华安基金金拓：AI应用迎产业化元年 深挖应用端机会

Core Viewpoint - The article emphasizes the importance of long-term tracking and in-depth research in the rapidly evolving AI investment sector, highlighting the need to identify quality companies that can drive the commercialization of AI applications [1][5]. Group 1: Investment Strategy - The investment strategy focuses on a combination of high growth potential in favorable industries and valuation cost-effectiveness, emphasizing the importance of safety margins [3][4]. - The investment approach is described as "景气度投资 based on valuation cost-effectiveness," which involves identifying opportunities in both sustained and reversing industry conditions [3][4]. - The evaluation of industry conditions is based on thorough research of the upstream and downstream supply chains and peer companies, ensuring a higher success rate by selecting companies that resonate with industry trends [3]. Group 2: Valuation Framework - The valuation framework is dynamic, adapting to changes in a company's lifecycle, business model, competitive landscape, and overall competitiveness [3][4]. - While a company's valuation system is generally stable, it can change over time, necessitating a reassessment of underlying factors that may indicate significant market shifts [4]. - The macroeconomic environment influences valuation factors, with recent trends showing a preference for companies with high earnings certainty amid rising macro uncertainties [4]. Group 3: Market Outlook - The outlook for the market is optimistic, with expectations of policy support leading to economic recovery, and a favorable liquidity environment due to anticipated interest rate cuts [5]. - The year is characterized as the "first year of AI application commercialization" in China, driven by significant cost reductions and advancements in AI technologies [5]. - Domestic companies are showing strong competitiveness in the consumer AI application sector, with Chinese firms capturing a substantial share of the global AI application market [5].