On November 13, Yang Yang, Chief Analyst for the Electronics Industry at Changjiang Securities, noted that growing external policy uncertainty is driving the global technology supply chain to reconsider supply security and capex pace, further underscoring the value of domestically developed computing power, semiconductor manufacturing, and foundational hardware and software. Domestic substitution is evolving from isolated product breakthroughs to supply chain collaboration, accelerating the transition from "usable" to "scalable deployment." Segments such as computing power chips, high-performance storage, and wafer fabrication are increasingly reinforcing one another, while progress in equipment, materials, and EDA/IP underpins stable supply and continuous iteration. Meanwhile, demand from government, financial services, telecom operators, and manufacturing for data security, private deployment, and supply continuity is creating application space for domestic models and computing power.