Huatai Securities: Technology internally suggests avoiding pure themes and high-crowded directions and focusing on four clues.

Huatai Securities pointed out that after the short-term overselling of technology stocks is likely to be repaired, but before the full digestion of crowding pressure, it may still be in a high volatile state. With resonance in the mid to late July during the Chinese and American earnings season, there is a possibility of a long window. The technology sector advises avoiding pure speculative themes and highly crowded directions, focusing on four clues: 1) domestic AI computing power, including Ascend ecology, domestic GPU supply chain, and real model calls on the model side; 2) storage, especially long contracts, expansion, and HBM/high-end DRAM benefit chains; 3) semiconductor equipment benefiting from storage expansion and domestic substitution expectations; 4) MLCC, PCB, and upstream materials benefiting from AI inflation.