财通基金金梓才：本轮AI算力景气强度与持续性在A股历史罕见，需求天花板尚未见顶

Core Insights - The current market rally, which began in September 2024, is projected to increase by 65.9% by the end of 2025, while the overall performance growth of A-shares (excluding financials) is expected to be only 3.4%, indicating that the rally is primarily driven by liquidity and valuation expansion [1][6] - High-growth sectors with strong performance are becoming a scarce investment theme, and it is essential to focus on sectors with higher earnings growth in 2026 [1][6] Group 1: AI Computing Power - The current strength and sustainability of AI computing power demand is relatively rare in A-share history, driven by global market demand and rapid technological iteration, creating high barriers for new entrants [3][8] - Unlike previous growth industries, the theoretical ceiling for AI computing demand is not clearly defined, as all industries will be empowered by AI, leading to continuous increases in token consumption and ongoing industry growth [3][8] Group 2: Overseas Business Exposure - In the current macroeconomic environment, the overseas business exposure of companies is a key determinant of their earnings elasticity, with companies in the home furnishings and motorcycle industries showing significantly higher growth rates when they have a higher proportion of overseas revenue [3][8] - Since 2024, A-share companies with greater overseas revenue exposure have experienced relatively higher earnings growth, indicating that expanding into international markets remains a crucial growth pathway for domestic listed companies [3][8]