As we step into 2025, the AI industry continues its meteoric rise, marked by significant technological strides and extensive market expansion. Governments across the globe now recognize AI as a linchpin for economic growth and national security, actively devising strategies and regulatory frameworks to harness its potential. AI applications have seamlessly woven into the fabric of various sectors, including healthcare, finance, manufacturing, and education, propelling efficiency gains and fostering innovative business models. Technologically, the focus has shifted from merely scaling up model sizes to refining AI's capacity to comprehend and tackle complex real-world challenges, with high-quality data emerging as a pivotal enabler. Notable breakthroughs have been achieved in areas such as multimodal large models and embodied AI, further fueling the industry's momentum.

In the capital market, the AI computing power sector has exhibited remarkable resilience and growth, with the A-share computing power theme index soaring by 80% in 2025. This surge has been accompanied by a flurry of stocks doubling in value, underscoring investor enthusiasm. Nevertheless, the question of whether an AI investment bubble looms large remains a topic of heated debate. On balance, the AI industry is still in its nascent stages of driving productivity enhancements, with a substantial leap in total factor productivity yet to materialize. Present AI investments predominantly mirror optimistic outlooks for the industry's medium- to long-term trajectory, devoid of conspicuous signs of a bubble at this juncture.