指数研选系列报告：人工智能产业指数：一键布局AI全产业链

Group 1 - The report highlights the advantages of the Artificial Intelligence Industry Index, which includes purity by selecting stocks based on AI revenue proportion, growth by adjusting market capitalization according to growth indicators, and comprehensiveness by covering various sectors with a weight distribution of 55% for computing power and 45% for application [3][24][29] - The report indicates that the past two years have seen a mismatch in cycles between China and the US, but with improved overseas liquidity and policy support, the trend of pressure on RMB assets is expected to reverse, making Chinese assets relatively attractive in the global market [3][33][37] - The launch of DeepSeek is expected to shift the focus of companies in the industry from thematic speculation to performance, potentially enhancing the growth style in technology sectors [3][40] Group 2 - The Artificial Intelligence Industry Index has shown a cumulative return of 45.0% since its inception in 2015, with an annualized return of 3.8%, outperforming major broad-based indices like the CSI 300 and the Shanghai Composite Index [5][10][22] - The index's annualized volatility is reported at 38.8%, which is higher than the 21.2% of the CSI 300 and 14.8% of the Shanghai Composite Index, indicating a higher risk profile [10][11][22] - The report emphasizes that the index's Sharpe ratio of 0.17 is significantly higher than that of the major broad-based indices, suggesting better risk-adjusted returns [11][22] Group 3 - The index's stock selection strategy focuses on companies with a higher proportion of AI revenue, ensuring that only those deeply engaged in AI are included, which enhances the index's sensitivity to industry growth trends [24][25] - The growth strategy prioritizes companies with actual performance and better marginal prosperity trends, with a significant portion of constituent stocks concentrated in the 20-50 billion range, indicating a focus on mid-cap companies [25][27] - The index's comprehensive approach spans various sectors, avoiding over-concentration in any single sub-industry, thus providing a balanced reflection of the overall AI industry [29][31] Group 4 - The report notes a policy turning point in China, with a GDP growth target of around 5% and a deficit target of 4%, which aligns with market expectations and indicates a more flexible monetary policy environment [33][35] - The anticipated easing of monetary policy and the potential for foreign capital to return to A-shares are expected to support the growth of core assets in the Chinese market [37][38] - The introduction of DeepSeek is projected to strengthen the performance of technology growth styles, as it may lead to a widening performance gap between growth and value sectors [40][42]