GF SECURITIES(000776) 中国经营报·2025-04-03 00:18Core Viewpoint - The revaluation of Chinese assets is driven by technological innovation, macroeconomic policies, industrial environment, and valuation levels, with a particular focus on AI technology as a significant catalyst for change [2][3][4]. Group 1: Drivers of Asset Revaluation - Technological innovation, exemplified by DeepSeek in the AI sector, is a key factor driving the revaluation of Chinese assets, showcasing China's capabilities in manufacturing and technology [2]. - The macroeconomic policy environment is improving, with the government signaling a shift to a "dual easing" cycle, which is expected to stabilize the economy and improve corporate profitability [3]. - Industrial policies are revitalizing market confidence, particularly in the private sector, which is crucial for economic growth and investment [3]. Group 2: Valuation Characteristics - Current asset valuations in China are at historical lows, with broad indices and major industries undervalued compared to international peers, creating an attractive investment opportunity [4]. - The combination of low valuations and improving fundamentals is drawing global investors to reassess the investment value of the Chinese market [4]. Group 3: International Market Context - The global market's adjustments, including a weakening dollar and volatility in U.S. stocks, are enhancing the comparative advantages of Chinese equities [5][6]. - The current economic uncertainty in the U.S. is prompting capital to flow out of American markets, potentially benefiting emerging markets like China [6][7]. Group 4: AI Sector Potential - The AI sector in China is characterized by low-cost advantages, an open-source ecosystem, and ongoing application innovations, indicating significant growth potential [8][9]. - The transition from concept validation to commercial realization in AI is expected to drive performance in the next 1-3 years, marking a shift towards earnings-driven investment [9]. Group 5: Investment Opportunities - Three categories of industries are identified for potential investment: those driven by policy stimulus, those with cleared supply-side issues, and those with clear demand-side support [10][11][12]. - A phased investment strategy is recommended, focusing on sectors with immediate policy impacts, followed by those with supply-side adjustments, and finally, long-term growth sectors in technology [12].