Business strategy: Recently, the industrial prosperity of overseas computing power, domestic computing power, and lithium batteries is relatively high.

The investment strategy points out that this week, the industries focus on overseas computing power, domestic computing power, and lithium batteries. Recently, the industrial prosperity of the three themes of overseas computing power, domestic computing power, and lithium batteries is relatively high. Regarding overseas computing power, major model vendors are investing in large-scale data centers and power resources, and the trend of computing power assetization is becoming more clear. As for domestic computing power, DeepSeek V4 is driving the expected demand for inference computing power, coupled with the realization of the first-quarter performance of the AI computing power chain. The market is shifting from expectations of domestic substitution to industry validation. As for lithium batteries, production in May continues to increase, the proportion of energy storage battery cells is increasing, and the industry is moving towards continuous supply and demand tight balance. In terms of investment, in the short term, the strongest elasticity is in domestic computing power, which also benefits from the iteration of large models, domestic substitution, performance realization, and the restoration of risk appetite for funds. In the medium term, the most certain are the overseas computing power infrastructure, overseas AI capital expenditure will continue to drive servers, optical modules, liquid cooling, and power equipment. Lithium batteries are in the stage of prosperity recovery, energy storage production is the real support, sodium batteries, fast charging, and solid-state batteries are catalysts in the medium to long term.