德同资本孙国祥：热门赛道拥挤不可避免 不应退缩而应“冷思考”

Core Insights - The discussion at the conference focused on investment strategies and opportunities during the "14th Five-Year Plan" period, emphasizing the gradual evolution of industry development rather than immediate changes [2][6]. Investment Focus Areas - Traditional Industry Upgrades: The company sees structural opportunities in traditional sectors, exemplified by its investment in United Imaging Healthcare, which has evolved from traditional medical devices to a comprehensive AI medical platform [2][6]. - Strengthening Strategic Emerging Industries: The company plans to continue identifying investment opportunities within the expanding supply chains of strategic emerging industries [2][6]. - Future Industry Layout: The company aims to explore future industries such as quantum technology and nuclear fusion energy, leveraging its accumulated resources to collaborate with leading enterprises [2][6]. M&A and Global Expansion - The company is actively looking at merger and acquisition opportunities and international expansion, particularly in regions like the Middle East and Southeast Asia, to support high-quality growth for enterprises [3][7]. Market Trends and Investment Strategy - The company acknowledges the presence of crowded and potentially inflated market segments but believes that opportunities still exist. Investors are encouraged to conduct thorough analysis and seek out underdeveloped areas within the industry chain [3][7]. - In the optical module sector, despite significant stock price increases for some companies, domestic firms still lag behind international leaders in profit margins due to a lack of high-value core components, presenting future investment opportunities [3][7]. Artificial Intelligence Investment - The company has been early in its investments in artificial intelligence, launching an "All in AI" strategy in 2023. Since 2025, it has invested in various sub-sectors, including large models and computational infrastructure, with projects like Qianjue Technology and Lingxin Qiaoshou [8]. - The company emphasizes the importance of being sensitive to trends while maintaining rational judgment and deep engagement in the industry chain, viewing market bubbles as indicators of strong demand [8].