The CITIC SEC Research Reports indicate that the Global Semiconductors and Hardware fundamentals are expected to remain weak in the fourth quarter of 2024 to the first quarter of 2025, and will begin to recover from the second quarter of 2025. Similar to 2024, GenAI is expected to continue to be the core driving force, but industry opportunities are likely to remain focused on the ongoing Diffusion around NVIDIA. Attention must also be paid to: the recovery of IT spending by European and American companies after the US elections, the impact of edge AI and Windows 10 EOL on Consumer Electronics and bulk memory chips, and the recovery process of the Autos and Industrial Sectors that are at the bottom of the cycle. Tariffs and trade policies, USA macroeconomic and inflation data, and GenAI technical progress are expected to continue to be core influencing variables for the Industry. At the sub-sector level, our preference order is as follows: advanced manufacturing processes, AI networks (Ethernet devices and high-speed interfaces), AI computing chips (ASICs, commercial GPUs), AI Servers, enterprise IT equipment (network devices, high-end storage, general-purpose Servers), Consumer Electronics (PCs, smartphones), analog chips, Semiconductor devices, bulk memory chips, and mature processes.