【Monthly Market Strategy with Julius Bär】With Korean semiconductor stocks down nearly 50% from their June peak, has the AI correction finally run its course? Where could the next leg of the AI rally come from, and how are China’s cheaper AI models — including DeepSeek’s rumoured new release — reshaping the competitive landscape? 韩国半导体股自6月高位以来已回落近50%，AI板块回调是否已接近尾声？下一轮行情将由哪些领域推动？与此同时，低成本AI模型在中国持续发展，又将为全球AI的竞争格局带来什么变化？ 除AI主题外，市场亦聚焦价值股回归、中国经济增长预期、香港交易所推出五年期中国国债期货，以及黄金和白银强劲反弹等重要议题。 本期《市场透视》播客于2026年8月11日录制 ***2026.08.11录制。英文版并非中文版的英文翻译，有更多的细节讨论*** 节目播客链接：

Over the last weekend, the 2H outlook conferences for my fans in Beijing, Shanghai, and Shenzhen concluded successfully. Thousands attended this semi-annual event; many of them have been coming to see me for the past five years. This is a year of the Fiery Horse, destined for a Great Bubble of our lifetime as I predicted last November at the 2026 outlook conference. The Giery Horse has run half course, the second half holds even more opportunities and upheavals. We are all looking forward to it. 周末，北上深三城，五年之约，线下读者见面会如期而至，并且圆满落幕。由衷感谢每一位热忱赴会的读者朋友。 时值赤马红阳之年，我们有幸共历这场伟大的泡沫。线下会现场讨论热烈，思辨如潮涌。喧嚣之中，纵有三分醉意，亦须留存七分清醒——如此，方能从容进退，游刃有余。 期待下次再聚。