Recent discussions about an overseas AI bubble have emerged, impacting tech sectors across U.S., Hong Kong, and A-shares. In November, major A-share indices saw a pullback after initial gains, with accelerated rotation within tech growth sectors and value stocks outperforming. U.S. markets show heightened volatility in AI stocks but with notable divergence among leaders, suggesting a sector rotation rather than an end to the AI trend. Short-term adjustments haven’t altered AI’s long-term growth trajectory, and with the U.S. dollar in a downtrend, growth-oriented styles may persist, keeping AI a core focus.
Great Wall Fund remains committed to future-oriented investments, deepening its focus on the tech industry. Its dynamic capability system emphasizes broad perspectives, flexible strategies, and team synergy, targeting sectors like new energy, semiconductors, biotech, AI, defense, and healthcare. Grounded in fundamental research, the fund patiently captures long-term value in "Tech+."
**Chen Liangdong: Watch AI + End-Device Applications** With unclear market trends, downside risks may be limited, but caution is advised for overbought sectors. AI-driven end-device applications and broader opportunities in the application space warrant attention.
**Chu Wenyu: Market May Enter Left-Side Accumulation Phase** Year-end settlements in December may dampen risk appetite short-term. However, with many growth stocks down over 15% from peaks and the "slow bull" market intact, conditions may favor gradual left-side positioning. Focus remains on AI hardware supply chains, especially end-device AI (e.g., consumer electronics, IC design, embodied intelligence) with fundamental shifts expected next year.
**You Guoliang: Commercial Aerospace Could Rally Into New Year** Uncertainty around Fed rate cuts and AI bubble debates weaken previous bullish drivers, likely prolonging market volatility. Policy support may limit index risks. Sector rotation and low-valuation picks may dominate near year-end. Pre-"Two Sessions" expectations and commercial aerospace catalysts (policy tailwinds, milestones) could sustain this theme into 2024.
**Zhao Fengfei: AI Applications Stay in Spotlight** Range-bound trading may prevail until spring 2024. AI applications, previously lagging due to pessimistic narratives around software disruption, show improving Q3 earnings and real-world adoption progress. As hardware bubble concerns arise, increased investment in applications could break industry bottlenecks.
**Yu Huan: Spring Rally Anticipated** Post-Q3 highs, TMT sectors appear crowded but retain strong AI momentum. Year-end volatility may give way to policy-driven 2024 trends. Growth stocks—particularly reasonably valued Hong Kong tech, AI-driven hardware/robotics/end-applications, and resilient consumer sectors (biopharma, gaming, export-focused brands)—are key. Robotics may see catalysts from overseas product launches and domestic IPOs, accelerating mass production.
**Han Lin: Consumer Electronics May Rebound** Upcoming policy meetings could signal economic support, boosting confidence in 2024 recovery. AI’s shift toward Google’s ecosystem and multimodal models (e.g., Nano Banana Pro) reaffirms scaling laws, easing compute-demand worries. Some A-share companies already benefit from structural demand. December’s end-device AI launches (glasses, phones) may revive undervalued consumer electronics, especially Apple supply chain plays.
**Liu Jiang: Emerging Tech to Sustain Leadership** Year-end caution reflects profit-taking and thin trading, but this adjustment is likely transient. Tech growth sectors will remain market engines. Focus areas: 1) Compute infrastructure (chips, optics, PCB, cooling, storage, satellite compute); 2) AI infrastructure/hardware breakthroughs and ecosystem opportunities; 3) Embodied AI (humanoid robots, autonomous vehicles/drones); 4) "15th Five-Year Plan" strategic industries.
*Disclaimer: Information sourced from reliable channels and analyst judgments. Accuracy/completeness not guaranteed. Views subject to change. Not investment advice. Redistribution prohibited without permission. Funds carry risks.*
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