Core Viewpoint - Fund managers are adopting different strategies in the current market, with a preference for right-side trading that focuses on high certainty and strong momentum in industry trends [1][2] Group 1: Investment Strategy - The strategy of high concentration and low turnover is favored to achieve long-term returns, requiring patience and a deep understanding of industry trends [2][4] - The focus is on identifying opportunities in the "1 to 10" phase of industry trends, which offers strong signals and rapid valuation expansion [2][3] Group 2: AI Industry Outlook - The AI industry is seen as being in the "1 to 10" phase, with clear buy signals and significant growth potential, as evidenced by the increasing capital expenditure and high growth rates in North American cloud services driven by AI [3][4] - Long-term investment in AI is encouraged, as the market is still in the early stages of the technology wave, with many applications yet to emerge [3][4] Group 3: Valuation Tolerance - Market tolerance for stock valuations is increasing, with acceptable ranges varying based on industry understanding and growth expectations [4][5] - The current high valuations in tech stocks are not viewed as bubbles, as they are supported by strong growth prospects and market conditions [4][5] Group 4: Focus on Core Industries - There is a strong emphasis on investing in core industries that reflect China's advantages, particularly in AI technology, robotics, and automotive intelligence [6][7] - The semiconductor sector is highlighted as having cyclical patterns, with a current upward trend driven by AI and new technologies, particularly favoring leading companies in wafer manufacturing [7][8]
广发基金孙迪： 提升科技股估值容忍度 掘金AI“从1到10”爆发机遇
Zheng Quan Shi Bao·2025-09-28 22:13