Core Viewpoint - The current AI market has been experiencing a phase of adjustment, leading to discussions about the existence of a bubble, but institutions believe the AI industry has solid fundamentals and vast potential, with the "bubble theory" being more about short-term market sentiment rather than a denial of industry trends [1] Group 1: Market Analysis - The valuation of leading companies in core AI sectors is considered reasonable despite being high, as the long-term industry trends and market potential support these valuations [1] - The current AI market is viewed as more rational compared to the internet bubble period, with primary market funds focusing on quality leading companies and the valuations of the "seven sisters" in the US stock market being significantly lower than the internet bubble levels [1] Group 2: Investment Opportunities - The AI industry chain is extending from foundational computing power to higher levels, with major chip manufacturers collaborating with AI companies, enhancing industry prosperity and increasing the demand for computing infrastructure [2] - The fund manager has adjusted holdings in response to market changes, increasing allocations in semiconductor, cloud computing, and cybersecurity sectors, with the "seven sisters" in the US stock market making up 28.28% of the portfolio by the end of Q3 [2] Group 3: Future Outlook - The focus will be on two main areas: the expanding demand for inference capabilities and the increasing importance of data generation [3] - The demand for computing power is expected to continue growing, particularly in the inference stage, while mid-tier semiconductor companies may gain market share due to reduced demand for high-performance GPUs in the pre-training phase [3] - Chinese companies are showing competitiveness in the application and reinforcement learning data generation sectors, leveraging their data accumulation and business scenarios to optimize internal efficiencies and potentially create new business models [3]
AI出现多个“S型曲线”机遇 基金经理看好两大方向
Zheng Quan Shi Bao·2025-12-03 17:51