中国策略：AI 改变游戏规则（第三部分）-（不）投资 AI 的风险-China Strategy_ AI changes the game (Part 3)_ The risks of (not) investing in AI

2 March 2026 | 7:04AM HKT Portfolio Strategy Research CHINA STRATEGY AI changes the game (Part 3): The risks of (not) investing in AI The million dollar question for AI: Is AI a bubble? In Part 2 of this series, we introduce a new industry segmentation framework to (re)define the Chinese AI equity universe, thereby assisting us to analyze the evolving AI dynamics, and to systematically identify opportunities along the US$10tn Chinese AI value chain. Importantly, it also helps address one of the key question ...