On January 6, Dacheng Fund Manager Guo Weiling outlined her latest investment outlook for the technology sector in 2026. She believes the tech market momentum is expected to continue into the first half of 2026, still primarily revolving around AI, but with structural opportunities outweighing aggregate growth, making overall investing more challenging than in 2025. Guo Weiling stated that the market in 2026 will pay greater attention to the overall investment returns from AI. Following the substantial gains in 2025, current overall expectations are already at a relatively optimistic level, which differs from the relatively lower expectations of 2025, resulting in a change in the overall risk-reward profile. With the total market size stabilizing and growing, the structural opportunities within AI investing will be superior to the aggregate growth. In terms of structural preference ranking, she believes optical communication is stronger than memory, liquid cooling, and power supplies, which are in turn stronger than the PCB upstream sector, followed by PCB manufacturing itself, then GPU quantity, and finally the overall growth of AI capital expenditure. In the optical communication field, she posits that communication is currently a bottleneck, whether for training or inference. It is anticipated that starting next year, plans for integrating optics into server racks may gradually emerge, potentially entering a phase of batch application by 2027. She is relatively optimistic about the current tight supply and rising price cycle in memory, believing it could persist for 1 to 2 years. This is because the industry is now entering a phase where the proportion of AI inference is increasing, driving higher demand for various types of memory. Furthermore, to build long-term user loyalty, future models will also enhance their memory of user behavior and preferences. Overseas memory wafer fabs currently have relatively conservative capital expenditure plans, but domestically, the willingness and plans for capacity expansion by memory wafer fabs could continue to exceed expectations, which also presents a significant opportunity for domestic semiconductor equipment manufacturers. Additionally, she is also relatively bullish on several other areas: liquid cooling, the PCB upstream sector, and PCB manufacturing itself. Regarding liquid cooling, she believes that in 2025, domestic liquid cooling suppliers were primarily in the solution validation phase, and 2026 could be the first year for securing formal orders and achieving volume shipments, although the industry might face price wars in the long term. The PCB upstream sector is currently in a cycle of material upgrades and price increases, with overall profitability potentially entering a phase of rapid improvement. Simultaneously, domestic manufacturers' technology has kept pace with the most advanced material upgrade cycles, and their willingness to expand capacity is stronger than that of overseas players, potentially allowing domestic manufacturers to gain market share. The overall PCB industry is experiencing good growth, but due to the non-trivial difficulty of capacity expansion, there remains uncertainty about whether overseas capacity expansion will translate into performance. The industry structure shows a trend towards fragmentation in 2026, but currently, overall supply remains relatively tight, keeping significant downward pressure on prices at bay.