The CSI TMT index's valuation has climbed to historical highs, and risks are accumulating in the sector, according to Guotai Haitong Asset Management. According to Jin10, the asset manager recently stated that current investment operations require greater attention to risk prevention. With expectations for some popular tracks gradually being fully priced in, future investment strategies should be more prudent, strictly weighing risk-reward ratios and shifting focus to bottom assets with sufficient odds and structural opportunities catalyzed by cutting-edge technological innovation. Following the significant rally in the AI computing power chain, market expectations for growth in 2027 have been fully priced in. Future earnings growth will heavily depend on sufficient AI commercialization revenue realization and sustained financing support, with long-term uncertainty continuously expanding. Therefore, positions in the computing power direction need to be handled more cautiously going forward, strictly controlling risk-reward ratios and avoiding blindly chasing highs.