对话愉悦资本刘二海：AI处于基础设施投入期，看好中国企业“新全球化”浪潮

Core Insights - The 2025 Sustainable Global Leaders Conference will be held from October 16 to 18 in Shanghai, focusing on AI development, investment logic, and globalization opportunities for Chinese companies [1][3]. Group 1: AI Development and Investment - AI is currently in the infrastructure investment phase, with investments concentrated in three main areas: models, computing power, and data [3]. - Applications such as intelligent Q&A, AI programming, video generation, and intelligent driving are beginning to emerge [3]. - The transition from application to full penetration of AI across industries will take considerable time, and while there may be industry adjustments, there are no signs of a bubble similar to the 2000 internet bubble [3]. Group 2: Commercialization and Technology - Both technological barriers and commercialization capabilities are equally important for investment, and a flywheel effect must be established [4]. - The flywheel effect in intelligent driving illustrates that increased deployment leads to richer data, which enhances model intelligence, further driving user preference and deployment [4]. Group 3: Market Dynamics and Future Outlook - The era based on traffic has ended, and the current focus is on technology, necessitating a shift in investment logic [5]. - The Hong Kong capital market is becoming increasingly important for technology companies, and mergers and acquisitions will hold greater value in the tech sector compared to the traffic era [5]. - Over the next 10 to 20 years, a new wave of globalization led by Chinese companies will emerge, characterized by leveraging digital and AI infrastructure while emphasizing localization [6]. - China's strong R&D capabilities and the large number of graduates each year will enable Chinese companies to master core technologies and brand identities in overseas markets [6].