当下是牛市“中场休息”，看好五大方向！周应波最新研判

Core Viewpoint - The current A-share market is in a "mid-game break" of a bull market, with significant long-term allocation value despite reduced valuation advantages compared to lower points [2][11]. Investment Direction - The company identifies five key investment directions: AI infrastructure, new energy, overseas consumption, global infrastructure, and "anti-involution" sectors [2][11]. Investment Philosophy Evolution - The investment strategy has evolved to focus on "growth while maintaining high positions," emphasizing a core strategy of "AI+" that integrates technology with consumption and "anti-involution" [5][6]. - The company has established a clear capability circle, focusing on TMT (Technology, Media, Telecommunications), manufacturing, cyclical industries, and consumption [6]. Market Analysis - The company notes that while the Shanghai Composite Index has reached around 4000 points, the opportunity cost of investing in stocks has decreased due to lower long-term bond yields [11]. - The company emphasizes the importance of understanding industry progress, highlighting significant advancements in Chinese enterprises over the past decade [11]. AI and Storage Industry Insights - The company views the current phase of AI as a "big era of AI infrastructure," indicating that the industry is still in its early stages of development and not yet at risk of a bubble [12][13]. - The storage industry is entering a "10-50" growth phase, driven by the expansion of lithium battery production and the increasing demand for renewable energy solutions [13]. Investment Mindset - The company has shifted from a competitive public fund mindset to a more thoughtful private fund approach, focusing on sustainable and stable absolute returns for clients [14]. - The emphasis is on maintaining discipline within the capability circle and avoiding participation in opportunities that exceed understanding [14].