Wang Fang from Zhongtai Securities: The rapid development of large models and supply chain shortages benefit the AI industry's continued high capital expenditure.

On June 26th, the 17th Investor Relations Management Forum hosted by Securities Times was held in Shenzhen. Wang Fang, Co-Director of the Research Institute of Sino-Thai Securities, stated that this year, the market's trading focus on the AI theme has mainly been on the shortage areas of the industry chain, which is supported by profitability. In the first quarter of this year, the overall profit growth of the electronics industry far exceeded revenue, and industry indicators such as inventory suggest that the industry is still in a healthy state. Wang Fang predicts that large model manufacturers are still rapidly growing, with reasoning breakthroughs and large-scale applications of agents benefiting the AI industry with sustained high capital expenditure. Furthermore, there are still several bottleneck areas in the upstream industry chain, which strengthens the sustainability of industry growth.