富达国际：明年美联储料继续降息，AI投资热潮切实带动企业创新

Core Viewpoint - The impact of AI investments is becoming increasingly evident, with significant changes observed in various sectors, including productivity improvements and corporate restructuring [5][6]. Market Conditions - By the end of 2025, the market is expected to experience renewed volatility and weakness due to diverging expectations regarding Federal Reserve interest rate cuts and liquidity contraction [2]. - Recent market adjustments have been largely driven by liquidity, starting from more speculative markets like cryptocurrencies and spreading to gold and equities [4]. - The Federal Reserve is anticipated to continue its rate-cutting cycle into the next year, which may create favorable conditions for risk assets [4]. AI Investment Impact - AI investments have led to substantial operational efficiencies, reducing technology update cycles from eight months to under one month for some companies [6]. - The AI trend is expected to positively influence not only AI-related companies but also those in seemingly unrelated sectors, enhancing productivity and profitability [6]. Sector Preferences - There is a preference for investing in sectors that will benefit from AI infrastructure, such as the U.S. power grid and Asian semiconductor stocks, which are seen as having attractive valuations [6]. - Chinese technology stocks are viewed favorably due to lower capital investment requirements compared to U.S. tech firms, despite their strong capabilities [6]. Private Equity Insights - The private equity sector does not exhibit systemic risks, but there is significant variability in returns, with some funds outperforming while others underperform [6][7]. - Investors in private equity are advised to diversify their portfolios and extend investment horizons to mitigate risks and enhance returns [7].