Is combining the AI computing chain with the global expansion theme a sound investment strategy? When assessed within the current market environment, the answer is quite definitive—not only is it coherent, but it represents two primary trends carved out by industrial momentum and capital preferences.

Let's first examine the fundamental support for the AI infrastructure chain. A significant shift in the AI industry since 2026 is that breakthroughs in new models, particularly in Agent and scientific research applications, are gradually unlocking profitability ceilings. As noted in a September report from China Merchants Securities, following the release of US August CPI data, the macro-driven trading phase is nearing its end, with industrial changes poised to reassume the role of the primary market narrative in the coming period. This implies that high-growth sectors previously suppressed by rising US Treasury yields will pivot back to an earnings-driven pricing model. As the foundational hardware layer of the AI industry, the computing chain—spanning semiconductor equipment, optical modules, PCBs, and memory chips—exhibits robust demand certainty. For instance, the three-month rolling year-over-year growth in North American PCB shipments and orders expanded in July, and DDR memory prices have continued to climb, serving as tangible reflections of the industry's improving fundamentals at the meso level.

Turning to the global expansion chain, many may not realize that the overseas revenue share of A-share listed companies continued to rise in Q2 this year. This is not an isolated phenomenon within a single industry but a broad-based trend across sectors such as power equipment, machinery, electronics, and chemicals. With the domestic economy characterized by "weak aggregate demand, resilient industries, and widening structural divergence," growth is increasingly driven by external demand and industrial investment. The global expansion chain essentially leverages overseas market demand to hedge against a relatively subdued domestic backdrop. Sectors like construction machinery and power grid equipment are steadily increasing their global market share, underpinning the sustainability of their earnings performance.

When viewed together, these two themes form a complementary "growth plus earnings certainty" portfolio. The AI computing chain represents the offensive nature of tech growth, offering high elasticity and benefiting from the deepening long-term AI narrative. Meanwhile, the global expansion chain signifies the certainty of earnings delivery, with stronger cash flows that act as a stabilizer during periods of fluctuating market risk appetite. One leans toward long-term upside potential, while the other emphasizes current-period earnings—this aligns precisely with the market's current phase favoring fundamentals and structural opportunities.

Furthermore, from a capital flow perspective, neither of these directions exhibits high trading congestion. While the AI hardware trade has entered a differentiation phase with some profit-taking in high-growth areas, specific segments within the computing chain like semiconductor equipment and overseas computing infrastructure are still at historically low congestion levels. The global expansion chain needs no elaboration—sectors such as construction machinery and shipping have seen relatively low prior gains, representing cases where improving industry fundamentals have not yet been fully reflected in share prices.

In essence, the validity of any portfolio allocation hinges on two key factors: whether industrial trends can translate into earnings, and whether current valuations offer sufficient margin of safety. The AI infrastructure chain enjoys long-term support from AI demand, while the global expansion chain has the practical backing of resilient external demand. Together, they present a balanced approach—one for offense, one for defense—that appears to be a coherent strategic consideration as macro headwinds gradually subside.