China Merchants Securities pointed out that after short-term shocks, attention should be paid to the two main lines of technology recovery and interim report performance. Meta's sale of computing power does not signify an oversupply of computing power; rather, it is an inevitable measure to enhance asset return rates during a phase of high capital expenditures, as the industry is entering a period of ROIC verification. The market adjustment primarily stems from the excessive short-term gains in the pan-computing power sector, compounded by leveraged funds amplifying volatility, with pessimistic sentiment triggering short-term capital negative feedback. However, after the liquidity shock, the AI industry trend has not been disproven, with the supply-demand gap in memory chips, MLCC price increases, and indium phosphide shortages remaining unchanged, suggesting a potential recovery in the technology sector. Meanwhile, moderate attention can be given to areas where interim report performance mismatches stock prices.