大摩基金雷志勇：AI板块下个增长点在哪里

Summary of Conference Call Company/Industry Involved - The discussion primarily revolves around the Artificial Intelligence (AI) sector and its investment opportunities within the A-share market in China. Core Points and Arguments 1. AI Market Growth in 2024: The AI sector experienced significant growth in 2024, with advancements in multimodal models like OpenAI's SORA, which expanded capabilities from text to video [2][3]. 2. Investment Focus on AI: The investment strategy has been heavily focused on AI, particularly in computing power, which is expected to continue driving growth in the sector [4][5]. 3. Performance of AI-related Stocks: AI-related stocks, especially those linked to computing power, showed strong performance throughout 2024, reflecting the industry's overall positive sentiment [3][4]. 4. Market Volatility and Strategy: The market faced volatility, particularly after September 2024, but the strategy of focusing on high-growth AI stocks proved effective, leading to a recovery in December [9][10]. 5. 2025 Outlook for AI: The outlook for 2025 remains optimistic, with expectations of continued growth in AI applications and infrastructure, despite concerns about potential slowdowns in demand for computing power [16][19]. 6. Investment Opportunities in AI Applications: There is a belief that significant innovation in AI applications, particularly in B2B and B2C sectors, will emerge in 2025, creating new investment opportunities [20][21]. 7. Competitive Advantage in China: China's AI sector is expected to leverage its large consumer base and rapid iteration in applications, potentially leading to a global leadership position in AI applications [23][24]. 8. Valuation and Performance of AI Stocks: Current valuations of AI infrastructure stocks are considered reasonable, with no signs of a bubble, while application-focused companies may see valuation increases as innovations emerge [25][27]. 9. Risks in AI Investment: Key risks include supply chain issues related to GPUs and chip shortages, which could impact the overall AI industry [30]. Other Important but Possibly Overlooked Content 1. Investment Strategy Framework: The investment approach is based on a comprehensive research framework that integrates insights across technology, consumer, and cyclical sectors, allowing for a more holistic view of the market [12][13]. 2. Historical Context: The discussion draws parallels between the current AI landscape and past technological revolutions, suggesting that the AI sector may follow a similar trajectory of rapid growth and innovation [19][23]. 3. A-share Market Sentiment: The overall sentiment towards the A-share market is optimistic, with expectations of improved economic conditions and increased capital support from the government [31][32]. This summary encapsulates the key insights and strategic outlook discussed during the conference call, highlighting the potential and challenges within the AI sector and the broader A-share market.