嘉实基金李涛：AI产业仍处初期阶段，投资应超越泡沫之争聚焦产业纵深

Group 1 - The core viewpoint of the article emphasizes that the AI industry is a healthy and self-consistent sector, and investment strategies should focus on understanding the internal logic and stages of industry development rather than merely assessing valuation or potential bubbles [3][8] - The AI industry is still in its early stages of development, with significant changes in real life and work yet to be fully realized. The complete industrial chain of AI has a long way to go, from infrastructure to model capabilities and full integration into social production and life [4][9] - Investment opportunities in AI are not easy to find, requiring investors to have a deep understanding of the industry and the ability to anticipate future investment pain points to build a competitive investment portfolio [4][9] Group 2 - There are significant differences in investment logic between AI hardware and software. The classic framework of "three years for hardware, three years for software, and three years for business models" applies, but the current hardware cycle may exceed previous ones [4][9] - While there is optimism about the growth of AI applications, finding investment opportunities within applications is challenging due to the need for correct direction and strong execution, as well as higher uncertainty in business models and competitive landscapes [4][9] - Investors should focus on in-depth research of industry trends rather than short-term valuation fluctuations. The key to long-term returns lies in identifying companies that can achieve sustainable business monetization [5][9]