Dolphin Research
2025.01.24 12:52

The Asset Management Mantra in China for 2025: U.S. Stock Assets Focus on AI Intelligence | Year-End Summary Series (Final)

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Reviewing the entire year-end summary series of Dolphin:

2025, Crossing Cycles, Steadily Getting Things Done | Year-End Summary Series

E-commerce: Disenchanted! Either Traffic is King, or Efficiency is King | Year-End Summary Series (Part 2)

Internet Vertical Leaders: Don't Hesitate, "Small but Beautiful" Really Can Exist! | Year-End Summary Series (Part 3)

In the Internet, "Product is King": Don't Shift Blame! To Forge Iron, One Must First Strengthen Oneself | Year-End Summary Series (Part 4)

Is Big Consumption the Worst? The Path is Carved Out, and Brand Going Abroad is the Starry Sea of Consumption | Year-End Summary Series (Part 5)

New Energy Vehicles: Changing the Heart of the Car Doesn't Change the Heart of Business, Is Intelligence the Ultimate Cure? | Year-End Summary Series (Part 6)

US Internet Giants: "Build High Walls, Accumulate Grain, Stabilize the Throne" | Year-End Summary Series (Part 7)

《 [Hard Technology: Those Who Gain AI Gain the World, "Pure Blood" AI is the Biggest Winner | Year-End Summary Series (Part 8)](硬科技: 得 AI 者得天下,“纯血” AI 才是最大赢家 |年终总结系列(八))》

Returning to 2024, the most exciting aspect is clearly AI. Although AI has not disrupted the landscape of C-end consumer internet, its applications are gradually being implemented in the industrial internet in the United States. The further implementation of the industrial internet in 2025 will likely depend on the progress of AI agents.

As for Chinese assets, I personally feel there is no need for further pessimism. In 2024, the macro environment is down, but stock prices are up. After several years of revaluation, a 10XPE for Chinese internet assets is standard. Beyond the short-term economic cycle, many Chinese internet assets hold massive cash and have logic for market share improvement, making a long-term EPS growth rate of over 10% completely feasible What we are waiting for is just a cyclical tailwind. In the worst-case scenario, we can continue to survive on low-risk dividend assets such as China Mobile and Chinese government bonds. What is there to be afraid of!

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