报告指出，自2025年初DeepSeek时刻以来，中国AI相关上市公司通过股价上涨和IPO创造了近5万亿美元市值，AI股票已占A股和H股总市值的42%、成交额的57%。报告认为全球正形成美、中两大AI生态系统双头格局：中国凭借制造能力与成本优势，在稀土提炼、电力设备、PCB、光模块、成熟制程半导体等环节占全球份额超50%，并逐步构建起涵盖先进半导体、（开源权重）大模型与应用层的内部循环价值链。研究覆盖1700多家中国AI上市公司，其中360余家属出口导向型（海外收入占比超40%），880余家市值合计3.2万亿美元、主攻国内市场。投资建议上，报告看好三类机会：中国AI出口龙头（20只）、具稀缺价值的国内AI冠军（20只），以及由AI供应链五大环节50只股票构成的中国精选AI组合。
AI has changed the game for China equities. Since the DeepSeek moment in early 2025, almost US$5tn of market cap has been created by Chinese AI-related public equities via price gains and IPOs. Now, AI stocks contribute to 42% of the total market cap and 57% of turnover across A and H shares. An AI duopoly in the making: China has been a pivotal exporter to the global AI supply chain, representing ~50% of global market shares in certain AI Power and Infra, and has gradually built an internally-circulated AI value chain spanning advanced semi, open-weight LLM, and application layers. Two AI stories in China: our China AI equity universe contains 1700+ listed companies, among which 360+ generate more than 40% of revenues abroad, while 880+ names with a total market cap of US$3.2tn are mainly focused on the domestic market. Monetizing AI in Chinese equities: we like Chinese AI Export Leaders (20 names), Select Domestic Chinese AI Champions (20 names), and our refreshed China Select AI Por