AI的影响力正从纯粹的科技公司向外溢出。长城基金基金经理刘疆近日指出，人工智能（AI）对经济 的重塑效应有望堪比移动互联网，其影响是全方位、深层次的，不仅限于科技行业，更将广泛渗透至传 统领域，为"AI+"标的带来历史性机遇。 "中长期而言，AI会大幅提升传统行业的生产经营效率，并深刻改变整个经济和社会的生产力与生产关 系。"刘疆表示。这种影响已开始映射到二级市场，投资者正在积极寻找并布局那些能够有效利用AI技 术进行智能化升级、从而提升核心竞争力的企业，无论其身处科技行业还是传统领域。 免责声明：本通讯所载信息来源于本公司认为可靠的渠道和研究员个人判断，但本公司不对其准确性或 完整性提供直接或隐含的声明或保证。此通讯并非对相关证券或市场的完整表述或概括，任何所表达的 意见可能会更改且不另外通知。此通讯不应被接受者作为对其独立判断的替代或投资决策依据。本公司 或本公司的相关机构、雇员或代理人不对任何人使用此全部或部分内容的行为或由此而引致的任何损失 承担任何责任。未经长城基金管理有限公司事先书面许可，任何人不得将此报告或其任何部分以任何形 式进行派发、复制、转载或发布，且不得对本通讯进行任何有悖原意的删节或修 ...

随着上市公司半年报的陆续披露，葛兰、谢治宇、傅鹏博等多位知名基金经理的部分调仓举措揭晓。 科技仍是焦点 不同基金经理对行业关注各有侧重，但整体来看，科技仍是焦点。 "AI（人工智能）是这一轮科技产业的核心驱动力。在AI的推动下，科技行业成长前景显著提升。"长城 基金基金经理刘疆向《证券日报》记者表示，身处科技行业这样一个变化迅速、格局最容易颠覆的行 业，许多科技公司的资本开支并不是以当期收益为目的，而是为了加强领先优势或者抢占未来制高点， 具有明显的战略前瞻性。尽管如此，一些公司的AI产品已经创造了较好的收益，比如短视频平台的AI 工具收入快速增长，AI驱动的精准营销效率提升也贡献了增量收入。 此外，AI的发展对其他行业也会有明显的溢出效应。刘疆表示："中长期而言，AI对经济的重塑效应将 堪比移动互联网，其影响是全方位、深层次的。例如，在各个传统行业，AI会大幅提升生产经营效 率；在新兴产业端，人形机器人、无人驾驶、低空经济等领域都有望受益于AI，实现加速发展。" 多个股获增持 作为专注医药行业投资的基金经理，葛兰在医药行业的布局受到关注。截至二季度末，其管理的"中欧 医疗健康混合"出现在药明康德、康龙化成、 ...

Group 1 - The recent strong performance of the technology sector and overall market recovery is driven by three main factors: improved liquidity environment, proactive and precise policies, and the initiation of an innovation cycle in the technology industry due to the AI technology revolution [1][2][3] - The difference between the two recent market rallies is that the post-Spring Festival rally was primarily driven by breakthroughs in large models like DeepSeek, while the current rally is supported by broader and deeper factors, including the continuous development of the AI industry and the recovery of capital expenditure expectations from tech giants [2][3] Group 2 - The core driving force behind the current technology industry is AI, which significantly enhances the investment value and growth prospects of the sector. Key areas of interest include computing power, humanoid robots, autonomous driving, and applications benefiting from large model developments [3][4] - Domestic tech giants are increasing capital expenditure on AI, aiming for these investments to translate into revenue. Investors should monitor user growth and traffic for various AI products, as some companies are already generating substantial income from AI-driven tools [4][5] Group 3 - AI is expected to have a profound and comprehensive impact on the economy, comparable to that of the mobile internet, affecting both digital economy-related industries and traditional sectors by significantly improving operational efficiency [5][6] - The current valuation levels of the technology sector can be viewed from two dimensions: it is still below previous peaks, and many new excellent companies have been listed, enhancing the overall scale and profitability of existing firms [7][8] Group 4 - The long-term outlook for A-shares and H-shares is positive, with the technology sector expected to maintain growth driven by AI. Specific areas of interest include computing power, hardware scenarios like humanoid robots, and emerging fields such as autonomous vehicles and low-altitude economy [8][9]