The Deputy Director of the Equity Investment Department at Morgan Stanley Fund, and manager of the Morgan Stanley Digital Economy Fund, Lei Zhiyong, stated that it is expected that growth styles will still have significant opportunities in 2025, especially in the uptrend areas of the AI Industry Chain. Specifically, from 2025 to 2026, the demand for computing power remains strong, and there is still upward space for computing power, optical modules, PCBs, etc. Within computing power, related links such as power supply, heat dissipation, liquid cooling, and packaging testing are likely to perform better. On the other hand, after the maturity of large cloud models, future flexibility will be reflected on the application side. Some Consumer Electronics symbols that actively collaborate with overseas giants in AI innovation deserve special attention. The valuations of these companies are currently at reasonable levels, and next year may enter a concentrated innovation cycle, with ongoing observation of various AI-based smart terminals, such as smartphones, glasses, and headphones.