Since May, the technology sector has witnessed an accelerated upswing, fueled by increased capital expenditures from global tech giants and performance figures that have surpassed expectations. However, the sector has recently seen a retreat, influenced by macroeconomic factors including overheated trading in the technology, media, and telecommunications (TMT) sector, elevated interest rates, and soaring oil prices. Additionally, concerns have arisen regarding domestic computing power following NVIDIA's announcement of the H200 sales window to China. Nevertheless, the medium-term trajectory of the technology sector remains firmly on course, with the confirmation of interim performance poised to become a pivotal moment. Historical patterns indicate that once TMT trading volume surpasses the 40% mark, market volatility tends to spike, yet the overall trend continues to ascend amid fluctuations. The H200 event's adverse effects on the market are anticipated to be contained; rather, it stands to benefit the North American supply chain, particularly in areas such as optical modules, and could temporarily bridge the gap in domestic computing power. Domestic computing power is projected to rebound following necessary adjustments.

In terms of industry positioning, computing power and economic recovery act as twin engines. For computing power, emphasis should be placed on sub-sectors that have demonstrated the strongest Q1 performance, especially those with close ties to NVIDIA's supply chain. Regarding recovery, industrial metals are expected to spearhead the rebound, with the coal and coal chemical industries poised to reap benefits, and the outlook for grid construction is also set to brighten.

Thematically, the humanoid robot sector merits attention due to the convergence of overseas order confirmations and expectations for mass production. Meanwhile, it is crucial to remain vigilant about risks such as the potential ineffectiveness of domestic demand-support policies, escalating geopolitical tensions in the Middle East, and unexpected volatility in the US stock market.