美股AI泡沫论持续发酵，瑞银发声：“对冲利器”在中国！

Group 1 - The core viewpoint is that Chinese AI stocks are becoming increasingly attractive for investors seeking portfolio diversification, especially in light of high valuations in U.S. tech stocks [2] - UBS's Jason Draho suggests that the Chinese tech sector offers a compelling alternative to balance U.S. tech holdings, as the correlation between the two markets is relatively low despite their apparent synchronized movements [2] - The differing driving factors behind Chinese and U.S. tech stocks, including domestic policies and technological differences, may allow for independent performance, potentially leading to diversification benefits [2] Group 2 - Chinese tech companies are valued at only one-third to half of their U.S. counterparts, making them competitive in the AI product space [3] - Despite lower absolute valuations, Chinese tech stocks are currently trading at a forward P/E ratio of 14, up from 11 a year ago, indicating they may be relatively high compared to their historical valuations [3] - Investment vehicles such as Invesco China Technology ETF (CQQQ) and iShares MSCI China Tech UCITS ETF (CTEC) have shown strong performance, with the Invesco ETF returning 38% year-to-date, outperforming the Nasdaq 100's 19% increase [3]