未知机构：中信建投证券研究所所长武超则于2025年3月17日在线上交流中分享了对AI投资的-20250318

Summary of AI Investment Insights from CITIC Securities Industry Overview - The AI industry is currently in its early stage, transitioning from technological emergence to fundamental validation, indicating that the end state is still far off [1][3] - Recent fluctuations in technology stocks are primarily due to the market's anticipation of performance realization, as large companies' capital expenditures take time to translate into supply chain performance [2] Key Insights 1. Current Market Adjustment - The current market adjustment is viewed as a normal phenomenon, suggesting a need to analyze investments and industry progress in a layered manner [3] 2. Computing Power as a High Certainty Direction for 2025 - Computing power is defined as the core of AI investment, encompassing GPU, storage, optical modules, and PCB, with hundreds of related companies worth monitoring [3] - Despite short-term pressures on domestic chips, the long-term release of advanced process capacity is expected to drive domestic substitution, with higher certainty in upstream segments such as semiconductor equipment and materials [3] 3. Focus on Three Major Application Scenarios - In addition to computing power, the potential for AI applications is seen in three key areas: intelligent agents (data applications in finance, education, healthcare), autonomous driving, and robotics [3] - The application layer is anticipated to form a pyramid structure, accommodating more companies and scenarios [3] 4. Comparison with Historical Technological Waves - The current AI trend is believed to be at least on par with the mobile internet wave of 2013, if not more transformative, with profound impacts expected across various industries including education, manufacturing, and finance [4] Additional Important Points - The insights were shared by Wu Chaoze, the director of CITIC Securities Research Institute, highlighting her extensive experience and recognition in the field [4]