诺德基金周建胜：循AI主线寻找成长确定性

Group 1 - The A-share market is expected to experience a structural market trend led by industrial trends in 2025, with sectors such as humanoid robots, new consumption, innovative pharmaceuticals, artificial intelligence, and commercial aerospace becoming active [1] - The AI industry is anticipated to remain a core narrative in the market for 2026, according to Nord Fund's manager Zhou Jiansheng [1][3] Group 2 - Zhou emphasizes the importance of tracking industrial trends and optimizing product management, while maintaining a global perspective on the competitive advantages and growth potential of Chinese companies [2] - In 2026, the focus will shift towards exploring structural opportunities within the domestic industrial chain, rather than heavily investing in overseas supply chains [2] - The investment strategy will prioritize companies with sustainable growth, particularly those with global competitiveness and the ability to create social value, while avoiding speculative targets lacking substantial support [2] Group 3 - The AI industry is expected to continue as a main investment theme, with advancements in AI large models overcoming previous technical bottlenecks [3] - Innovations in AI will focus on computational deployment and algorithm optimization, with a shift towards multi-modal input and output capabilities anticipated in 2026 [3] - AI infrastructure investments are characterized by long-term planning, requiring patience for development and innovation [3] Group 4 - Zhou holds an optimistic view on the future of AI applications, noting that while progress has been made, it still lags behind market expectations, leading to discussions of a "bubble" [4] - The emergence of AI-native application companies like OpenAI and Anthropic indicates strong commercial potential for AI, with significant revenue growth marking the beginning of a new era for AI applications [4] - The high cost of computational resources remains a challenge, but improvements in algorithm efficiency and resource accumulation are expected to alleviate this issue over time [4]