Recently, in an interview, the reporter learned that Jinglin Asset released “A Letter to Investors at the End of 2025” by managing partner and CEO Gao Yuncheng, which systematically explains its judgment on subsequent market trends and the layout of the AI direction. Gao Yuncheng said that the launch of DeepSeek in 2025 made the world realize that China has competitive and cost-effective advantages in the competitive wave of generative artificial intelligence. The penetration and transformation of AI into all walks of life has only just begun. In the medium to long term, international capital will gradually flow back into Chinese assets. However, Gao Yuncheng admits that while emerging industries are developing rapidly, more and more questioning voices are appearing. Discussions on whether future cash flow can support trillions of AI-related infrastructure investments have been ongoing recently. “As investors, we shouldn't jump to conclusions easily. However, based on this risk warning, we need to continuously carefully review the cash flow situation of the companies in the portfolio and calculate the valuation level after adjusting more strict accounting assumptions.” According to Gao Yuncheng's disclosure, it is true that the current market value of some companies is based on particularly optimistic expectations for the future, but these are not companies in Jinglin's asset portfolio. The valuations of companies held by Jinglin Asset Core are all within a reasonable historical range, and the business model has pricing power. The competitive landscape is in an advantageous position, and the management is clear and rational enough. Referring to the next opportunity to focus on, Gao Yuncheng said that next year, great emphasis should be placed on important AI application portals or platforms, such as Google, Meta, Apple, ByteDance, Tencent, and OpenAI. Moreover, 2026 is likely to be the first year of the actual popularity of AI agents, and AI agent devices combining software and hardware at the software level will continue to be launched. The big AI model, which uses hardware such as mobile phones as the underlying operating platform, may even challenge the original iOS and Android systems. Many of the original moats are likely to be disrupted by this wave of technology.

Recently, in an interview, the reporter learned that Jinglin Asset released “A Letter to Investors at the End of 2025” by managing partner and CEO Gao Yuncheng, which systematically explains its judgment on subsequent market trends and the layout of the AI direction. Gao Yuncheng said that the launch of DeepSeek in 2025 made the world realize that China has competitive and cost-effective advantages in the competitive wave of generative artificial intelligence. The penetration and transformation of AI into all walks of life has only just begun. In the medium to long term, international capital will gradually flow back into Chinese assets. However, Gao Yuncheng admits that while emerging industries are developing rapidly, more and more questioning voices are appearing. Discussions on whether future cash flow can support trillions of AI-related infrastructure investments have been ongoing recently. “As investors, we shouldn't jump to conclusions easily. However, based on this risk warning, we need to continuously carefully review the cash flow situation of the companies in the portfolio and calculate the valuation level after adjusting more strict accounting assumptions.” According to Gao Yuncheng's disclosure, it is true that the current market value of some companies is based on particularly optimistic expectations for the future, but these are not companies in Jinglin's asset portfolio. The valuations of companies held by Jinglin Asset Core are all within a reasonable historical range, and the business model has pricing power. The competitive landscape is in an advantageous position, and the management is clear and rational enough. Referring to the next opportunity to focus on, Gao Yuncheng said that next year, great emphasis should be placed on important AI application portals or platforms, such as Google, Meta, Apple, ByteDance, Tencent, and OpenAI. Moreover, 2026 is likely to be the first year of the actual popularity of AI agents, and AI agent devices combining software and hardware at the software level will continue to be launched. The big AI model, which uses hardware such as mobile phones as the underlying operating platform, may even challenge the original iOS and Android systems. Many of the original moats are likely to be disrupted by this wave of technology.