基金经理“同题异做”科技赛道 AI算力投资图谱现分歧

Core Insights - The AI computing sector has generated remarkable returns for heavily invested funds this year, leading to a divergence in investment strategies among fund managers [1][2] - Notable fund managers are adjusting their portfolios within the AI computing chain, with some reducing holdings in high-performing segments like optical modules while increasing exposure to PCB and AI applications [2][3] Fund Manager Adjustments - Fund managers are showing differing strategies in the AI computing sector, with some, like Jin Zicai from Caitong Fund, significantly increasing positions in PCB-related companies while reducing holdings in leading optical module firms [2][3] - The China Europe Digital Economy fund, managed by Feng Ludan, has made substantial adjustments, reducing exposure to optical modules and PCB while increasing investments in AI application stocks like Alibaba and Tencent [3] Long-term Outlook on AI Infrastructure - Despite the adjustments, there remains a consensus among fund managers regarding the long-term potential of AI infrastructure, with expectations of increased demand for computing power in the coming years [4] - Jin Zicai emphasized the underestimated growth potential of the overseas computing sector, predicting a significant increase in demand driven by advancements in video reasoning technology [4] Global Cloud Computing Focus - The global cloud computing industry continues to be a focal point, with recent months seeing an increase in the value of AI models and a shift in business models towards more sustainable pricing strategies [5][6] - The investment in AI computing is expected to rise, driven by both established companies and new entrants in the market [6] Caution Amid High Valuations - While acknowledging the long-term value of the AI computing sector, fund managers are also highlighting the risks associated with high valuations and potential market volatility following significant price increases [7] - There is a call for diversified investment strategies to mitigate risks while capitalizing on the growth potential of the AI industry [7]