对话毕盛资产创始人王国辉：中国AI应用或比美国更有优势

Core Viewpoint - The article emphasizes the importance of investing in Chinese assets, highlighting that neglecting this market has become a significant risk for global investment portfolios. The founder of APS Asset Management, Wang Guohui, believes that the long-term growth narrative in China remains strong despite short-term market fluctuations [1][2]. Group 1: Investment Perspective - Wang Guohui predicts that China has a 70% chance of becoming the world's largest economy by around 2027, making it a critical market for global asset managers [2]. - The current underallocation of Chinese assets by international investors presents a significant opportunity, as many global funds have underperformed due to insufficient exposure to China [3]. - The expected strong earnings growth for Chinese companies, driven by sectors like semiconductors and AI, supports the case for increased investment in China [3]. Group 2: Market Valuation - Despite recent market rebounds, the overall valuation of the Chinese stock market remains significantly lower than its historical peak in early 2021, providing a safety margin for investors [3]. - Dividend yields for some stocks are around 3%-4%, which is notably higher than bank deposit rates, indicating a potential investment opportunity as this discrepancy is expected to correct [3]. Group 3: Financial Market Development - Wang Guohui notes that the modernization of China's financial market is lagging behind its manufacturing sector, presenting future growth potential [4]. - Effective communication between regulators and international investors is crucial to bridge the understanding gap regarding China's financial policies [5]. Group 4: AI Investment Landscape - The AI sector is viewed as a hot investment theme, but concerns about potential bubbles exist. Wang Guohui emphasizes the need to analyze value distribution across different segments of the AI industry [6]. - Hardware suppliers, such as GPU and ASIC chip manufacturers, are identified as clear beneficiaries in the AI value chain due to their essential role in supporting AI companies [7]. - China is seen as having a unique advantage in AI applications, driven by its large manufacturing base that requires AI tools to enhance productivity [7]. Group 5: Global AI Competition - The global AI landscape is expected to be dominated by a dual power structure between China and the U.S., with both governments encouraging substantial investments in AI [8]. - Wang Guohui expresses caution regarding the development of Artificial General Intelligence (AGI), suggesting that current AI advancements will likely remain focused on specific applications that yield economic benefits [9].