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Last night, I stayed up late studying the Kondratiev wave cycle, and summarized as follows: 1. Currently in the recovery phase of the sixth Kondratiev wave cycle, with AI as the leading technology. At present, China and the U.S. are still competing to be the leading country. China's advantage is the ability to concentrate resources to accomplish major projects, while the U.S. advantage is leveraging the capital market to play a facilitating role.