富国基金罗擎：AI将是贯穿全年的最明显主线 看好光模块、液冷行业发展

Group 1: AI Industry Outlook - The manager is optimistic about the AI sector for the upcoming year, viewing it as a prominent theme throughout the year, despite potential short-term volatility [1] - Long-term prospects for the AI industry remain positive, with rapid evolution observed, such as the deep integration of OpenAI with chip giants and breakthroughs like Sora2 [1] - After significant price increases in Q3, some companies' stock prices now reflect their current fundamentals, leading to a decrease in investment attractiveness [1] Group 2: Market Drivers - Two key market drivers to monitor are corporate performance, which is fundamental, and market liquidity [1] - The overall demand for optical module industry orders is still outpacing supply, with overseas clients having pre-ordered capacity for 2026 and 2027, and many orders for 2028 already framed [1] Group 3: Optical Module Industry - There is a notable performance divergence among leading optical module companies in Q3, with some performing well while others fell short of expectations, primarily due to material preparation [1] - Companies that are well-prepared with materials are likely to show better performance in the upcoming year [1] Group 4: Liquid Cooling and Internet Funds - Liquid cooling is viewed as a branch of AI, with expectations for industry growth as AI cabinet density and chip power increase, necessitating efficient cooling solutions [2] - The focus should be on domestic companies that can obtain overseas certifications and orders to realize performance [2] - There is a relatively optimistic outlook for internet funds, particularly in the Hong Kong market, influenced by the macroeconomic environment [2]