中金公司:當前AI成長行情或仍在早期,回調迎來佈局機會
中金公司最新研報指出,去年924以來,市場重回成長風格且漲幅較大,但近期AI主線波動加大並出現了風格切換跡象,不少投資者擔憂估值高、交易擁擠、流動性緊等因素導致成長行情終結。對此,中金公司表示,當前AI成長行情或仍在早期,回調迎來佈局機會。產業趨勢上,我國AI產業的高景氣或仍在早期,預計算力、雲計算等基礎設施有望率先兌現業績,應用端在下半年至明年也有望貢獻盈利,產業趨勢疊加科技敘事改善信心,是中期成長行情最重要的基礎。“宏觀環境和政策上,當前國內經濟轉型和低通脹的宏觀環境,以及支持新質生產力的產業政策導向,也對AI成長行情有利。”中金公司進一步指出,“估值方面,近期AI主線回調後高估值問題得到緩解,而且在產業趨勢早期,高估值往往不是主要矛盾。”中金公司表示,結合前期過熱情緒得到明顯降溫,高擁擠度問題緩解,近期回調後可能再度迎來佈局機遇。
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