Group 1 - The emergence of the domestic large model DeepSeek has sparked a wave of investment in artificial intelligence (AI) in the capital market [1] - By 2025, the AI sector in China has seen significant breakthroughs in model performance and multimodal learning applications, driven by supportive policies and rapid development of computing infrastructure [1] - The AI index in A-shares rose by 31.09% in 2025, with a total transaction volume of 19.58 trillion yuan and a turnover rate of 950.41%, indicating high market attention and trading enthusiasm [1] Group 2 - UBS noted that DeepSeek has changed the perception of China's AI technology, with strong government support and capital expenditure from leading companies driving rapid innovation [2] - Concerns about an "AI bubble" have increased amid the global investment wave, which may affect investment judgments in 2026 [2] - Historical experience suggests that new technologies often experience speculative booms before significantly boosting labor productivity, but current high growth trends and liquidity make it premature to declare a bubble [2] Group 3 - Galaxy Securities highlighted the complex characteristics of the current AI market, where significant capital inflows reflect a consensus on technological breakthroughs and real application demands [3] - AI leading companies are achieving record high valuations, and capital expenditures across the industry chain are unprecedented [3] - The current AI capital market is more aligned with the early stages of an industrial revolution than the internet bubble of 2000 [3] Group 4 - The "14th Five-Year Plan" emphasizes the development of new productive forces, accelerating advancements in AI, advanced manufacturing, aerospace, renewable energy, and quantum technology [4] - Investment in AI hardware is expected to outperform application sectors, as the most advanced models have not yet reached AGI levels, indicating uncertainty in application deployment [4] - Continuous investment and upgrades in underlying AI hardware are essential for the sustained improvement of model capabilities [4] Group 5 - The manager of Ping An Technology Innovation Mixed Fund stated that AI infrastructure construction has not yet reached a stage where bubble discussions are warranted, with capital expenditure expected to reach $600 billion by 2026 [5] - The current scale of AI capital expenditure is still below historical peaks during previous productivity revolutions [5] - The AI ecosystem in China is developing in parallel with the U.S., with the U.S. leading in large model research while China shows stronger competitiveness in industry model applications [5] Group 6 - Huatai Securities anticipates that AI-related investments will maintain high intensity over the next 1 to 2 years, with tech giants continuing to increase capital expenditures [6] - There is still significant room for growth in AI application penetration [6] - While optimistic sentiment in the AI sector is supported by fundamentals, rising valuations may lead to increased volatility and sensitivity to interest rate changes [6]
人工智能未来投资价值几何