Xingyun Technology Key Recommendation

English summary

### Xingyun Technology Key Recommendation Time: 2026-07-31 13:24:23 Content: · [Token Factory] Key focuses: iSoftStone, Hongjing Technology, Jizhi Co., Ltd. (ARM Token Factory), Xieda Data, Xingyun Technology, Zhiwei Intelligent, etc. [Zheshang AI Team Feng Cuiting] Why is capital shifting to the mid-to-downstream of AI? What to buy in the mid-to-downstream of AI? Four current bearish logics for the AI upstream: 1. The capex logic reverses; the market no longer pays for giants' "long-term strategy" but focuses on return on investment, demanding actual improvements in cloud revenue and orders. 2. Debt risk becomes prominent; tech giants rely on debt issuance for expansion, but the credit market cools, with Amazon's new bond subscription multiple halving and long-term tech bonds under pressure. 3. Token Budgeting: The cost-reduction trend suppresses high-end demand; companies shift to low-price models, and premium margins for frontier high-price models shrink. 4. The "shovel seller" logic loosens; infrastructure demand such as chips and optical modules is tied to giants' capex cycles and cannot stand alone. ...