Group 1 - The valuation bubble of AI companies is expected to enter a weak phase, but the valuation cycle of "AI + industry" needs to be rebalanced [1][6] - The macroeconomic environment has shifted since the subprime crisis, leading to an excess of liquidity and a focus on future narratives, particularly in technology and AI [2][3] - The divergence between US and Chinese stock markets is attributed to the unique characteristics of the US dollar and the structural weaknesses in China's innovation capabilities [3][5] Group 2 - The current bull market in A-shares has lasted approximately 17 months, which is close to historical averages, suggesting it may be nearing its end [5] - However, the resilience of the narrative structure and the diverse dynamics of the valuation cycle indicate that the global equity bull market may last longer than previous cycles, especially in China [6][7] - The AI innovation cycle is in a phase of narrative contention, which increases uncertainty, but the application cycle of AI in industries is just beginning, indicating potential for future growth [6][7]
赵建：AI科技创新周期面临叙事之争，但应用周期才刚开始
Di Yi Cai Jing·2026-02-26 07:05