投资大家谈 | 长城基金“科技+”：科技仍是市场引擎，持续关注AI应用

Group 1: Market Overview - Recent discussions around the overseas AI bubble have impacted technology sectors in US, Hong Kong, and A-shares, with A-share indices experiencing fluctuations in November [1] - The AI sector in the US shows increased volatility and significant differentiation among leading companies, indicating a structural shift rather than a terminal decline [1] - Despite short-term market adjustments, the long-term growth logic of the AI industry remains intact, with growth styles likely to continue as a main focus [1] Group 2: Investment Focus - Long-term investment strategies are anchored in the technology sector, focusing on areas such as new energy, new materials, semiconductors, biotechnology, artificial intelligence, defense, and healthcare [1] - Investment opportunities in AI and terminal applications are highlighted, with a cautious approach towards previously high-performing sectors [2] - The market is expected to gradually enter a left-side layout phase, particularly for growth stocks that have retraced over 15% from their peaks [3] Group 3: Sector-Specific Insights - Continued emphasis on the AI hardware supply chain, especially in consumer electronics, IC design, and embodied intelligence, is anticipated for the upcoming year [4] - The commercial aerospace sector is expected to show resilience and potential for a cross-year rally, supported by policy funds [5] - AI applications are projected to gain traction, with improvements in third-quarter earnings and advancements in AI deployment across various industries [6] Group 4: Future Expectations - The market is expected to remain in a consolidation phase until new policies emerge, with a focus on the upcoming Central Economic Work Conference [5][8] - The spring market is anticipated to be promising, with a focus on growth stocks and sectors benefiting from AI technology, including hardware infrastructure and consumer sectors [7] - The consumer electronics sector may see a rebound due to upcoming AI product launches, particularly in the Apple supply chain [8] Group 5: Emerging Technologies - Emerging technologies are expected to maintain their role as market engines, with a focus on infrastructure related to computing power and AI capabilities [9] - Investment opportunities are identified in sectors such as humanoid robots, drones, and other AI-driven innovations [9]