当下是牛市“中场休息”，看好五大方向！周应波最新研判

Core Viewpoint - The current A-share market is in a "mid-game break" of a bull market, with significant long-term allocation value despite reduced valuation advantages compared to below 3000 points [3][14]. Investment Directions - The company is optimistic about five key investment directions: AI infrastructure, new energy, overseas consumption, global infrastructure, and "anti-involution" sectors [3][15]. Investment Philosophy Iteration - The investment philosophy has evolved to focus on "growth" while integrating core principles of "value investing," applicable to both technology and growth stocks [6][7][9]. Investment Strategy - The core strategy since 2025 has been to maintain a high position while focusing on "AI+" and quality companies in sectors like domestic computing power, internet, overseas computing power, new energy, and overseas consumption [7][8]. Ability Circle - The company has defined a clear ability circle, focusing on TMT, manufacturing, cyclical, and consumer sectors, adhering to the principle of operating within understood domains [8][12]. Stock Selection Criteria - Emphasis is placed on identifying leading stocks with competitive advantages, applying qualitative and quantitative frameworks for stock selection [8][12]. Market Analysis - The company highlights that while the current market valuation is less attractive, the long-term potential of Chinese enterprises has significantly improved, with notable advancements in industries like AI and new energy [14][15]. AI and Storage Industry Insights - AI is viewed as a major market driver, with the current phase characterized as the "AI infrastructure era," while the storage industry is entering a golden development period, driven by the expansion of lithium battery scales and renewable energy [16][17]. Investment Mindset - The transition from public to private equity has led to a deeper understanding of the complexities and long-term nature of business operations, fostering a more disciplined investment approach focused on sustainable, absolute returns [18].