从产业发展周期的角度来看，当前科技产业已经步入了一个非常大的创新周期，人工智能非常有力地促进了产业B端和C端的创新和迭代，预计接下来的几年产业仍然会处于创新的上行周期。科技板块的估值水平预计能保持，如有爆款应用出现，估值还可能会继续上行，未来将继续在整个泛科技领域里选择业绩上行的板块和估值合适的公司。Source: Zhitong Finance
According to the Morgan Stanley Fund, market liquidity in 2025 is also expected to be relatively friendly to the pan-tech sector. Optimistic about industries such as artificial intelligence, defense and military, wind power, and consumer electronics.
The Morgan Stanley Foundation said that looking ahead to 2025, it is relatively optimistic and still has confidence in the pan-tech sector. Technology stocks place a very high risk appetite on the market. Since September 2024, various policies have been introduced frequently. Currently, the overall risk appetite level of A-shares is difficult to return to its previous low level. In 2025, mergers, acquisitions and restructuring may boost the risk appetite of the entire market. Perhaps similar to the 2014-2015 TMT market, once a company's mergers, acquisitions and restructuring are implemented, its sharp rise will drive the valuation level of the entire sector corresponding to the target of the acquisition. Also, in terms of liquidity, the latest monetary policy statement is moderately loose, and it is expected that market liquidity in 2025 will also be relatively friendly to the pan-tech sector. Optimistic about industries such as artificial intelligence, defense and military, wind power, and consumer electronics.
From the perspective of the industrial development cycle, the current technology industry has entered a very large innovation cycle. Artificial intelligence has strongly promoted innovation and iteration on the B-side and C-side of the industry. It is expected that the industry will still be in an upward cycle of innovation in the next few years. The valuation level of the technology sector is expected to be maintained. If popular applications appear, valuations may continue to rise. In the future, they will continue to select sectors with rising performance and companies with appropriate valuations throughout the pan-technology sector.
Looking at the breakdown, judging from the tracking and comparison of the Morgan Stanley Foundation's technology research team, it is expected that among all industries compared horizontally, artificial intelligence will still be the fastest growing segment in 2025. Computing power, related support, and AI applications will have many things to look forward to in 2025.
Judging from observations of overseas tech giants and domestic internet giants, their demand for computing power has not abated. Moreover, from a valuation perspective, although artificial intelligence has been rising for two years, AI computing power and the valuation level corresponding to the industry's core standards in 2025 are not high compared to the previous valuation level when 4G moved into the 5G upgrade cycle, and there is no bubble in artificial intelligence valuation at this stage.
Currently, computing power is still in the first half. In 2025, the predictive computing power industry will innovate in customized calculations, power solutions for data centers, etc., and bring investment opportunities. In 2025, many related applications will appear overseas, especially in the US. Since A-share related listed companies have strong industrial chain capabilities on the AI application end side, the explosion of these end side applications will also drive up the valuation of A-share related sub-sectors.
Edit/Jayden
