A CMOS camera module is a compact imaging device that integrates a CMOS (complementary metal-oxidesemiconductor) image sensor with lens and circuitry for capturing images or video. It converts light into electrical signals for digital processing. Commonly used in smartphones, automotive systems, and security devices, CMOS modules offer low power consumption, high-speed imaging, and compact design advantages.

Data center mechanical construction is a centralized facility used for data computing, processing, and storage, which consists of cooling solutions, racks, server rail kits, and others. Data centers are established by either large-scale enterprises or enterprises offering cloud-based services. Enterprises build colocation and managed hosting data center facilities and rent them to other large enterprises and small and medium-sized enterprises (SMEs).

An aviation actuator system is a critical component in aircraft that converts energy whether electrical, hydraulic, or pneumatic into mechanical motion to control various functions. These systems operate essential elements like flight control surfaces, landing gear, thrust reversers, and engine components, ensuring safe and efficient aircraft operation in both commercial and military aviation.

Advanced driver assistance system (ADAS) essentially consists of sub-systems and features that work independently or are combined to provide assistance, which is not only restricted to safety but can span over comfort as well as the broad convenience spectrum for drivers of modern vehicles. Aftermarket ADAS includes the retrofitting of ADAS technologies on existing vehicles.

An applicant tracking system is a software application that manages the five stages of the recruitment lifecycle: sourcing, screening, interviewing, hiring, and performance measuring. Its main function is to shortlist and screen applications or resumes based on pre-defined keywords related to job skills, candidate experience, and job locations.

3D printing, also known as additive manufacturing (AM), refers to the process of creating a solid 3D object from a digital computer-aided design (CAD) file. 3D printing has many applications in the education sector (schools, engineering courses, architecture courses, history courses, graphic design courses, geography courses, and chemistry courses, among others). The technology provides various benefits to students and is being widely used by educational institutions across the world.

Three-dimensional (3D) printing refers to the process of producing a physical object using a virtually designed model. 3D printing materials are the raw materials used to produce such objects. Various types of 3D printing materials are required for different applications.

The Geospatial Artificial Intelligence (GeoAI) market represents the integration of geospatial technologies with Artificial Intelligence (AI) to process, analyze, and interpret spatial data in real-time or near real-time. This rapidly growing sector combines Geographic Information Systems (GIS), remote sensing, satellite imagery, as well as AI techniques—such as Machine Learning (ML), deep learning, and computer vision—to extract meaningful insights from location-based data. GeoAI is transforming decision-making across various industries by enabling predictive modeling, automated mapping, and spatial pattern recognition.

C端应用：强化数据积累与核心算法，构建C端应用增长飞轮。在互联网应用中，用户数据和推荐算法是各平台构建壁垒的核心。在用户飞轮方面，C端应用基于AI技术提高推荐模型效率、借助AI功能优化用户体验，从而提高用户参 与度、积累更多用户行为数据，最终反哺推荐算法的优化升级，其中，Duolingo和Spotify聚焦AI功能迭代，Snapchat和Pinterest则在22H2至23H1对推荐模型进行重大升级。对于订阅平台，AI算法和AI功能的引入，能够吸引更多的付费用户，有效提升用户留存和订阅转化率，驱动企业加大AI投入，从而进一步优化用户体验与推荐效率 ，形成良性循环；对于广告平台，C端应用则依托AI工具提升广告自动化能力，持续优化广告推荐系统，带动广告价值提升，吸引更多广告商投放，推动广告收入增长，最终形成用户与订阅/广告业务的双重飞轮。

恒生指数和恒生科技指数的显著估值优势。截至25年7月1日，恒生指数的市盈率TTM值为10.68，近十年市盈率分位数为63.98% ，股息率高达3.93%。恒生科技指数的市盈率TTM值为20.10，市盈率历史分位数为8.95%，处于历史较低估值水平。全球主要市场相比，年初至今港股市场涨幅位居全球前列，但相较于其他主要市场，在估值水平方面恒生指数及恒生科技指数的市盈率具备吸引力。