RockFlow 投研团队第一时间对这个数万字的系列报告进行了深度编译与逻辑重塑。我们剥离了繁杂的术语，为你精炼出决定未来十年投资格局的五大核心 叙事。Enjoy AI 基础设施与 Agent：从"交互工具"进化为"自主生命体" 划重点： 1）AI 正在从"数字助理"进化为"自主执行集群"。2026 年将见证 AI 从"对话工具"向"多智能体系统（Multi-Agent）"的跨越。a16z 预言屏幕时代 即将终结，Agent 原生基建将重定义云端速度，开启企业运营杠杆的历史性飞跃。 2）科技正在溢出屏幕，"比特"开始全面接管"原子"。电气化、材料科学与 AI 融合而成的"电子工业堆栈"将成为物理世界运行的底层逻辑。通过 软件定义制造与 AI 自动化，美国有望迎来工厂复兴的黄金时代。 3）SaaS 正经历从"被动记录"到"主动推理"的范式转移，个性化服务将实现从"为所有人优化"到"为每个人定制"的飞跃。加密货币将化身为互联 网的基础结算层，稳定币与 RWA 将重构金融底层；而预防性医疗将开启长效变现的新蓝海。 在美股市场，预见趋势的能力往往决定了 Alpha 的成色。作为硅谷风投界的"定海神针"，a16z（An ...

Group 1 - The AI landscape is evolving from basic single-model applications to complex multi-agent systems that resemble human organizational structures [1] - Companies are increasingly utilizing multiple AI systems rather than relying on a single AI to perform all tasks [1] Group 2 - The focus is on long/short equity strategies, emphasizing deep fundamental analysis to identify undervalued stocks for long positions and overvalued stocks for short positions in global equity markets [1] - Detailed financial models are constructed using discounted cash flow (DCF), relative valuation, and scenario analysis to assess company fundamentals, growth potential, and risks [1] - High-conviction investment recommendations are delivered through comprehensive research, contributing to alpha generation for the fund [1] - Market trends, sector dynamics, and macroeconomic factors are monitored to adjust strategies and optimize portfolio performance in real time [1] - Collaboration with the Portfolio Manager is essential for sizing positions, managing risk exposure, and addressing challenges such as short squeezes or market volatility [1]