申万菱信基金陈晓升：全球科技或迈入双极时代

Core Viewpoint - The global market is entering a bull market driven by significant capital inflows into A-shares, particularly in the context of the ongoing technological revolution led by artificial intelligence [1][3]. Group 1: Global Technological Landscape - The world is experiencing a fourth technological and industrial revolution, characterized by global competition in technology, particularly in AI [1][3]. - The U.S. economy's growth is heavily reliant on its "Seven Sisters" tech companies, contributing approximately 90% to its economic growth [1][3]. - The U.S. government is mobilizing a trillion-dollar investment through initiatives like the "Genesis Mission" and the "AI Action Plan" to promote AI development, attracting global attention [1][3]. Group 2: China's Technological Advancements - The emergence of DeepSeek is viewed as a significant global event, marking a "Sputnik moment" in the AI sector [4]. - The performance of AI-related sectors such as computers and electronics in A-shares during the first three quarters of 2025 reflects the rise of China's technological capabilities [4]. - According to the World Intellectual Property Organization, China's global innovation ranking has improved from 14th in 2020 to 10th in 2024, with expectations to advance further in 2025, making it the only non-developed country in the top ten [4]. Group 3: Strategic Planning and Policy - In response to changes in traditional growth drivers, China is systematically enhancing its technological capabilities through the "15th Five-Year Plan," aiming for breakthroughs in high-level technological self-reliance [5].