汇安基金单柏霖：围绕人工智能三大方向深挖细掘

Core Viewpoint - The A-share market is likely to show a consolidation trend in the short term under moderate liquidity and valuation conditions, while the long-term outlook for the large technology manufacturing sector is expected to improve, presenting structural investment opportunities in specific areas [1] Group 1: Market Liquidity and Valuation - Short-term stock price fluctuations are primarily related to liquidity, while medium to long-term trends depend on industry dynamics and economic conditions [2] - The average daily trading volume of the A-share market has exceeded 1 trillion yuan, with several days surpassing 2 trillion yuan, indicating sustained market liquidity and improved investor sentiment [2] - Despite significant valuation differentiation among sectors, the overall valuation scores of strong-performing sectors remain reasonable, with no signs of overheating [2] Group 2: Industry Trends and Opportunities - The artificial intelligence (AI) industry is expected to experience positive marginal changes in the coming years, with the large technology manufacturing sector having a long development cycle and performance drivers [2] - Investment focus should be on three key elements of AI: computing power, storage, and connectivity, with significant opportunities anticipated in the storage sector due to a large expectation gap [3] - The power supply sector, which supports the AI industry's rapid growth, presents structural opportunities as domestic power equipment companies expand their capacity [3] Group 3: Emerging Directions in Investment - Humanoid robots are expected to cross the critical threshold from concept to implementation, transitioning from theme-driven to information-driven performance cycles [4] - Solid-state batteries are anticipated to achieve industrialization as technology matures, presenting further investment opportunities [4] - Overall, investment opportunities in 2026 are expected to be broader, particularly in AI-related fields, although the potential for profit may decrease, suggesting a need for investors to lower return expectations [4]