传统制造搭上AI，上演10倍神话！基金经理如何曲线布局“科技新引擎”？

Core Viewpoint - AI technology is rapidly evolving and integrating with the real economy, becoming a powerful engine for industrial upgrading and shaping new productive forces [1] Group 1: AI and Investment Opportunities - Technological innovation is reshaping the investment landscape, with fund managers believing that each new technological breakthrough can lead to the redefinition of traditional industries and create numerous investment opportunities [2][8] - The PCB industry is identified as a traditional manufacturing sector benefiting from the AI development wave, with companies like Shenghong Technology experiencing significant stock price increases, achieving a tenfold rise in just a year and a half [2][3] Group 2: Shenghong Technology's Performance - Shenghong Technology's stock price has surged over 200% this year, and from its lowest point in February last year, it has seen an increase of over 1000%, making it one of the top performers in the same period [3] - The company is a typical example of performance-driven stock price increases, benefiting from rising demand for AI and smart driving applications, with its high-end products achieving breakthroughs in AI PCBs and automotive electronics [3][4] Group 3: Market Trends and Predictions - Other PCB companies, while not matching Shenghong Technology's growth, have also seen average stock price increases of over 20% this year, driven by high overseas AI capital expenditures leading to a supply-demand imbalance [4] - The demand for AI servers is expected to grow at a compound annual growth rate of over 50% in the next two years, with specialized integrated circuit (ASIC) servers anticipated to enter large-scale production by 2025-2026 [4][10] Group 4: Fund Manager Insights - Fund managers are increasingly adding Shenghong Technology to their top holdings, with several funds significantly increasing their positions in the company [6][7] - The performance of Shenghong Technology has greatly contributed to the net asset value growth of various funds, with some funds reporting returns of 11% this year, largely due to the stock's impressive performance [7] Group 5: Traditional Manufacturing's Revival - The PCB industry, along with other traditional manufacturing sectors like optical modules and automotive parts, is experiencing a "second spring" due to the AI and smart driving trends [8][11] - Historical patterns show that traditional industries often undergo redefinition and growth following technological breakthroughs, indicating potential investment opportunities [8] Group 6: Market Adjustments and Future Outlook - Despite significant gains, the PCB industry faced adjustments in early 2023, with some funds choosing to take profits while others continued to hold or increase their positions [12][14] - The PCB industry has seen a resurgence since April, with companies like Shenghong Technology experiencing a phase increase of over 130% [14] Group 7: Valuation and Risks - There are concerns about potential valuation bubbles in the PCB industry, with some companies trading at significantly higher valuations than the industry average due to market speculation [15][16] - The PCB industry is closely tied to the global macroeconomic environment, and fluctuations in demand from downstream industries could impact its performance [15][16]