Translated data: Huatai Securities released a research report stating that the emergence of generative AI will transform the PC ecosystem, which has remained stable for the past 40 years with the Wintel (Windows + Intel) alliance at its core. From an application perspective, knowledge-based question-answering systems linked to corporate databases, personal information-based text-to-image tools, and personal assistants are likely to become the first batch of killer AI PC applications. From a chip perspective, ARM chips that offer better support for AI applications are expected to capture over 20% of the global market share within 2-3 years. Additionally, new applications and a greater number of chip suppliers could potentially shorten the PC replacement cycle and enhance gross margins. The investment advice focuses on capitalizing on the development of AI PCs and the trends towards ARM-based and domestic chip solutions.