[CICC: Certain Segments in the Upstream AI Industry Chain Are Current Focus Areas] Golden Finance reported on June 29 that a research report from CICC highlighted signs of recent AI market expansion, with attention shifting to the repricing of upstream 'shovel-selling' sectors. Since the beginning of the year, the A-share market has maintained a relatively distinct structural trend, with the technology growth-oriented ChiNext Index and STAR 50 Index significantly outperforming, rising by 30.9% and 51.2%, respectively, with the AI industry chain as the core theme. Since the second quarter, volatility in the AI sector has increased, and previously leading areas such as semiconductors, optical modules, and PCBs have reached historically high levels of trading congestion. Recently, the market has shown signs of gradually spreading to upstream AI-related raw materials and infrastructure sectors with relatively lower congestion levels. Sub-sectors such as minor metals, electronic cloth, and optical fiber have recorded strong performance. CICC believes that under the backdrop of a continuously strengthening AI industry trend, the current market is more likely to exhibit style diffusion rather than a systemic style shift. Certain segments in the upstream AI industry chain are the current focus areas.