CICC International: Storage continues to be strong, demand for artificial intelligence computing power input is still increasing.

Guoyin International released a research report stating that compared to the end of last year, the market's visibility on the intensity of investment in short- and medium-term artificial intelligence infrastructure has increased. The bank still believes in global leading semiconductor companies with AI computing power, storage, and communication as the main logic line, but the bank believes that the current valuation of leading technology stocks is relatively high. For China's semiconductor industry chain, the bank believes that the repeated tariff policy may further accelerate the promotion of domestic substitutes, benefiting upstream equipment suppliers. Considering the current valuation levels of some stocks, the bank recommends diversifying investments appropriately.