在变化中寻找确定性：中欧基金冯炉丹的AI投资之道

Core Viewpoint - Artificial intelligence (AI) is becoming a crucial driver of technological innovation and economic development in China, with a focus on identifying long-term potential in the market through a systematic "3D" investment approach [1][4]. Group 1: Investment Strategy - The "3D" investment framework consists of Direction, Deep, and Duration, which helps in identifying and capturing potential assets in the AI sector [4]. - The "Direction" aspect emphasizes the importance of anchoring investments in long-term, high-growth potential trends rather than short-term themes [4]. - "Deep" refers to understanding how technological changes drive shifts in industry structure and create new business models, focusing on supply-demand mechanisms [4][5]. - "Duration" highlights the need for a long-term perspective in research, looking for undervalued companies with potential for growth, especially in emerging AI sectors [5]. Group 2: Focus Areas in Digital Economy - The investment strategy is centered around five key segments: AI infrastructure, AI applications, humanoid robots, smart wearable devices, and smart vehicles, each with its own technological and commercial logic [7]. - AI infrastructure is seen as the foundation for the entire AI industry, necessary for the commercialization of AI technologies [7]. - AI applications are viewed as the soft aspect that encompasses various forms of services and products, which will drive demand for AI infrastructure [7]. Group 3: Key Hardware Directions - Humanoid robots are expected to reshape manufacturing and service industries, representing a significant extension of AI into the physical realm [9]. - Smart wearable devices are anticipated to revolutionize human-computer interaction, potentially leading to a new generation of "seamless interaction" terminals [9]. - Smart vehicles are at a production tipping point, with advanced driver-assistance systems already being implemented in urban settings, indicating a strong commercial viability [9]. Group 4: Market Dynamics and Investment Opportunities - The AI sector is characterized by high volatility, and the investment strategy involves dynamic assessment of market conditions based on both growth and value dimensions [10]. - The preferred investment scenario is undervalued companies with high growth potential, which are seen as golden positions for long-term strategic allocation [10]. - The investment approach also includes identifying undervalued companies in transitional phases, particularly in emerging technologies where market recognition is still developing [10]. Group 5: Evolution of AI Industry - The AI industry is transitioning from a "research-driven" phase to a "commercial closed-loop" phase, where successful market entry of AI products will drive further investment and growth [12][13]. - The first phase relies on continuous capital expenditure and model iteration, while the second phase will see revenue generation and profit realization from AI products [12][13]. - AI applications are categorized into three areas: efficiency enhancement, entertainment experience, and restructured connections, each aligning with fundamental human needs [13][14].