A股策略周报：中国即HALO，实物即方舟

Group 1: AI Disruption Concerns - Nvidia's Q4 2025 earnings exceeded market expectations by 5.5%, yet its stock price fell over 8% in three trading days, marking the largest decline in three years[3] - Since November 2022, Nvidia's stock price has diverged from its EPS, indicating ongoing market concerns about AI disruption[3] - The capital expenditure of major tech companies remains high, with a projected total of $670 billion for 2026, reflecting a growth rate of over 60%[3] Group 2: Market Trends and Asset Resilience - A-share companies have a higher proportion of tangible assets compared to their US counterparts, indicating stronger resilience against potential AI disruptions[4] - The manufacturing and materials sectors in China contribute a higher value-added percentage compared to other developed economies, enhancing their attractiveness to global investors[4] - In the US, heavy asset sectors like utilities, energy, and materials have significantly outperformed light asset sectors in Q4 2025, with revenue and profit exceeding expectations by over 5% and 15% respectively[3] Group 3: Resource Commodities and Geopolitical Factors - The US government is increasing its focus on strategic resources, as evidenced by the "Treasury Plan" and Zimbabwe's suspension of lithium exports, indicating a rising demand for key minerals[5] - Current US copper inventory is approximately 30% of annual consumption, suggesting room for growth compared to historical levels[5] - Geopolitical tensions in the Middle East could lead to oil prices rising to $90 per barrel, which may reverse the downward trend in US inflation[6]