Chen Guo: What I Said in June About AI Shrinking Circle Is Now Consensus in A-Shares; Actually It's Just a Temporary Hiding Tactic for Relative Returns. The Fundamental Premise Is to Timely Wait for the Next AI Application Breakthrough to Be Meaningful, Otherwise All-In on Shrinking Circle Stocks May Not Be Better Than Starting Fresh in the Second Half.

English summary

From an absolute return perspective, how to shrink circle? Look at segments where supply is exclusively monopolized by an extremely conservative company; if the market cap aligns with the industry position logic, then it can be considered. For example, as I said before, the overseas shrinking circle options are TSMC and ASML. Now TSMC has been led to no longer be conservative, capital has begun to realize, and the trend is not far from entering a bear market; ASML is also much of a muchness.