高盛王亚军最新发声：中国AI还不存在泡沫

Group 1 - The core viewpoint is that the Chinese AI industry does not currently exhibit a bubble, with expectations for continued growth and a significant number of quality AI companies expected to go public in 2026 [2][3] - The Hong Kong capital market is projected to remain active in 2026, with both IPO and refinancing activities expected to maintain high levels, surpassing historical averages [1] - The international market has shown strong demand for Chinese AI companies, as evidenced by the successful IPO of MiniMax, which attracted participation from top long-term institutions and sovereign funds globally [2] Group 2 - The capital expenditure disparity between the US and Chinese tech giants indicates that there is substantial room for growth in China's capital spending, which supports the argument against the existence of a bubble in the AI sector [3] - Consumer stocks continue to be favored in the Hong Kong market due to their straightforward business models, predictable future earnings growth, and attractive valuations [3] - The return of international capital to the Hong Kong market has significantly increased, with participation in IPO projects rising from 10%-15% in early 2024 to 85%-90% [3] Group 3 - The Hong Kong biotechnology sector is considered to have established itself, entering a second phase of growth after a period of market consolidation and natural selection of companies [4] - The stability of the IPO rhythm is crucial for the A-share market, emphasizing the importance of a balanced approach to capital market mechanisms, including refinancing [3][5] - The company plans to expand resource allocation in its Chinese operations while maintaining project and team stability as a key to sustainable development [5]