Mu Yiling, Chief Strategist of Guojin Securities, stated that the proportion of AI capital expenditure in global GDP is increasing, which has cyclical support and can be compared to China's urbanization growth cycle from 2005 to 2007. Mu Yiling believes that there is still room for improvement in the Philadelphia Semiconductor Index, and the valuation growth rate of A-share growth stocks is faster than that of US stocks. The market has entered a high volatility stage similar to the beginning of 2007, and Mu Yiling suggests adopting a strategy of both offense and defense: prioritizing the allocation of bonus sectors such as oil, coal, electricity, and city commercial banks, and secondarily allocating upstream technology sectors such as semiconductors, AI materials, equipment, and manufacturing; Mid term focus on industrial metals, general and specialized machinery, and export-oriented enterprises.
