中国策略：AI 改变游戏规则（第二部分）- 自上而下解读中国 AI 生态-China Strategy_ AI changes the game (Part 2)_ A top-down guide to the Chinese AI universe

1 March 2026 | 9:48AM HKT Portfolio Strategy Research CHINA STRATEGY AI changes the game (Part 2): A top-down guide to the Chinese AI universe AI has indeed changed the game over the past one year A year ago, we put forward our thought process (Part 1 of this series) on how AI could impact Chinese stocks via the profit, valuation, and portfolio flow channels. Since the "DeepSeek moment" in January 2025, AI adoption has accelerated, average token costs have fallen sharply, and AI has become a dominant theme ...