高盛：投资者终于开始重视传统“资本密集型”企业

Core Viewpoint - Investors are re-evaluating capital-intensive assets in the "old world," with a shift from data centers to a broader range of physical economy supply chains, driven by the AI era's demand for "hard assets" [1][4]. Group 1: Investment Trends - Goldman Sachs reports that capital is flowing towards "hard assets" such as power grids, pipelines, utilities, transportation infrastructure, and critical industrial capacity, which are difficult to replicate and have high physical barriers [1][4]. - Since late February, a basket of HALO stocks has been on the rise, supported by changes in U.S. tariff policies that may lower actual tariff rates by approximately 100 basis points [3]. - The market is increasingly favoring traditional capital-intensive companies, extending this trend to supply chain and broader economic sectors [3][5]. Group 2: Characteristics of HALO Assets - Goldman Sachs defines optimal HALO assets as those with high reconstruction costs, deep regulatory barriers, and long construction cycles, making them hard to disrupt or replace [5]. - The focus areas for these assets include power grids, pipelines, utilities, transportation infrastructure, critical machinery, and long-cycle industrial capacity [5]. Group 3: Impact on Soft Assets - While hard assets are gaining popularity, soft assets such as software, media, consulting, and certain financial sectors are under pressure, with significant declines in software and IT service stocks observed in February [6]. - Concerns about AI disrupting these sectors and enabling low-cost competitors are leading to a fundamental reassessment of their business models [6]. - However, not all software companies are equally affected, and those demonstrating a history of delivering high-quality AI outcomes may still be viable investments [6].