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基金操盘手:投资AI最简单的方法 就是跟着「资本支出」走

2026-10-27 03:20:30 网络 阅读(95)

面对人工智慧 (AI) 投资热潮,市场如今最担心的问题是:投入的巨额资本,最终究竟能否获得回报?管理规模近 45 亿美元的蓝鲸成长基金 (Blue Whale Growth Fund) 基金经理兼 Stephen Yiu 表示,与其猜测哪些公司最终能靠 AI 赚钱,不如采取更简单的策略:「跟着资本支出走」。

基金操盘手:投资AI最简单的方法 就是跟着「资本支出」走

Yiu 说:「钱流向哪里?这才是投资人真正该问的问题。然后,把资金配置到那些将直接受惠于 AI 投资的公司。」

他指出,AI 基建投资人目前的策略都是「先花钱,希望未来 AI 成功后再把钱赚回来」,但这并没有任何保证。「对 AI 投资人而言,他们现在先投入大量资本,希望未来如果 AI 成功,能把钱赚回来,但这并不是一定会发生。」

重押 AI 供应链设备商

这位伦敦基金操盘手目前将投资重心放在全球半导体供应链,尤其是直接承接 AI 资本支出的企业。

Blue Whale 目前前十大持股包括:应用材料 (Applied Materials)(AMAT-US)、BE Semiconductor Industries、SK 海力士、科林研发 (Lam Research)(LRCX-US)、Lumentum(LITE-US)、辉达 (NVDA-US)、Sandisk(SNDK-US)。

Yiu 表示,自 2017 年成立以来,Blue Whale 基金扣除费用后的年化报酬率约 19%,优于 MSCI 全世界指数同期约 12.4% 的报酬。

提前撤出软体股 避开 AI 冲击

Yiu 指出,蓝鲸基金成立初期的持股几乎涵盖整个软体业,包括:Salesforce(CRM-US)、Adobe(ADBE-US)、微软 (MSFT-US)。虽然这项策略一度奏效,但到 2024 年之后决定清空软体股,才得以成功避开后续因 AI 颠覆浪潮引发的修正。

他回忆:「当时我一直高喊 AI 将颠覆软体产业,但当时很少投资人真正理解。」

提前布局辉达、SK 海力士

蓝鲸也提早布局 AI 受惠股,该基金于 2021 年买进辉达,即使 2022 年股价剧烈震荡,仍一路抱牢。

2025 年初买进 SK 海力士的时机同样精准,该公司股价一年来已大涨 685%。

此外,蓝鲸基金也于 2024 年布局 AI 资料中心用液冷系统领域的 Vertiv(VRT-US) 和晶片制造商博通 (Broadcom)(AVGO-US),并于去年底再加码 Lumentum,押注 AI 资料中心光通讯需求。

辉达仍便宜

虽然辉达今年股价仅上涨约 5%,人气明显降温,Yiu 认为,主要原因是市场对辉达及博通抱持过高期待,希望两家公司持续复制过去两、三年的爆发性报酬。

但他说:「你不能期待辉达两年内就变成一家市值 10 兆美元的公司。它或许终究会达到 10 兆美元,但需要时间。」

他表示,目前辉达预估本益比约 22 倍,加上帐上仍握有大量净现金,主要客户也都相当稳健,「从获利成长轨迹来看,完全没有停止的迹象,但辉达估值反而愈来愈便宜。」

相较之下,苹果 (AAPL-US) 本益比已超过 30 倍,但营收几乎没有成长。

Yiu 认为:「AI 革命仍处于非常早期阶段,因此 GPU 需求还有很长一段成长路要走。」

仅布局 Alphabet 未买其他大型云端业者

在大型云端服务商 (hyperscaler) 方面,该基金目前仅持有 Alphabet(GOOGL-US)。

Yiu 表示,今年买进 Alphabet,是因为看好 Gemini 大型语言模型,认为公司正朝向正确方向发展,有机会成为 AI 时代的长期赢家。

至于 SpaceX(SPCX-US),该基金则选择放弃。Yiu 认为,SpaceX 估值包含太多「马斯克光环溢价」,且未来三年、甚至更长时间恐怕仍持续亏损。

他也认为,OpenAI 及 Anthropic 未来若上市,估值可能都会过于昂贵。

记忆体需求将是 AI 最持久的受惠族群

Yiu 表示,相较于其他 AI 基础建设,他最看好记忆体产业的长期需求。

他说:「我们认为,AI 将带来资料与内容的大爆发。」AI 生成内容、个人化资料以及广告都将持续增加,因此需要更多储存空间。

Yiu 指出,苹果近期调涨部分产品售价,就是记忆体价格持续攀升的重要证据,「如果投资人相信 AI 会持续发展,那么记忆体价格势必还会继续上涨。」

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    "description": "面对人工智慧 (AI) 投资热潮,市场如今最担心的问题是:投入的巨额资本,最终究竟能否获得回报?管理规模近 45 亿美元的蓝鲸成长基金 (Blue Whale Growth Fund) 基金经理兼 Stephen Yiu 表示,与其猜测哪些公司最终能靠 AI 赚钱,不如采取更简单的策略:「跟着资本支出走」。 Yiu 说:「钱流向哪里?这才是投资人真正该问的问题。然后,把资金配置到那些将直接受惠于 AI 投资的公司。」 他指出,AI 基建投资人目前的策略都是「先花钱,希望未来 AI 成功后再把钱赚",
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    "content": "<p>面对人工智慧 (AI) 投资热潮,市场如今最担心的问题是:投入的巨额资本,最终究竟能否获得回报?管理规模近 45 亿美元的蓝鲸成长基金 (Blue Whale Growth Fund) 基金经理兼 Stephen Yiu 表示,与其猜测哪些公司最终能靠 AI 赚钱,不如采取更简单的策略:「跟着资本支出走」。</p>\n<p style=\"text-align:center;\"><img src=\"https://cimg.cnyes.cool/prod/news/6521115/l/b2032d8de5e95b15f62c2cf26cbb8be6.jpg\" alt=\"基金操盘手:投资AI最简单的方法 就是跟着「资本支出」走\" style=\"width:50%;height:auto;border-radius:6px;margin:15px auto;display:block;\"></p>\n\n\n<p>Yiu 说:「钱流向哪里?这才是投资人真正该问的问题。然后,把资金配置到那些将直接受惠于 AI 投资的公司。」</p>\n\n<p>他指出,AI 基建投资人目前的策略都是「先花钱,希望未来 AI 成功后再把钱赚回来」,但这并没有任何保证。「对 AI 投资人而言,他们现在先投入大量资本,希望未来如果 AI 成功,能把钱赚回来,但这并不是一定会发生。」</p>\n\n<h6>重押 AI 供应链设备商</h6>\n\n<p>这位伦敦基金操盘手目前将投资重心放在全球半导体供应链,尤其是直接承接 AI 资本支出的企业。</p>\n\n<p>Blue Whale 目前前十大持股包括:应用材料 (Applied Materials)(AMAT-US)、BE Semiconductor Industries、SK 海力士、科林研发 (Lam Research)(LRCX-US)、Lumentum(LITE-US)、辉达 (NVDA-US)、Sandisk(SNDK-US)。</p>\n\n<p>Yiu 表示,自 2017 年成立以来,Blue Whale 基金扣除费用后的年化报酬率约 19%,优于 MSCI 全世界指数同期约 12.4% 的报酬。</p>\n\n<h6>提前撤出软体股 避开 AI 冲击</h6>\n\n<p>Yiu 指出,蓝鲸基金成立初期的持股几乎涵盖整个软体业,包括:Salesforce(CRM-US)、Adobe(ADBE-US)、微软 (MSFT-US)。虽然这项策略一度奏效,但到 2024 年之后决定清空软体股,才得以成功避开后续因 AI 颠覆浪潮引发的修正。</p>\n\n<p>他回忆:「当时我一直高喊 AI 将颠覆软体产业,但当时很少投资人真正理解。」</p>\n\n<p>提前布局辉达、SK 海力士</p>\n\n<p>蓝鲸也提早布局 AI 受惠股,该基金于 2021 年买进辉达,即使 2022 年股价剧烈震荡,仍一路抱牢。</p>\n\n<p>2025 年初买进 SK 海力士的时机同样精准,该公司股价一年来已大涨 685%。</p>\n\n<p>此外,蓝鲸基金也于 2024 年布局 AI 资料中心用液冷系统领域的 Vertiv(VRT-US) 和晶片制造商博通 (Broadcom)(AVGO-US),并于去年底再加码 Lumentum,押注 AI 资料中心光通讯需求。</p>\n\n<h6>辉达仍便宜</h6>\n\n<p>虽然辉达今年股价仅上涨约 5%,人气明显降温,Yiu 认为,主要原因是市场对辉达及博通抱持过高期待,希望两家公司持续复制过去两、三年的爆发性报酬。</p>\n\n<p>但他说:「你不能期待辉达两年内就变成一家市值 10 兆美元的公司。它或许终究会达到 10 兆美元,但需要时间。」</p>\n\n<p>他表示,目前辉达预估本益比约 22 倍,加上帐上仍握有大量净现金,主要客户也都相当稳健,「从获利成长轨迹来看,完全没有停止的迹象,但辉达估值反而愈来愈便宜。」</p>\n\n<p>相较之下,苹果 (AAPL-US) 本益比已超过 30 倍,但营收几乎没有成长。</p>\n\n<p>Yiu 认为:「AI 革命仍处于非常早期阶段,因此 GPU 需求还有很长一段成长路要走。」</p>\n\n<h6>仅布局 Alphabet 未买其他大型云端业者</h6>\n\n<p>在大型云端服务商 (hyperscaler) 方面,该基金目前仅持有 Alphabet(GOOGL-US)。</p>\n\n<p>Yiu 表示,今年买进 Alphabet,是因为看好 Gemini 大型语言模型,认为公司正朝向正确方向发展,有机会成为 AI 时代的长期赢家。</p>\n\n<p>至于 SpaceX(SPCX-US),该基金则选择放弃。Yiu 认为,SpaceX 估值包含太多「马斯克光环溢价」,且未来三年、甚至更长时间恐怕仍持续亏损。</p>\n\n<p>他也认为,OpenAI 及 Anthropic 未来若上市,估值可能都会过于昂贵。</p>\n\n<h6>记忆体需求将是 AI 最持久的受惠族群</h6>\n\n<p>Yiu 表示,相较于其他 AI 基础建设,他最看好记忆体产业的长期需求。</p>\n\n<p>他说:「我们认为,AI 将带来资料与内容的大爆发。」AI 生成内容、个人化资料以及广告都将持续增加,因此需要更多储存空间。</p>\n\n<p>Yiu 指出,苹果近期调涨部分产品售价,就是记忆体价格持续攀升的重要证据,「如果投资人相信 AI 会持续发展,那么记忆体价格势必还会继续上涨。」</p>\n<div class=\"related-articles seo-links\">\n  <h4>相关阅读</h4>\n  <ul>\n    <li><a href=\"/new/mg/article-9391.html\" title=\"「你骗不了债市!」美银警告Fed:再不交代抗通膨计划 美债恐续跌\">「你骗不了债市!」美银警告Fed:再不交代抗通膨计划 美债恐续跌</a></li>\n    <li><a href=\"/new/mg/article-14809.html\" title=\"伊朗称掳获美军尖端无人潜航器 美方回应\">伊朗称掳获美军尖端无人潜航器 美方回应</a></li>\n    <li><a href=\"/new/mg/article-20318.html\" title=\"SpaceX突限制星链!乌军无人机惨遭断网 多项任务失败\">SpaceX突限制星链!乌军无人机惨遭断网 多项任务失败</a></li>\n    <li><a href=\"/new/mg/article-21684.html\" title=\"散户抄底愈抄愈低!半导体杠杆ETF单周吸金61亿美元 10月已暴跌逾40%\">散户抄底愈抄愈低!半导体杠杆ETF单周吸金61亿美元 10月已暴跌逾40%</a></li>\n    <li><a href=\"/new/mg/article-15047.html\" title=\"苹果新品发表会:Apple Watch Series 12亮相 AI评估每日身体状态\">苹果新品发表会:Apple Watch Series 12亮相 AI评估每日身体状态</a></li>\n    <li><a href=\"/new/mg/article-14655.html\" title=\"蔚华科:做玻璃的全都来找 明年是量产前哨关键年\">蔚华科:做玻璃的全都来找 明年是量产前哨关键年</a></li>\n  </ul>\n</div>",
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    "createdAt": "2026-07-03T05:10:03.000Z",
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