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UBS Wealth Management, Chief Investment Officer of Greater China Equity Manager, Li Zhiying, said in an online briefing that there are two bright spots in the development of AI in China: substantial progress in AI monetization capabilities and accelerated localization of chip production. Li Zhiying pointed out that some Chinese internet companies have made breakthroughs in AI monetization. She cited a gaming company as an example, where AI customization of content and short video ad click-through rates significantly increased from 1% to 2-3%, leading to a 20% growth in ad revenue. In the field of chips, Li Zhiying mentioned that the localization of AI chips in Mainland China is accelerating in the face of external supply limitations. She stated that at the inference level, China can now rely on domestically-produced chips, but still needs to rely on imports for training chips. Regarding investment opportunities in the Chinese AI market, Li Zhiying believes that related stock valuations are still attractive. She noted that the Hang Seng Tech Index currently has a P/E ratio of around 17 times, and the expected earnings growth rate of the index's component companies over the next three years could reach 20%-25%, indicating good investment value. (21 Caijing)