From October 20-22, along the banks of the Huangpu River in Shanghai, the 2026 Sustainable Global Leaders Conference is set to return.
Nobel Prize and Turing Award winners will share their insights on the future and trends of technology, and the internet-famous professor who addresses anxiety and the "involution" era—Macfarlane—will engage in a live dialogue with Xiang Biao!
Limited spots available, first come first served. Let's join together for a sustainable appointment! [Click to register] Recently, tech stocks have continued to pull back, with the electronics and communications sectors experiencing a maximum drawdown of over 40% from their mid-year highs.
Some tech leaders have even halved from their peaks, especially since late September when the decline accelerated.
Reflecting back six months ago, the AI sector was red-hot in trading activity, with capital chasing after it, but lately it has only managed to eke out a day or two of gains on occasional "miracle days."
How should we view this round of tech stock correction? Is the investment outlook for the AI industry still worth anticipating?
Xiao Jing has noticed some subtle changes from the latest views of the Invesco Great Wall Tech Corps.
Yang Ruiwen: Structural Bubbles Have Clearly Contracted, Misjudged Opportunities Are Emerging, and Now I Am More Optimistic
During the market's euphoric phase, Yang Ruiwen maintained relative caution.
He previously stated multiple times that valuations of some stocks in the tech growth sector have significantly exceeded the cognitive boundaries of traditional pricing systems, indicating the emergence of structural bubbles in the market.
However, Yang Ruiwen is now becoming more optimistic.
Yang Ruiwen stated that after this round of significant adjustment in the third quarter, the structural bubbles in the market have clearly contracted, and many opportunities for misjudged stocks and valuation returns are emerging.
Therefore, compared to the previous relatively cautious approach, we are now more optimistic and will actively increase efforts to uncover undervalued opportunities.
But it must also be noted that the era of strong beta where tech sectors rise and fall together has ended.
What follows is a typical structural individual stock market, where the core competition is bottom-up research and stock selection capability.
Yang Ruiwen agrees that the AI industry is still in its early stages of development, but the current unprecedented trading congestion in the sector will still drive the market to initiate a rebalancing process.
This will not only manifest in the rebalancing between AI and non-AI sectors but also in significant differentiation within the AI track.
In this process, we will continue to grasp various investment opportunities, striving to accumulate small wins into big victories to bring better investment experiences to our holders.
In terms of direction, Yang Ruiwen is bullish on individual stock opportunities in the AI tech track, as well as undervalued physical industries outside of AI.
Zhang Zhongwei: Choosing to Stand on the Side of the AI Industry
Since starting to manage the Invesco Great Wall Quality Growth Fund in November 2023, Zhang Zhongwei has long been firmly allocated to the AI industry chain.
Facing the recent correction in the AI industry, Zhang Zhongwei's attitude is very resolute.
Zhang Zhongwei stated that there is a huge divergence between the fundamentals of the AI industry and the secondary market performance, and we choose to stand on the side of the industry.
The core reason is that large model capabilities are still continuously breaking through, constantly spawning and landing new application scenarios and continuously realizing commercial value.
For example, Meta launched the consumer-grade personal intelligent agent Muse in September, which reached 902,000 downloads within 6 days, quickly topping the free charts on the US and Canadian App Stores, becoming the most high-profile consumer AI application product after ChatGPT.
In terms of commercial space, Muse currently rapidly acquires users through a free tier, with plans for a tiered subscription model later.
Coupled with Meta's distribution advantage of over 2 billion users on its social platforms, its addressable market space is broad, potentially opening up a new monetization track for consumer-grade agents.
Therefore, Zhang Zhongwei is bullish that the tight supply-demand situation in computing power will continue to support the prosperity of the industry chain, and he remains optimistic about opportunities in the AI industry.
Nong Bingli: It Is Too Early to Discuss Computing Power Overcapacity
Nong Bingli embraced AI computing power investment early on.
Regarding the recent correction, he believes that although FCC policy adds short-term uncertainty, the competitive advantages of Chinese leading enterprises are difficult to replace.
Nong Bingli stated that after the global tech market experienced significant adjustment in the third quarter, with the realization of leading enterprise performance and continuous iteration of flagship large models, market expectations have gradually stabilized, and overseas tech stock valuations have somewhat recovered.
The AI Scaling Law is still effective, model capabilities and application boundaries continue to expand, and the computing power supply-demand gap remains significant.
It is too early to discuss hardware investment overcapacity.
The AI infrastructure supply chain maintains high prosperity, and the diversification of system performance bottlenecks and rapid iteration of new technologies bring new growth space for domestic advantageous enterprises.
Although FCC policy adds short-term uncertainty, the global supply chain is deeply coupled, and the competitive advantages of Chinese leading enterprises are difficult to replace.
At the same time, the commercialization capabilities of domestic leading model enterprises continue to be validated, and long-term development space is worth anticipating.
We will continue to focus on high-quality enterprises with clear industry trends and prominent competitive advantages, seizing investment opportunities brought by market fluctuations.
Liu Lisi: High Prosperity on the Supply Side Holds the Bottom Line for the AI Industry
Liu Lisi is a fund manager in the new ecosystem of the Invesco Great Wall Tech Corps, with accumulated experience in AI industry investment research.
Liu Lisi believes that the fundamental feedback from many core companies in the current AI supply chain is positive, and CSP capital expenditure is still showing continuous growth.
We believe that this high prosperity on the supply side holds the industry bottom line (industry practitioners have longer decision-making horizons).
As stock prices and valuations have significantly declined, from a bottom-line perspective, one should not be overly pessimistic.
Subsequent tracking of commercialization progress (which determines sector stock price elasticity) is key.
In this process, gradually optimizing holdings and seeking industries or targets with strong alpha is the core work.
►1) Domestic AI: Bullish on the industry's continued upward trend, with expectations for further advancement in computing power delivery and other aspects by 2027.
Focus on key layouts around related industry chains.
We are also highly optimistic about investment opportunities in the domestic computing power chip leaders, fab + storage original manufacturers, and other semiconductor industry chain opportunities, and bullish on technology directions such as super nodes.
►2) Overseas AI: a) Strong alpha varieties, such as the substrate industry, where AI PCB technology trends are gradually upgrading toward substrates + the substrate industry's major cycle is beginning; b) Bullish on copper-clad laminate leaders with high valuation safety margins and server ODM enterprises; c) Varieties with high valuation cost-effectiveness and determined technology routes, such as optical communication leaders.
►3) Bottom-up stock selection: Bullish on companies in the consumer electronics industry with relatively low valuations + strong alpha.
The Invesco Great Wall Digital Economy Premier Selection Fund (Class A 029141/Class C: 029142), which Liu Lisi is planned to manage, is currently under issuance.
Please stay tuned.
The fund has a Morningstar risk rating of medium-high, suitable for aggressive and radical investors.
The above views are based on analysis of the current market situation, are time-sensitive, and are for reference only, not constituting specific investment advice.
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