A Huatai Securities research report indicates that divergence may emerge within the AI industry along return verification. Over the past two weeks, adjustments in overseas AI assets have intensified, and pressure from financing and investment returns continues to feed through; after the U.S. midterm elections, data center regulation has heated up, further weighing on expectations for the pace of project construction. Hardware earnings reports still reflect demand growth, but the market's focus on AI investment has shifted increasingly toward delivery certainty, profit quality, and cash recovery. In terms of allocation, two types of opportunities are recommended: first, key infrastructure suppliers whose orders, delivery, and profits can be cross-verified—including PCB, optical interconnect, and other segments—where contract pricing, product mix, and capacity expansion pace can be tracked to gauge profit elasticity; second, application platforms with verified revenue and cash flow, as well as directions such as edge devices and physical AI. At the same time, investors should remain cautious about companies that rely on new approvals, continuous external financing, or forward profit assumptions, with allocation decisions further grounded in growth quality and capital use efficiency.