Morgan Stanley Fund believes that looking forward to 2025, they are relatively optimistic and confident about the overall technology sector. Technology stocks have very high risk appetite requirements for the market. Since September 2024, various policies have been issued, and currently, the overall risk appetite level of A-shares is relatively difficult to return to the previous low levels. In 2025, mergers and acquisitions may boost the overall market's risk appetite, similar to the TMT market in 2014-2015. Once a company's merger and acquisition is completed, its significant increase will drive up the valuation levels of the entire sector. In terms of liquidity, the latest monetary policy stance is moderately loose, and it is expected that market liquidity in 2025 will also be relatively favorable for the overall technology sector. They are bullish on industries such as artificial intelligence, defense, wind power, and consumer electronics. From the perspective of the industry development cycle, the current technology industry has entered a very big innovation cycle. Artificial intelligence has strongly promoted innovation and iteration on the B-side and C-side of the industry. It is expected that the industry will continue to be in a phase of innovation in the coming years. The valuation levels of the technology sector are expected to be maintained, and if popular applications emerge, valuations may continue to rise. In the future, they will continue to select sectors with rising performance and companies with appropriate valuations in the entire technology field. Looking at specific segments, according to Morgan Stanley Fund's technology research team, among all industries, artificial intelligence is expected to be the fastest-growing segment in 2025. There are many promising areas in computing power and related applications for AI in 2025. From observing overseas technology giants and domestic internet giants, their strong demand for computing power has not weakened. From a valuation perspective, although artificial intelligence has risen for two years, the valuation of AI computing power and core assets in 2025 is not high compared to the valuation levels during the transition from 4G to 5G upgrades. Currently, the valuation of artificial intelligence has not reached a bubble level. Currently, computing power is still in the first half, and it is expected that the computing power industry will innovate in customization of computing, solving data center power issues, and bring investment opportunities in 2025. In 2025, there will be many related applications, especially in the United States. Due to the strong industrial chain capabilities of A-share listed companies in AI applications, the explosion of these end-side applications will also drive up the valuation of related sub-sectors in A-shares.