Ge Long Hui A P P·2026-02-28 04:05Group 1 - The core viewpoint of the articles highlights the emergence of HALO (Heavy Assets, Low Obsolescence) assets as a new investment focus due to the disruptions caused by AI, prompting investors to reassess risks [1] - Morgan Stanley introduced the HALO trading concept, creating a HALO basket (MSXXHALO) that includes seven structural pillars: materials, utilities, railroads, pipelines, waste management, defense, and signal towers, aimed at mitigating risks associated with technological obsolescence [1] - Goldman Sachs corroborated this trend, indicating that the market is undergoing a "scarcity repricing" under the pressures of rising interest rates, geopolitical fragmentation, and increased AI capital expenditures, with tangible production capacity becoming a scarce resource [1] Group 2 - In the A-share market, HALO assets have been identified, with the electricity sector experiencing a strong rise driven by the HALO trading logic and increased electricity demand from AI [2] - Core materials such as rare earths and minor metals have also become focal points for investment, driven by supply-demand dynamics and AI-related demand [2] - Overall, A-share HALO assets are concentrated in electricity, metals, and utilities, exhibiting a "stronger gets stronger" structural characteristic, reflecting a global revaluation trend of HALO assets, although some leading stocks in the A-share market may face higher valuation risks due to excessive market enthusiasm [2]