长城基金杨维维：AI应用板块仍具较高赔率，重点关注三大细分方向

Core Viewpoint - The AI application sector is experiencing significant growth, driven by both fundamental and market factors, with a focus on identifying quality companies that benefit from industry advancements [1][2]. Market Performance - The AI application sector has shown strong performance in both the Hong Kong and A-share markets, becoming a focal point for investors [1]. - The sector's robust performance is attributed to a combination of fundamental support from the AI industry's maturation and low institutional holdings in related computer sectors [1]. Future Outlook - Despite previous strong gains, the AI application sector faces challenges, including concerns over the quality of certain companies and market volatility [2]. - The sector is expected to maintain high potential returns, particularly for companies that effectively leverage advancements in large model technologies [2]. Investment Focus - Key areas of investment interest include: 1. Internet platforms that lead in large model innovations 2. AI infrastructure, including cloud and database sectors 3. Computer software, especially B2B software closely integrated with enterprise processes and certain consumer software benefiting from international expansion [2]. Risks and Challenges - The AI application sector exhibits significant performance differentiation among software companies, making broad performance predictions difficult [3]. - Concerns regarding the impact of AI on software companies and the potential for market volatility remain prevalent [3].