CSC Research Report notes that the explosive growth in computing power investment once fueled a boom across the hardware industry chain, but the market has grown concerned about the high capital expenditures that require financing to sustain. We believe attention should be directed toward opportunities arising from the iteration of new technologies such as high-end AI PCBs and 800V. In semiconductor localization, AI has raised global demand for memory, logic, and advanced packaging to a higher order of magnitude. Driven by both downstream manufacturing market share gains and upstream localization rate improvements, the explosive potential and sustainability of semiconductor equipment, materials, and components over the next three years are more predictable, and we are strongly optimistic about localization opportunities. On the terminal side, the impact of price increases in components—memory chips in particular—is nearing its end, demand is expected to improve, and the integration of AI agents into terminals is accelerating. We look forward to the emergence of hit products such as AI phones, AI PCs, and AIoT.