申万菱信基金陈晓升：中国科技崛起引发全球资产重构，中国资产或成为“关键配置”

Core Insights - The global technology competition is intensifying, with artificial intelligence representing the fourth industrial revolution, fundamentally reshaping national competitive advantages [2][8] - China's rise in global innovation rankings reflects a shift from factor-driven to innovation-driven economic growth, with significant advancements in technology and AI [3][9] - Chinese assets are increasingly recognized as key configurations in the global market, with a notable rise in foreign investment and a shift in valuation logic [4][11] Group 1: Global Competition - The essence of the current global competition is rooted in technological power, which significantly influences economic growth, financial markets, and global governance [2][8] - The U.S. economy's growth is heavily reliant on its "Seven Sisters" tech companies, contributing approximately 90% to its economic expansion [2][8] - The emergence of DeepSeek is seen as a pivotal moment, indicating a profound change in the global technology landscape [2][8] Group 2: China's Rise - According to the World Intellectual Property Organization, China's global innovation ranking improved from 14th in 2020 to 10th in 2024, with expectations to rise further in 2025 [3][9] - The transition from a factor-driven to an innovation-driven economy is characterized by five systematic measures aimed at enhancing technological capabilities [3][9] - China is making significant strides in AI technology, particularly in critical areas such as domestic AI chips and advanced manufacturing processes [3][9] Group 3: Asset Reconstruction - Chinese assets are evolving into "key configurations" in the global technology landscape, with their valuation logic undergoing a transformation [4][11] - The scarcity of Chinese technology assets is increasing, covering high-growth sectors like renewable energy, innovative pharmaceuticals, AI, and advanced manufacturing [4][11] - As of October 2025, global fund allocation to the Chinese stock market surged from a low of 7.3% at the end of 2024 to 41.4%, indicating a significant shift in investor sentiment [4][11]