国投瑞银马柯：当宏观信徒闯入科技浪潮，做多AI的底气在哪里？

Core Insights - The article highlights the significant investment opportunities in the AI industry, which is viewed as a once-in-twenty-years industrial revolution, surpassing previous technological waves like mobile internet and renewable energy [1][13]. Group 1: Investment Performance - As of September 30, the fund managed by Guotou Ruijin, led by fund manager Ma Ke, achieved a return of 72.58% over the past year, ranking in the top 7% of similar products [2]. - The performance benchmark for the fund showed a return of only 9.77% during the same period, indicating a substantial outperformance [2]. Group 2: AI Industry Outlook - Ma Ke anticipates that the AI sector will remain a primary market direction for the next 1-2 years, with no signs of a peak in the current cycle [2]. - The AI industry's transformation is expected to have a broader impact across various sectors compared to previous technological shifts, with many companies still showing strong quarterly performance [2][13]. Group 3: Investment Strategy - Ma Ke's investment philosophy focuses on identifying companies with high Return on Invested Capital (ROIC) and sustainable growth potential, which are crucial for long-term value creation [8]. - The strategy involves a shift towards AI and related sectors, moving away from traditional industries that are perceived to be at the end of their growth cycles [6][7]. Group 4: Market Dynamics - The article discusses the competitive landscape between the US and China in the AI sector, with the US leading in foundational technologies while China focuses on system-level innovations and application scenarios [14]. - The investment opportunities in China are expected to revolve around enhancing supply chain security and the integration of AI across various industries [14]. Group 5: Long-term Perspective - Ma Ke emphasizes the importance of maintaining discipline and clarity in investment decisions, especially during market volatility, by distinguishing between noise and fundamental changes [10][12]. - The current AI wave is seen as a long-term trend, but investors are advised to be cautious of potential market corrections and to monitor for signs of market overheating [13][15].