大摩逆势发声：AI恐慌过头，市场正为选股者砸出“黄金坑”

Group 1 - The core viewpoint is that the overreaction in various industries due to concerns over disruptive AI is creating opportunities for selective stock investors [1] - Investors should focus on "AI-enabled incumbents," strong growth stocks, and quality targets to capture the dual benefits of current low valuations and the wave of technology adoption [1] - The investment logic for AI adopters with high pricing power is continuously strengthening, as highlighted by the Morgan Stanley strategy team [1] Group 2 - The banking sector is expected to be a net beneficiary of AI technology, which will gradually enhance productivity and profitability [3] - Citigroup (C.US), Bank of America (BAC.US), State Street (STT.US), and Truist Financial (TFC.US) are identified as the most defensive stocks in the analysts' view [3] - In the consumer finance sector, AI is also expected to be a net beneficiary, with short-term disruptive effects offset by long-term efficiency gains [3] Group 3 - In the payments and fintech sectors, Mastercard (MA.US) and Visa (V.US) are seen as net beneficiaries of AI and agency commerce [3] - The current market situation is characterized by significant volatility, with intermittent phases where the market questions the pace of capital spending and the specific areas at risk of disruptive change [3]