“AI交易”的关键变量：服务业敞口越高，AI颠覆风险越大，“AI基建”最有利

Core Insights - Morgan Stanley emphasizes the need for investors to differentiate between "infrastructure providers benefiting from AI development" and "service providers potentially disrupted by AI" [1] Group 1: AI Investment Themes - The report indicates that "service sector exposure" has become a decisive variable in AI-themed investments, showing a significant negative correlation with year-to-date investment performance [2] - The "AI Adopters" theme has a service sector exposure of 53%, making it the worst performer among AI themes [3] - In contrast, the "AI Infrastructure" theme has only 14% service sector exposure and has shown the strongest performance year-to-date [4] Group 2: Market Concerns and Performance - Concerns about AI disruption have spread from the software industry to broader service sectors, including financial consulting and brokerage services [2] - The high service sector exposure in the "AI Adopters" theme leads to significant uncertainty regarding competitive dynamics and pricing sustainability, which is reflected in current market pricing [3] - The "AI Infrastructure" theme benefits from ongoing capital expenditures and structural demand for computing, semiconductors, and supporting hardware, indicating a long-term trend rather than a short-term phenomenon [4] Group 3: Quantitative Assessment - Morgan Stanley employs six quantitative dimensions to evaluate theme attractiveness, including information ratio, breadth of earnings expectation revisions, and valuation levels [4] - The "AI Infrastructure" theme stands out in this scoring system, demonstrating strong risk-adjusted performance in the short to medium term and favorable mutual fund positioning [5]