Huatai Securities Research Report stated that on March 19, Beijing time, NVIDIA's GTC conference was officially held. In addition to hardware product updates, NVIDIA CEO Huang Renxun introduced the company's comprehensive layout in the software ecosystem at the conference. AI applications are at an important point in the transition from Agentic AI to Physical AI. The three major elements of data permissions, computing power, and software ecology are accelerating breakthroughs, and we are optimistic about the acceleration of AI application development in 2025. The two complex scenarios of industry and robots have become the breakthrough focus of various manufacturers, and we are optimistic about the product and technology breakthroughs of the two scenarios in 2025.