Jerry Wu：欧美资金还在观望中国股市

Core Viewpoint - The technological innovations in artificial intelligence (AI) and biotechnology are driving factors for the Chinese stock market, with expectations of capital inflow from Western investors by the second half of 2025 if this perspective spreads among them [1][3]. Group 1: Investment Trends - There has been an increase in inquiries about Chinese stocks from clients, but actual capital inflow from Western investors has not yet materialized due to concerns over stock prices, tariffs, and economic realities [3]. - The Hong Kong stock market has reached a high not seen in approximately 3 years and 10 months, while the Shanghai stock market is at its highest in nearly a decade, indicating renewed interest from investors [1]. Group 2: AI Development Approaches - Chinese and American tech companies have different approaches to AI development; U.S. firms focus on foundational infrastructure like large language models (LLM), while Chinese companies emphasize the development of AI-driven services [4]. - Tencent is utilizing AI to enhance advertising click-through rates, and Alibaba is being monitored for its efforts to strengthen its cloud business [4]. Group 3: Government Regulation - Government intervention in the tech sector has been cyclical, with a notable absence of significant intervention from 2010 to 2017, followed by periods of increased scrutiny. However, a softening of this stance is anticipated post-2024, with no major changes expected in the next 3 to 5 years [5]. - Signals of government intervention typically emerge months in advance, and ongoing monitoring of government officials' statements is crucial for anticipating regulatory changes [6].