Remember this picture The biggest and most sustainable return this year does not come from capturing a single monster stock, but from identifying trends, choosing leaders, and then firmly holding onto them. If you are like me, I believe that AI will continue to develop rapidly in the next two years, and GPUs, storage, optical communication, power, and data centers will still be in short supply. So, the best strategy is to buy on dips and lay out true leaders in each track. How to find leaders specifically, I have divided the entire industry chain into four tiers based on certainty. First tier (highest certainty): storage GPU、 Optical interconnect, ASIC+Networking, advanced packaging CPU。 These six are currently the fastest links in terms of demand and profit realization, and the prices and contracts have been verified today. Second tier: Electricity/AI Factory, Liquid Cooling, Nuclear Energy. These few logics are equally solid, but the pace of implementation is slightly slower than the first tier, and some are still in the early stages of capacity building. Third tier: PCB/ABB/CCL, MLCC, semiconductor equipment. This is the role of selling shovels in AI infrastructure, making money but with a lower ceiling. It is a supporting link, not a core control point. Fourth tier (with the highest future odds): Physical AI, Agent/Data layer, stablecoin/AI finance Edge AI、AI-RAN。 The logic of these directions is valid, but it is still in the early stages of narrative and the winner has not been determined yet. It belongs to high-risk and high return option positions, suitable for small position layout and not suitable for heavy positions. AI refers to computing power, storage, networking, optical communication, infrastructure, data, electricity, and the ongoing industrial upgrading that will occur in the coming years. Find the dragon head. Follow the trend. Make time a friend of compound interest. Here is a sentence to say: The companies I mentioned before are a part of my own tracking and holding. Companies that are not named do not mean they are not worth watching. Each sector may have several targets worth researching. This article is not intended to provide a complete list, but to share a framework for thinking. I have set up several observation indicators myself as the bottom line to determine whether this framework is still valid: if crude oil prices spiral out of control again, credit spreads systematically widen, the market begins to re evaluate credit risks, actual orders of enterprises begin to be lowered without exceeding expectations, large-scale cloud vendors begin to cut AI capital expenditures, cloud vendors' operating cash flow cannot support their announced capital expenditure plans, and the decline in inference prices is no longer a benign cost reduction brought about by technological progress, but has evolved into pure value destruction under vicious competition. If these signals appear simultaneously or on a large scale, it is the time to seriously consider leaving the field. So far, I haven't seen any indicators falsifying the logic of AI.