Zhong Guo Zheng Quan Bao·2026-02-09 00:48Core Viewpoint - The investment focus is shifting towards AI applications, with 2026 expected to be a pivotal year for AI investment, as the market transitions from infrastructure to application [1][2]. Group 1: AI Application Investment - AI applications are identified as one of the most certain investment directions, with a clear transmission logic from infrastructure to cloud services and then to AI models and applications [2][3]. - The market is moving from a phase of heavy investment in AI infrastructure to one focused on application, with 2026 anticipated as the year of significant AI application investment [2][3]. Group 2: Reasons for Current Focus - Three main reasons are provided for the current focus on AI applications: the shift in industry cycles, strategic changes by major players, and a restructured valuation system [3]. - Alibaba is highlighted as a key player with a strong commercial application potential, marking 2026 as a decisive year for its AI strategy [3]. Group 3: Alibaba Chain - The "Alibaba Chain" is defined as a complete ecosystem centered around Alibaba's AI capabilities, encompassing computing power, model platforms, and vertical applications [3]. - The investment strategy focuses on the revaluation of Alibaba's cloud and AI business, as well as the benefits to its ecosystem partners during the AI application boom [3][4]. Group 4: Investment Criteria - Three core criteria for selecting AI application companies include their integration with the Alibaba ecosystem, the necessity of their business scenarios, and their unique data barriers and closed-loop capabilities [4]. Group 5: Market Outlook - The overall market outlook suggests that technology growth styles will prevail, with AI applications and computing power still having room for development, particularly in the context of macroeconomic changes [5]. - The focus is shifting from infrastructure to application, especially in the Hong Kong stock market, where many AI application companies are listed with relatively low valuation bubbles [5]. Group 6: Investment Strategy - The investment framework combines active and quantitative approaches, emphasizing the importance of understanding industry trends and cycles [6][7]. - The strategy focuses on cognitive and execution differences, leveraging quantitative tools to mitigate human biases in investment decisions [7].