算力驱动存储迎“超级周期”，化工行业或现拐点性机会！基金经理最新研判来了

Core Viewpoint - The article emphasizes the transformative impact of AI on various industries, likening its significance to that of the internet and new energy, with a forecast that 2026 may mark a pivotal moment for AI development [2][7]. Group 1: AI Industry Insights - AI is expected to enter a "Darwinian moment" around 2026, following a technological explosion from 2023 to 2025, indicating a critical phase for investment opportunities [2][7]. - The AI industry is driving demand for storage and semiconductor sectors, with significant performance improvements noted in these areas [3][4]. - The storage sector is experiencing a "super cycle" driven by AI, with increasing demand for high-bandwidth memory (HBM) and a contraction in supply due to previous capital expenditure cuts [7][20]. Group 2: Investment Strategies - The investment strategy involves a differentiated approach, focusing on both storage and semiconductor equipment rather than solely on storage modules, leading to superior returns [3][5]. - The manager's decision to shift focus from domestic chip stocks to storage and semiconductor equipment was based on market structure analysis and industry trends [4][5]. - A commitment to deep research and understanding of industry fundamentals is crucial for identifying high-alpha companies and maintaining investment positions during market volatility [6][19]. Group 3: Sector Performance and Trends - The storage and semiconductor sectors have shown strong performance, with a reported annual return of 35% for a specific fund, significantly outperforming the storage industry index [3]. - The article highlights the importance of understanding the cyclical nature of industries, particularly in the context of capital expenditure cycles, to identify potential investment opportunities [12][14]. - The article notes that the domestic semiconductor industry is expected to grow significantly, with projections indicating a market size of 800 billion yuan by 2027 [8]. Group 4: Broader Market Implications - AI is reshaping valuation logic across various sectors, including pharmaceuticals, media, and energy, as it becomes a fundamental variable in investment decision-making [16][19]. - The transition of AI from a conceptual tool to a practical application is expected to enhance operational efficiencies and alter profit margins across industries [17][19]. - The demand for upstream resources, such as metals and energy, is anticipated to rise due to AI's increasing reliance on computational power and infrastructure [20][21].