机构年末科技投资抉择：谁在坚守 谁在撤退 又是谁在观望？

Core Viewpoint - As the year-end approaches, institutional investors are adjusting their portfolios, with a notable divergence in views on technology stocks, where some remain optimistic, some are retreating, and others are taking a wait-and-see approach [1] Group 1: Optimists ("坚守者") - The AI industry is still in its early development stage, and significant growth in AI applications is expected in the coming years, leading to a positive cycle of capital investment and revenue [2] - Domestic companies are expected to increase their capital expenditure on AI, with Alibaba planning to invest 380 billion yuan over three years, indicating substantial growth potential compared to international counterparts [2][3] - Despite discussions about AI bubbles in overseas markets, there are no such concerns domestically, and funds continue to flow into AI-related investments, with a recent net subscription of 4.868 billion yuan for AI-themed ETFs [3] Group 2: Retreaters ("撤退者") - The rapid rise in stock prices poses risks, and some fund managers have reduced their positions in technology stocks after observing that strong earnings reports did not lead to expected stock price increases [4] - As of the end of Q3, public funds' allocation to technology sectors reached 40.16%, indicating a historically high level of investment in this area [4] - The concentration of holdings in technology stocks is at a high level, with significant over-allocations in the electronics and communications sectors, exceeding 10% [4][5] Group 3: Observers ("观望者") - Many fund managers are currently undecided about whether to increase or decrease their positions in technology stocks, as they face profit-taking challenges [7] - There has been a marked increase in institutional research on technology sectors, with over 2,000 instances of institutional inquiries in semiconductor, electronic equipment manufacturing, and computer software industries in the past month [7] - The focus is shifting towards the performance and core business development of technology companies, with a heightened sensitivity to earnings and valuation expectations [7]