Philip Securities stock and multi-asset chief investment portfolio analyst Li Zhaojian pointed out that artificial intelligence (AI) is still an important structural theme in the global market. Philip Securities maintains a cautious and selective strategy in AI-related deployments, focusing on investing based on the resilience of company fundamentals rather than simply following market trends. Although AI is expected to continue to be a potential structural driver of profitability for North Asian companies in the coming years, at the portfolio level, it is important to avoid overconcentration and focus on companies with sustainable competitive advantages, technological leadership, and solid balance sheets, in order to benefit from the AI trend and broader non-AI growth drivers. Philip Securities mentioned that in Asia, sectors highly sensitive to the AI theme are mainly concentrated in North Asian semiconductor and hardware industries, with South Korea and Taiwan in China being the main beneficiary markets globally affected by AI capital spending. However, the AI benefit model in emerging markets focuses more on advanced chip manufacturing and related infrastructure, which is distinctly different from the US tech stocks that are led by software and platforms. Nevertheless, there is still a high correlation between Asian tech stocks and global economic growth and the AI investment cycle. If there is a short-term decoupling of correlation, it would more reflect market catalytic factors rather than a fundamental change in correlation. From a market analysis perspective, South Korea is highly sensitive to changes in AI demand, especially given the tight supply of high bandwidth memory (HBM). Taiwan plays a strategic position in the global supply chain, particularly in the field of advanced process wafer foundry. Philip Securities stated that in the Chinese market, large platform companies have recently lagged behind in performance, with funds rotating to stocks seen as more directly benefiting from AI. Overall, the correlation between Chinese stocks and global AI leaders is relatively low, with trends being more influenced by local policy directions, platform economy ecosystems, and domestic demand environment. Therefore, market differentiation remains apparent, and returns may not necessarily closely follow the global semiconductor capital expenditure cycle. Additionally, the macroeconomic environment continues to show differentiation.