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銀河證券:當下國內AI投資呈現長短錯配,下半年恰是佈局良機

中國銀河證券指出,當下國內AI投資呈現長短錯配,下半年恰是佈局良機。宏觀角度,在中國經濟動能轉換過程中,不同於傳統供給側改革依賴“減法邏輯”(去產能、去庫存),當下的“新供給側改革”乘法效應本質是從“要素替代”到“系統重構”,而AI Agent經濟正通過“消費創造(場景創新×需求激活)、投資提質(能算協同×空間智聯)、出口升級(質量溢價×跨境服務AI化)三維路徑,促使全要素生產率提升與生態系統重構,中長期而言,“新供給側改革”乘法效應將帶來十倍以上投資機會。

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