亚洲新兴市场人工智能布局 - 采用领导者逐渐涌现，但定价能力至关重要- AsiaEM AI Mapping - Adoption Leaders Emerging, but Pricing Power Crucial

Summary of Key Points from the Conference Call Industry Overview - The focus is on the Asia Pacific (APAC) and Emerging Markets (EM) regarding AI adoption and its implications for investment opportunities in the region [1][2][3][4]. Core Insights - AI Adoption Growth: The share of companies identified as AI adopters in APAC and EM has increased from 30% to 34%, while enablers/enabler-adopters rose from 11% to 18% [2]. - Materiality of AI: Companies with 'moderate' or greater AI materiality increased from 24% to 31% [2]. - Leadership Shift: Historical patterns indicate a rotation from semiconductor/hardware companies to infrastructure and AI adopters, with pricing power being crucial for sustained performance [3][11]. - Performance Expectations: AI adopters are expected to outperform traditional peers, emphasizing the need for strong pricing power to retain efficiencies and monetize through premium services [4][19]. Updated AI Adoption Leaders - A revised list of 20 stocks identified as best positioned for monetization in AI has been created, with Tencent and Xiaomi highlighted as top picks [4][32]. - The updated list includes companies from various sectors, with a significant representation from Media & Entertainment and Consumer Discretionary [32]. Performance Metrics - The updated Asia/EM AI Adoption Leaders have shown a 44% price return year-to-date, compared to 18% for MSCI AC Asia Pacific [37]. - The valuation metrics indicate a 12-month price-to-sales ratio of 3.8x and a price-to-earnings ratio of 27.9x, reflecting a 75% premium to MSCI AC Asia Pacific due to superior profitability [38]. Key Companies and Their AI Strategies - Tencent Holdings Ltd.: Recognized as a top AI adopter with high ROI and visibility in consumer AI monetization [44]. - Alibaba Group Holding: Positioned to benefit from increasing AI inference demand, particularly in e-commerce [45]. - Xiaomi Corp: Leveraging AI for ecosystem transformation across various devices [46]. - Mercadolibre Inc.: Utilizing AI to enhance e-commerce efficiency in Latin America [46]. - Fast Retailing: Employing generative AI for operational insights [47]. - Recruit Holdings: Integrating AI into HR tech to improve hiring processes [48]. - WuXi AppTec Co Ltd: Focused on AI-powered drug discovery [49]. - Grab Holdings Ltd: Leading in AI adoption for consumer products and internal workflows [52]. Market Dynamics - The analysis indicates a performance rotation from upstream AI leaders to downstream adopters, with a focus on the sustainability of AI infrastructure spending into 2026 and beyond [12][19]. - The importance of pricing power is reiterated, with high pricing power adopters showing significant outperformance compared to those with low pricing power [19][29]. Conclusion - The conference call emphasizes the growing importance of AI in the APAC and EM markets, highlighting a shift in leadership towards companies that can effectively monetize AI technologies while maintaining strong pricing power. The updated list of AI adoption leaders presents a diverse range of investment opportunities across various sectors, indicating a robust outlook for AI-driven growth in the region [1][4][32].