外资公募重新评估AI投资：应用端提速，产业链机会浮现

Core Viewpoint - The focus of foreign investment institutions on AI is shifting from technological breakthroughs to the practical implementation of AI in business operations and its impact on profitability [1][2]. Group 1: Acceleration of AI Applications - AI applications are accelerating in both domestic and international markets, with enterprise-level and consumer-level AI products being deployed more rapidly [2]. - Nearly half of analysts now expect AI to positively impact corporate profitability by 2026, a significant increase from about 25% in a similar survey conducted in 2024 [2]. - The urgency for companies to adopt AI is increasing, moving from vague discussions to specific, actionable solutions [2]. Group 2: Industry Chain and Long-term Opportunities - Foreign investment institutions are focusing on the chain reaction effects brought by the accelerated application of AI, viewing it as a significant global industrial trend with long-term investment opportunities [3]. - In the manufacturing sector, Chinese companies have advantages in capacity and technology accumulation, particularly in areas like PCB, optical modules, and servers, which are expected to benefit from the global demand for AI computing power [3]. - China's investment in computing infrastructure ranks second globally, with rapid construction progress, providing ample space for domestic replacements in core hardware sectors like GPUs and servers [3]. Group 3: Valuation Discussions and Market Concentration - As AI applications advance, discussions around valuation levels and market concentration are intensifying, with foreign institutions maintaining a positive long-term outlook while differentiating risks across various segments [4][5]. - The top ten tech stocks in the U.S. now account for about 40% of the S&P 500 index market value, a historical high, but high market concentration may not necessarily be negative [5]. - The focus should be on whether AI-related capital expenditures can generate sustainable returns through commercialization, rather than solely on market concentration [5]. Group 4: Hong Kong Stock Market as a Key Entry Point - The Hong Kong tech market is becoming a crucial entry point for global investors looking to allocate to Chinese tech assets, with significant mid-to-long-term allocation value [6]. - The strategic importance of Hong Kong tech stocks is reflected in three dimensions: increased demand for diversifying tech exposure, the resonance of "returning + IPO increment" for Chinese concept stocks, and the valuation safety margin of Hong Kong tech being notably attractive [6].