AI全球选股策略：投资组合月度跟踪（2024年8月）

Macro Strategy - The report emphasizes a tactical bullish outlook on energy in the short to medium term, focusing on low-position opportunities in traditional energy sectors while exploring undervalued midstream service companies [2] - In the long term, there is a strategic bullish view on key metal materials, identifying leading companies across various segments globally based on the long-term green energy trend and short-term supply-demand changes [2] AI Ecosystem - For the consumer side (To C), the report highlights a prosperous 2024 for consumer hardware, advocating for upstream buying strategies [2] - On the business side (To B), it discusses a three-layer approach to data in the AI ecosystem, emphasizing the undervaluation of data as an upstream component, the importance of data capture and storage, and the potential resurgence of traditional local storage due to heightened privacy concerns [2] AI Investment Portfolio Performance - The AI10 and AI-selected portfolios have shown returns of 33.5% and 19.7% respectively since their inception, with the AI10 portfolio outperforming the QQQ index by 8.7 percentage points [5][9] - The AI10 portfolio has a higher Sharpe ratio (1.88) compared to the AI-selected portfolio (1.41), indicating better risk-adjusted returns [31] Commodity Investment Portfolio Performance - The commodity-selected and commodity-10 portfolios have returns of 10.1% and 10.6% respectively, both underperforming the MSCI ACWI index due to recent market expectations of weakened oil demand [12] - The AI-driven commodity-10 portfolio has shown slightly better performance than the commodity-selected portfolio [12] Individual Stock Performance - ARM Holdings has been a standout performer in the AI10 portfolio with a return of 117.6% since inception, while Regeneron Pharmaceuticals has shown a monthly performance increase of 9.8% [27][26] - In the commodity-10 portfolio, Southern Copper has achieved a return of 47.34% since inception, with Schneider Electric showing a monthly increase of 5.47% [43][42] Risk Characteristics - The AI10 portfolio exhibits superior risk characteristics with a lower P/E ratio (40.45) and higher ROE (18.4%) compared to the AI-selected portfolio [31] - The commodity-10 portfolio also demonstrates better risk metrics, including a higher Sharpe ratio (0.66) and lower P/E ratio (13.80) compared to the commodity-selected portfolio [49]