长安基金王浩聿：以产业周期视角迎接AI投资浪潮

Core Insights - The article emphasizes the importance of identifying trends, validating performance, and respecting valuations in investment strategies, particularly in the context of the current AI wave, which is described as a once-in-20-years opportunity [1][4]. Industry Development Trends - The investment framework developed by the fund manager focuses on industry trends, competitive landscapes, and selecting quality companies, with continuous tracking of orders and performance [2]. - The analysis of the Apple supply chain illustrates that understanding the core development logic of companies is crucial, rather than just focusing on order performance [2][3]. - The manager has experienced multiple industry cycles, including the rise of the Apple supply chain, the 5G boom, and the semiconductor localization trend, emphasizing the importance of identifying core targets within large industry cycles [2]. AI Sector Focus - The AI sector is highlighted as a primary focus in the current industry cycle, with the manager asserting that the potential of the AI wave surpasses previous opportunities [4]. - The fund managed by the company has achieved a return of over 95% by 2025, with all top ten holdings being AI-related stocks, including leading companies in optical modules and PCB [4]. - The outlook for the A-share market remains optimistic, with AI continuing to be a central theme as the industry undergoes constant iterations and improvements [4]. Demand and Subsector Insights - The demand in the computing power industry is expected to continue increasing, with many clients providing order guidance extending to 2027 and 2028 [5]. - Key subsectors benefiting from AI include servers, PCBs, and optical modules, with the storage industry entering a super price increase cycle due to AI demand [5]. - Emerging fields such as liquid cooling, new PCB materials, and CPO are also entering a phase of explosive growth, warranting ongoing attention [5].