CITIC Securities highlights that, commencing from 2025, Chinese and U.S. technology stocks have demonstrated robust performance, with the computing power sector spearheading the gains. Additionally, localized pockets of explosive growth opportunities are emerging within the model and application domains. As we look forward to 2026, the domestic computing power landscape is poised for vigorous expansion, offering a blend of earnings elasticity and investment certainty. It is anticipated to mirror the sustained growth trajectory witnessed in U.S. stocks since 2023. Concurrently, localized surges in growth are also expected within the model and application sectors. CITIC Securities maintains a positive outlook on internet tech behemoths propelled by AI advancements, as well as application sectors including AI-driven advertising, AI Agents, AI video generation, and commercialized autonomous driving. All these areas are projected to experience relatively swift implementation and adoption.