The recent release of the 2025 fund fourth-quarter reports offers potential insights into future market trends and investment opportunities of interest to investors. Let's examine the latest analysis from Liu Jiang, portfolio manager of the Great Wall Jiuxiang Fund.
In the Great Wall Jiuxiang 2025 fourth-quarter report, Liu Jiang stated that the market remained positive during the quarter, continuously validating his optimistic outlook on investment opportunities. On one hand, the macroeconomy has entered an interest rate reduction cycle, creating a favorable macro environment for equity markets; on the other hand, driven by advancements in AI (Artificial Intelligence) technology, the world is entering a new wave of innovation cycles, while policy levels strongly support strategic emerging industries, which is expected to drive the emergence of numerous investment opportunities. Regarding investment strategy, he adheres to a medium-to-long-term perspective, continuously monitors new technological consumption trends, emphasizes the direction of new quality productive forces, and strives to uncover substantial, transformative innovation and sustainable investment opportunities.
AI has gradually reached a consensus as a crucial engine for the current technology industry and even economic development. Computing power, acting as the "shovel seller" of the AI industry, saw its prosperity surge first. Liu Jiang believes the outlook for computing power remains optimistic. First, as the cornerstone of AI industry development, computing power forms the basis of a company's product strength and represents a significant competitive barrier; its investment possesses a certain forward-looking nature, as evidenced by the continuous, substantial increases in related capital expenditures by leading international and domestic tech giants. Second, computing power continues to benefit from AI's development; as model capabilities improve, application numbers diversify, and user bases expand, token consumption is skyrocketing, maintaining rapid growth in demand for computing power. For the computing power industry itself, with technological iteration, demand in critical segments is rising, manufacturing complexity is increasing, and its value is undergoing significant expansion.
Looking ahead long-term, Liu Jiang posits that the AI industry will likely resemble the mobile internet era: infrastructure like computing power leads the way, followed by a blossoming of diverse applications, leading to comprehensive industry-wide prosperity. Liu Jiang further indicated that the application end has already shown many positive developments; the multimodal capabilities of certain models are impressive, overseas tech giants are vigorously promoting the development of embodied intelligence and physical AI, and products like AI phones, AI PCs, and AI glasses are continuously evolving. With OpenAI planning to enter the device-side hardware market, there is reasonable belief that investment opportunities on the application side are promising. He stated they would continue tracking these developments, striving to capture the long-cycle, sustained opportunities within the AI industry.
Disclaimer: The information contained in this communication is sourced from channels deemed reliable by the company and the personal judgment of researchers, but the company does not provide any direct or implicit declarations or guarantees regarding its accuracy or completeness. This communication is not a complete representation or summary of relevant securities or markets, and any opinions expressed may change without further notice. This communication should not be used by recipients as a substitute for their independent judgment or as a basis for investment decisions. The company, its related entities, employees, or agents shall not bear any responsibility for any losses incurred by anyone using all or part of this content. Without the prior written permission of Great Wall Fund Management Co., Ltd., no one may distribute, reproduce, reprint, or publish this report or any part thereof in any form, and no alterations or modifications contrary to the original intent of this communication are permitted. The fund manager reminds that every citizen has the obligation and right to report money laundering crimes. Every citizen should strictly comply with relevant anti-money laundering laws and regulations. The market carries risks, investment requires caution.
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