CITIC Securities research reports indicate that after experiencing a low period of high inventory, low demand, reduced investment, and decreased production capacity for 2-3 years, the turning point of a new round of business cycle will emerge in the fourth quarter of 2023, and the recovery trend of business climate will continue to be established in the first quarter of 2024. The overall performance of various segmented companies will show high growth under a low base period, with a more favorable growth in the profit end, and continuous improvement in the financial and fundamental aspects, leading to a sustained return in confidence. The performance of some high-biz segmented companies (such as the recovery of android chains, product innovation, AI computing power, and domestic logic companies with relatively bright performance in replacement logic) has been relatively eye-catching. Looking into the second half of 2024, under the background of the established recovery trend and the advent of innovation turning points, there is great confidence in the sustained high-biz development of the industry in the next 2-3 years, and it is believed that the next three years will be a major up-cycle period for the industry. The investment opportunities are generally bullish on the investment opportunities driven by the three major innovative drivers of end-side AI, outbound increment, and domestic independence, and it is recommended that investors enhance their layout.