中泰证券：人工智能发展势头强劲 重仓AI龙头

Group 1 - The core viewpoint is that domestic leading AI companies are demonstrating strong innovation momentum, achieving systematic innovations in core technology areas such as chip design, inference optimization, and robot control [1][2] - Artificial intelligence is playing a transformative role in various aspects of social production and lifestyle, with its applications widely penetrating daily life scenarios [2] - China has become the largest holder of AI patents globally, reflecting its innovative vitality and comprehensive strength in the field [2] Group 2 - The AI technology is rapidly transitioning from laboratory settings to industrial practices, forming a "technology-product-business" closed loop in areas such as infrastructure and computing power, edge intelligence, and vertical scene integration [2] - The commercial prospects of AI applications are entering a performance realization phase, driven by policy benefits and upgraded market demand, characterized by vertical deep cultivation, cross-industry integration, and ecological collaboration [2] - The Sci-Tech Innovation Board AI Index has a core advantage in accurately capturing and efficiently identifying core assets in the AI sector through a three-tier screening mechanism [3] Group 3 - The index's constituent companies have a research and development expense ratio exceeding 20% of their operating income, showcasing a significant advantage over broader indices [3] - The median profit growth rate for the index's constituent stocks is projected to be 14.42% for 2024, with an expected increase to 24.49% for 2025, indicating strong growth momentum [3] - The index has demonstrated notable upward momentum and price elasticity during previous technology stock market trends, effectively capturing and amplifying the overall upward trend in the tech growth sector [3][4] Group 4 - The top ten constituent stocks of the index account for over 65% of its total weight, highlighting the concentration of core assets in the AI sector [4] - The industry distribution of the index reflects a strategic layout closely tied to the core value chain of artificial intelligence, emphasizing both semiconductor hard technology and core software and service enterprises [4]