4月4日｜中金公司最新研报指出，去年924以来，市场重回成长风格且涨幅较大，但近期AI主线波动加大并出现了风格切换迹象，不少投资者担忧估值高、交易拥挤、流动性紧等因素导致成长行情终结。对此，中金公司表示，当前AI成长行情或仍在早期，回调迎来布局机会。产业趋势上，我国AI产业的高景气或仍在早期，预计算力、云计算等基础设施有望率先兑现业绩，应用端在下半年至明年也有望贡献盈利，产业趋势叠加科技叙事改善信心，是中期成长行情最重要的基础。“宏观环境和政策上，当前国内经济转型和低通胀的宏观环境，以及支持新质生产力的产业政策导向，也对AI成长行情有利。”中金公司进一步指出，“估值方面，近期AI主线回调后高估值问题得到缓解，而且在产业趋势早期，高估值往往不是主要矛盾。”中金公司表示，结合前期过热情绪得到明显降温，高拥挤度问题缓解，近期回调后可能再度迎来布局机遇。
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