Quan Jing Wang·2025-08-13 05:51Core Viewpoint - The article discusses the current state and future potential of the AI market, particularly in relation to the Science and Technology Innovation Board (科创板), emphasizing the importance of understanding market dynamics and investment strategies in this rapidly evolving sector [1][2]. Group 1: AI Market Dynamics - The AI market is at a critical point of technological iteration, driven by "Artificial Intelligence +" policies and hardware innovations, leading to industry-wide intelligent transformation [3][4]. - The volatility in the 科创板 is influenced by both short-term market sentiment and long-term industry fundamentals, with a focus on the ongoing trend of domestic hard technology localization [4][5]. - Investment strategies should include recognizing "concept speculation," assessing personal risk tolerance, and understanding index compilation rules to mitigate risks [1][4]. Group 2: Policy Support and Industry Growth - The introduction of the 科创板 "1+6" new policy aims to systematically restructure the financing ecosystem for hard technology companies, enhancing their growth potential [7][8]. - The policy will broaden financing channels, upgrade value discovery mechanisms, and optimize the industrial ecosystem, ultimately enhancing the competitiveness of enterprises [7][8]. - Continuous government support for technology innovation, particularly in sectors like semiconductors and AI, is expected to provide long-term liquidity support for the industry [5][8]. Group 3: Global AI Competition - The global AI competition is intensifying, with domestic companies facing both challenges and opportunities, particularly in the context of technology localization and policy advantages [10][11]. - Domestic firms are expected to leverage differentiated advantages in algorithm efficiency and vertical application scenarios, positioning themselves favorably in the global market [10][12]. - The AI industry's growth is seen as a dual-edged sword, presenting both immediate challenges in supply chain security and long-term opportunities in localized applications [12][25]. Group 4: Investment Evaluation Framework - The investment evaluation for 科创板 companies should move beyond traditional financial metrics, focusing on technology iteration, R&D capabilities, and industry prospects [13][14]. - A multi-dimensional framework for value assessment is recommended, incorporating technology discount rates, policy leverage, and commercialization acceleration [13][14]. - Investors should construct a dynamic monitoring system to track risks associated with technology iteration, cash flow, and geopolitical factors [14][15]. Group 5: Sectoral Opportunities - Key sectors to watch in the 科创板 include biomedicine, commercial aerospace, low-altitude economy, and new materials, all of which are expected to gain traction alongside AI [17][18][19][20][21]. - The AI sector within 科创板 is characterized by clear competitive landscapes in chip design and large model algorithms, while application scenarios remain in a chaotic phase [23][24]. - The domestic chip replacement process is crucial for the sustainable development of the AI industry, reducing dependency on international supply chains and fostering innovation [24][25]. Group 6: Asset Allocation Strategies - Investors are advised to adopt a "core + satellite" asset allocation strategy, balancing stable cash flow assets with higher volatility sectors like 科创AI [30][43]. - The article emphasizes the importance of understanding individual risk tolerance and market volatility when constructing investment portfolios [30][43]. - Dynamic rebalancing of asset allocations is recommended to adapt to changing market conditions and maintain a balanced risk profile [46].