以下文章来源于智本社 ，作者清和社长 智本社 . 一家硬核学习社。 本文来自微信公众号： 智本社 ，作者：清和社长，头图来自：视觉中国 当然，这并不是告诉我们对资本市场失去敬畏，而是更加理性认识泡沫，切勿谈泡沫色变。 该如何定义泡沫？ 这并不难。我们可以将泡沫分为两类：一是产业投资泡沫，二是二级市场泡沫。这两类是相互关联的，但它们的特征和识别方法是不同的。 产业投资泡沫，是识别AI泡沫更为根本的视角，它关注产业投资的供求关系。比如一个国家大规模建设基建，出现大量的基建过剩，这就 是一种投资泡沫。当AI相关的投资所产生的供给远远超过需求时，我们认为这轮技术浪潮存在巨大泡沫。 AI板块贡献了美股大部分盈利和涨幅。美股"七姐妹"累积上涨280%左右，剔除"七姐妹"的标普其它成份指数涨幅有限。 不过，每当美股创历史新高时，投资者对AI泡沫的担忧就会上升。当前AI是否存在泡沫？该如何投资？ 一、如何识别泡沫？ 泡沫，这个词在汉语里存在贬义倾向，意为"短暂的不可持续的瞬间即逝的又极易迷惑人的事物"。但在金融市场中，泡沫是一个中性概念。 泡沫，也只有泡沫，才能吸引大量的资本进入技术领域投资。实际上，过去每一轮技术革命，如蒸 ...

Investment Rating - Industry Rating: Recommended [4] Core Insights - The overseas AI industry is experiencing continuous iteration of foundational large models, with increased computational power investments. Google has launched the Gemini 3 series AI models, which are expected to enhance its competitive edge against OpenAI and Anthropic [13][20][23]. - Anthropic has released Claude Opus 4.5, which shows improvements in general intelligence capabilities, safety, and programming skills [14][34]. - Alibaba's Q3 report indicates a high growth rate in the domestic AI sector, with AI-related product revenues achieving triple-digit year-on-year growth for nine consecutive quarters [16][41]. Summary by Sections 1. Overseas AI Industry Development - Google continues to enhance its AI hardware and software, launching the Gemini 3 series and the Nano Banana Pro image generation model, which supports 4K resolution and advanced image processing capabilities [13][20][23]. - Anthropic's Claude Opus 4.5 has been released, showcasing enhanced intelligence, safety, and programming capabilities, making it a strong competitor in the AI market [14][34]. - AWS plans to invest up to $50 billion to expand AI and supercomputing capabilities for U.S. government clients, indicating a structural boost in AI computational demand [15][40]. 2. Domestic AI Acceleration - Alibaba's Q3 report shows revenues of 247.8 billion yuan, with cloud business revenue growing by 34% and AI-related products experiencing significant demand [16][41]. - The launch of Alibaba's "Qianwen" and "Lingguang" AI applications indicates a strategic push into consumer AI, with rapid user growth [42]. - Deepseek has introduced the Math-V2 model, focusing on self-verifying mathematical reasoning, which is expected to enhance the overall AI industry's growth [18][49]. 3. Investment Recommendations - Beneficial stocks in AI applications include Wanxing Technology, Danghong Technology, and others, while AI computing stocks include Cambrian, Haiguang Information, and others [7][50].