCB; 5, optical fiber cables; 6, telecom operators. Media: Significant progress in domestic large models, poised to accelerate AI application explosion Generative AI technology as a productivity tool will significantly lower the threshold for user creation in fields such as gaming and video content, optimize production processes, and drive the reshaping of content creation ecosystems. With overseas AI applications already exploding, verifying the major industry trends in AI applications, the future acceleration of AI applications landing and commercial opportunities is expected as domestic models make breakthroughs and user data continues to materialize, driving media company valuations and performance upwards. It is recommended to pay attention to: 1) AI + toys; 2) AI + IP entertainment; 3) AI + e-commerce; 4) AI + marketing; 5) gaming sector; 6) film and television; 7) publishing. Machinery: The era of humanoid Siasun Robot & Automation begins, watching "Baibo" break through the waves The technological breakthroughs and market attention in the field of humanoid Siasun Robot & Automation continue to rise, especially with the deep integration of AI large models and Siasun Robot & Automation hardware, humanoid Siasun Robot & Automation is transitioning from the laboratory to commercial applications. 2025 is expected to be the year of mass production for humanoid Siasun Robot & Automation. Industry chain layout: more attention is needed on core components: AI large models and algorithms; hardware and actuators; system integration and scenario landing. Risk Warning: Domestic policy implementation progress is lower than expected, AI technology development is lower than expected, AI commercialization is lower than expected, and industry competition intensifies.