对话摩根士丹利基金经，2025年市场展望理

Investment Rating - The report maintains an optimistic outlook for the AI sector, particularly focusing on computing power, cloud computing, and edge applications as key investment areas for 2024 [26][35]. Core Insights - The investment strategy for 2024 emphasizes the AI industry chain, with a focus on computing power and related infrastructure, indicating a robust fundamental support for this sector [26][35]. - The report highlights the importance of adjusting holdings based on market dynamics and emerging opportunities, particularly in the AI and computing power sectors [26][35]. - The report suggests that the market is expected to recover slowly, with significant investment opportunities in AI, defense, new energy, and innovative technology sectors [26][35]. Summary by Sections Investment Strategy - The investment strategy is centered on the AI industry chain, particularly in computing power, cloud computing, and edge applications, with a flexible approach to adjusting holdings based on market changes [26][35]. - The report outlines successful strategies employed by the fund manager, including reallocating investments towards larger, more stable companies with strong performance certainty [19][29]. Market Outlook - The report expresses optimism for the 2025 market, predicting a gradual recovery in the economy and consumption, with sustained growth in the AI, defense, new energy, and innovative technology sectors [26][35]. - It emphasizes the need for a disciplined investment approach, including dollar-cost averaging and a focus on learning and adapting to new technologies [7][8]. Stock Selection Criteria - Key factors for stock selection include financial health, management incentives, future strategies, market confidence, and valuation metrics [38][24]. - The report stresses the importance of identifying companies with core competitiveness and those positioned to benefit from industry trends [12][24]. Industry Trends - The report notes that significant investment opportunities arise from demand surges driven by innovative products, which can lead to explosive growth across the entire industry chain [15][24]. - It highlights the necessity of closely monitoring industry dynamics and adjusting investment strategies accordingly to capitalize on emerging trends [32][50].