Core Viewpoint - Artificial intelligence (AI) is becoming a significant driver of technological innovation and economic development in China, with a focus on identifying long-term potential in the market through a systematic investment framework [1] Group 1: Investment Strategy - The investment approach utilizes a "3D" framework—Direction, Deep, and Duration—to identify and capture potential assets in the AI sector [3] - The "Direction" aspect emphasizes the importance of anchoring investments in long-term, high-growth potential trends rather than short-term themes [3] - "Deep" refers to understanding how technological changes drive shifts in industry structure and create new business models, focusing on the underlying supply-demand mechanisms [4] - "Duration" highlights the need for a long-term perspective in research, looking for undervalued companies with potential for growth, especially in emerging AI sectors [4] Group 2: Fund Performance - The fund managed by the company, 中欧数字经济, achieved a return of 93.07% over the past year, significantly outperforming its benchmark of 35.40%, ranking first among similar funds [2] - The fund's growth in performance has led to an increase in assets under management, reflecting growing investor trust [2] Group 3: Sector Focus - The company focuses on five key segments within the AI industry: AI infrastructure, AI applications, humanoid robots, smart wearable devices, and smart vehicles, each with its own technological and commercial potential [5] - AI infrastructure is seen as the foundation for the entire AI industry, necessary for the commercialization of AI technologies [5] - AI applications are viewed as the soft aspect that will drive demand for AI infrastructure, creating a positive feedback loop [5] Group 4: Emerging Technologies - Humanoid robots are expected to reshape manufacturing and service industries, representing a significant extension of AI into the physical space [6] - Smart wearable devices are anticipated to revolutionize human-computer interaction, potentially leading to a new generation of "non-intrusive" interfaces [6] - Smart vehicles are at a production tipping point, with advanced driver-assistance systems already being implemented in urban settings [6] Group 5: Market Dynamics - The AI sector is characterized by high volatility, and the company employs a strategy that combines growth and value assessments to identify asymmetric opportunities in the market [7] - The company categorizes market opportunities into nine scenarios based on growth and valuation, with a preference for undervalued companies in high-growth situations [7] Group 6: Evolution of AI Industry - The AI industry is transitioning from a "research-driven" phase to a "commercial closed-loop" phase, where successful market entry of AI products will drive further investment [9] - The first phase relies on capital expenditure for model training, while the second phase will focus on revenue generation from AI applications and hardware [9] - AI applications are categorized into three types: efficiency enhancement, entertainment experience, and connection reconstruction, with a strong alignment to human needs [10]