Zhang Wei from Guolian An Fund: AI is still the core main line of the technology industry

【Market Performance】 As of the close this Friday, the Shanghai Composite Index fell by 1.08%, the Shenzhen Component Index fell by 0.14%, the Wind All A Index fell by 1.72%, the Sci-Tech 50 Index fell by 2.20%, the ChiNext Index rose by 2.53%, the CSI 300 Index rose by 0.97%, the CSI 500 Index fell by 2.53%, and the CSI 1000 Index fell by 3.27%. (Data source: Wind Information, data range: 2026.05.25-2026.05.29) 【Industry Performance】 This week, among the 31 first-level industries of Shenwan, The top three industries in terms of growth: Coal 6.66%, Utilities 6.58%, Communication 5.56% The top three industries in terms of decline: Computer -7.56%, Comprehensive -6.76%, Defense and Military Industry -6.41% (Data source: Wind Information, Shenwan first-level industries, data range: 2026.05.25-2026.05.29) 【Viewpoint Dispatch】 Since 2026, AI has continuously dominated the technology sector market. Zhang Wei, an electronic industry researcher at Guolian An Fund, stated that AI will remain the core investment theme in the coming years. Short-term market adjustments do not change the long-term logic of the technology bull market, and opportunities in the industrial chain will continue to be released. Currently, all rising tracks in the technology sector revolve around AI, presenting a clear mainline context from core high-correlation fields to marginal sub-segments. AI demand is spreading comprehensively from the training end to the inference end, driving a rotation of strength across various links in the industrial chain. The storage sector has first welcomed an explosion, with AI-related demand accounting for over 40%, becoming the core engine of industry growth. Previously less focused sub-tracks such as MCC, power semiconductors, and passive components are gradually entering a fast growth lane. Among them, the AI business value proportion of MCC is expected to reach 10% this year and may rise to 20% next year, highlighting its growth potential. The sector rotation characteristics are significant, with optical modules having strong anti-drawdown capabilities due to a high proportion of AI business; PCBs follow closely, showing a rotation upward characteristic. The technology industry experiences frequent iterations of new technologies, with different stages driven by different core factors, requiring close attention to the industrial rhythm to seize structural opportunities. Regarding the recent pullback in the technology sector, Zhang Wei believes this is a normal fluctuation. Currently, some targets' valuations may have overdrawn long-term expectations, combined with high U.S. Treasury rates suppressing technology valuations, making short-term adjustments inevitable. However, the development of AI is not a concept hype; the industrial trend is clear, real demand continues to expand, and technological iterations are constantly advancing, solidifying the long-term growth logic. Looking ahead, Zhang Wei emphasized that investment in the technology sector will continue to focus on the AI mainline layout, with a core focus on high AI business proportion and strong performance certainty quality targets. Long-term optimism is held for core tracks such as semiconductors, optical modules, and storage, while short-term attention can be paid to opportunities in sub-fields like MCC and power semiconductors. In the midst of fluctuations, it is essential to grasp the rhythm of industrial rotation, focusing on leading enterprises with order landing and technological advantages. Risk Warning: This only represents the market view of Guolian An Fund at that time. The market has risks, and investment must be cautious. This material is based on publicly available information deemed reliable by Guolian An Fund; under no circumstances does the information or opinions expressed in this material constitute investment advice to anyone, nor does it serve as promotional material or any legal document Investors should not consider this viewpoint as the sole reference factor for making investment decisions, nor should they believe it can replace their own judgment. Investors bear the risks and consequences of any investment actions they take