热度再起！公募重构人工智能投资主线

Core Viewpoint - The AI sector is experiencing a significant surge in interest, becoming a key driver of structural market rebounds, with the CSI Artificial Intelligence Industry Index up 18.66% year-to-date and several constituent stocks rising over 50% [1][3]. Group 1: Market Performance - As of August 1, the CSI Artificial Intelligence Industry Index has risen 18.66% this year, with a monthly increase of 11.57% in July, outperforming the broader market [3]. - Notable stocks such as New Yisheng, Deepin Technology, Yuke Technology, and others have seen year-to-date gains exceeding 50% [3]. - The AI sector is recognized as a significant force behind the market's structural rebound, with increasing application and public awareness driving this trend [3]. Group 2: Investment Trends - Public funds are increasingly allocating resources to the AI sector, focusing on segments with solid fundamentals and clear growth paths, particularly in AI computing power [6][7]. - In Q2 2025, the communication sector saw the highest increase in allocation among actively managed equity funds, with AI computing power being a consensus investment direction [7]. - The capital expenditure of major overseas cloud companies, such as Google's $22.4 billion in Q2, indicates a robust demand for AI computing power [7]. Group 3: Technological Advancements - The World Artificial Intelligence Conference (WAIC) showcased advancements in humanoid robots, which have transitioned from static displays to dynamic demonstrations, indicating a shift towards practical applications [4][3]. - The AI glasses are maturing from niche products to more widely usable items, reflecting accelerated commercialization [3]. - The AI sector is undergoing a restructuring, with multiple sub-sectors evolving at different development stages, leading to a change in investment strategies [10]. Group 4: Focus on Realizable Segments - Fund managers are increasingly targeting segments within the AI industry that demonstrate technological feasibility and revenue generation capabilities, particularly in the upstream components of the robotics sector [9]. - Approximately 70% of investments are directed towards upstream components like reducers and motors, as these areas are more likely to yield stable revenues [9]. - The current investment logic has shifted from speculative themes to focusing on companies capable of consistent production and successful customer integration [10].