亚太地区股票：人工智能时代的全新投资范式-APAC equities_ a new investment paradigm in the age of AI

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the Asia Pacific (APAC) equity markets and the transformative impact of Artificial Intelligence (AI) on these markets [1][16][21]. Core Insights and Arguments - AI's Impact on APAC Markets: AI is reshaping the APAC equity landscape, influencing economic and geopolitical standings of nations and individual companies [1]. - Comparative Readiness for AI: - The US is the global leader in AI innovation and investment, accounting for 72% of global private AI investment in 2024 [71]. - China is a strong contender with robust policy support, diverse application scenarios, and significant manufacturing capacity, despite facing export controls [2][55]. - Japan leads in semi materials and robotics but has lower public acceptance of AI [2][55]. - India has a vast IT talent pool and a large domestic market for AI adoption [2][55]. - Taiwan and Korea are critical players in the global AI supply chain, with Taiwan dominating AI chip manufacturing and Korea leading in memory technology [2][55]. Economic Growth and AI - Potential for Higher GDP Growth: Countries like China, Japan, and Korea may leverage AI to offset demographic challenges, potentially achieving higher-than-expected long-term GDP growth [3][26][104]. - Decoupling of Economic Growth from Labor: AI could allow economic growth to become less dependent on labor costs, challenging traditional views on labor's role in economic development [105][106]. Investment Landscape - The global AI market is projected to grow from over USD 300 billion in 2025 to nearly USD 1.2 trillion by 2030, with APAC potentially accounting for USD 1 trillion of this growth [4][21]. - Key sectors expected to benefit include: - Taiwan's AI foundry, Korea's High Bandwidth Memory (HBM), and China's AI chips and software are forecasted to grow at 20-50% annually [4][21]. - AI applications in autonomous vehicles (AV), robotics, defense, internet, and healthcare are also expected to see rapid growth [4][21]. Risks and Challenges - Short-term Risks: There is a potential for a hype-correction cycle in AI investments, which could affect both capital expenditures and stock market performance [4][54]. - Geopolitical Fragmentation: Political divisions may lead to technological fragmentation, impacting regional economic integration [3][104]. Performance of AI Stocks - Major AI stocks have performed well globally, with Chinese AI stocks experiencing significant surges recently. The P/E multiple of China's CSI AI Index increased from 55x to 73x in two months, indicating potential overheating [35][36][37]. Sector-Specific Insights - Data Centers: The demand for data centers is expected to grow significantly, with China's market projected to reach USD 46 billion by 2030, growing at a 13% CAGR [50]. - AI Chips and Semi Equipment: The AI chip market in Asia is projected to grow from USD 35 billion in 2024 to USD 261 billion by 2030, driven by demand from US tech firms and new sovereign AI initiatives [47][48]. Conclusion - The APAC region is positioned to be a backbone of the global AI ecosystem, with significant investment opportunities across various sectors. However, the ability of nations to harness these opportunities will depend on their readiness for AI and the strategic choices made by governments and industries [16][104].