AI Concept Stocks Show Increasing Divergence: Computing Power and Applications as Dual Main Themes Leading Structural Market Trends in the Second Half of the Year
On September 21, 2026, AI concept stocks in the A-share market exhibited significant divergence, with computing power and applications as dual main themes leading structural market trends in the second half of the year. After the rapid rise in the early stage, the AI concept stock market is entering a more rational development phase, with investors focusing more on technology implementation and commercial value realization. This article will conduct an in-depth analysis of current market hotspots, capital flows, and investment opportunities in AI concept stocks, providing the latest market dynamics and investment strategy recommendations for investors.
Market Overview: AI Concept Stocks Show Structural Divergence
As of the close on September 21, AI concept stocks showed significant overall divergence. On one hand, hardware infrastructure sectors represented by computing power and chips continued to attract capital inflows; on the other hand, AI application-side enterprises presented more diversified investment opportunities. This divergence reflects the market's rational understanding of AI industry development, shifting from pure concept speculation to the pursuit of actual commercial value.
From the perspective of industry indices, the AI Computing Power Index rose by 2.3%, while the AI Application Index fell slightly by 0.5%, showing capital allocation preferences across different links in the industrial chain. This divergent trend has been particularly evident since the second half of the year, reflecting the market's phased understanding of AI industry development.
Computing Power Main Theme: Hardware Infrastructure Continues to Be Favored
In the AI computing power field, hardware infrastructure enterprises such as domestic chips, servers, and optical modules continued to attract capital favor. Especially as domestic large model technology matures, the demand for computing power infrastructure has continued to grow, providing tangible performance support for related enterprises.
From the perspective of capital flows, the institutional holding ratio in the computing power sector has been rising continuously, showing professional investors' long-term optimism about this field. At the same time, foreign institutions have increased their allocation to the AI computing power industrial chain, considering it the foundational support for AI industry development.
In terms of specific enterprise performance, optical module enterprises like Accelink and ZJ INNOLIGHT performed outstandingly, while domestic AI chip enterprises such as Cambricon and Hygon Information also received positive market responses. The common feature of these enterprises is their core technological advantages and clear commercialization paths.
Application Main Theme: Diversified Investment Opportunities Emerge
Different from the continuous rise of the computing power sector, the AI application side presents more diversified investment opportunities. From enterprise services to consumer applications, from B-end to C-end, AI application scenarios are constantly expanding, providing investors with abundant choices.
In the B-end market, enterprises in fields such as AI enterprise services, intelligent office, and intelligent manufacturing are active. Especially against the backdrop of intelligent upgrading in the manufacturing industry, AI application enterprises have received dual impetus from policy support and market demand.
In the C-end market, consumer applications such as AI content creation, intelligent assistants, and AI education also show good development momentum. As technology matures, AI applications are渗透ing from professional fields to the mass consumer market, bringing new growth points for related enterprises.
Capital Flows: Institutional Portfolio Adjustments Show New Trends
From the perspective of capital flows, the AI concept stock market has shown obvious signs of institutional portfolio adjustments recently. On one hand, some concept stocks with excessive previous gains have seen capital outflows; on the other hand, leading enterprises with clear technological advantages and business models have received continuous capital inflows.
The allocation strategies of public funds in the AI field have also changed, shifting from early-stage comprehensive layout to a more focused approach on core tracks and leading enterprises. This change reflects institutional investors' rational understanding of AI industry development, with greater emphasis on enterprises' actual value and growth potential.
Meanwhile, foreign institutions have also increased their allocation to AI concept stocks. Especially under the background of stable RMB exchange rates, foreign capital is more optimistic about the development prospects of China's AI industry. This inflow of international capital provides new support for the AI concept stock market.
Policy Environment: Continuous Strengthening of Industry Support
The impact of the policy environment on the AI concept stock market continues to be evident. Recently, the Ministry of Industry and Information Technology issued the "Action Plan for the Innovative Development of the Artificial Intelligence Industry (2026-2028)", clearly proposing a target of reaching a core AI industry scale of 800 billion yuan by 2028, providing clear policy guidance for AI industry development.
In terms of specific policy support, local governments have successively introduced AI industry development plans, increasing fiscal investment and tax incentives to provide a favorable development environment for AI enterprises. At the same time, supporting policies such as data element market construction and AI ethics regulations are continuously improving, providing institutional guarantees for the healthy development of the AI industry.
Policy support is not only reflected in capital investment but also in the expansion of application scenarios. The government promotes the application of AI technology in fields such as government services, urban management, and healthcare, providing broad market space for AI enterprises.
Technological Breakthroughs: Rise of Domestic Large Models Leads Industrial Upgrading
Technological breakthroughs are an important driver of the AI concept stock market. Recently, domestic large model technology has made significant progress, with new technologies such as multimodal large models and AI agents emerging continuously, injecting new vitality into AI industry development.
Driven by technological breakthroughs, AI application scenarios are constantly expanding, from text generation to image recognition, from voice interaction to autonomous driving, and the application boundaries of AI technology are continuously expanding. This technological progress brings new growth opportunities for AI enterprises and provides more investment choices for investors.
Especially in the AI agent field, individual developers have obtained considerable income by customizing AI agents, and enterprises have also increased their investment in AI agents. The popularization of this technological application has brought new investment hotspots to the AI concept stock market.
Investment Strategies: Focus on Core Tracks and Leading Enterprises
Facing the structural divergence of the AI concept stock market, investors need to pay more attention to the formulation of investment strategies. First, they should focus on core tracks and leading enterprises, which have obvious advantages in technology, capital, and market, making them more likely to stand out in competition.
Second, attention should be paid to enterprises' commercialization capabilities and profit prospects. As the AI industry enters the commercialization implementation stage, enterprises' actual profitability will become an important consideration for investment value. Those that can transform technological advantages into commercial value will gain long-term market recognition.
Finally, attention should be paid to policy support and industry development trends. Policy orientation and industry trends often determine the development direction of the industry, and enterprises that align with policy support and industry trends in advance will obtain better investment returns.
Risk Warning: Rationally View Market Volatility
Although the AI concept stock market has broad prospects, investors also need to rationally view market volatility. As an emerging technology industry, the AI industry faces multiple challenges such as technological risks, market risks, and policy risks, and investors need to conduct risk assessment and asset allocation.
Meanwhile, the AI concept stock market also has the problem of high valuations, with the valuations of some enterprises already overestimating future performance growth for the next few years. Investors need to pay more attention to enterprises' intrinsic value and growth potential, avoiding blindly chasing high prices.
In general, the AI concept stock market is in a critical period of transitioning from concept speculation to value investment. Investors need to pay more attention to enterprises' actual value and growth potential, rationally view market volatility, and grasp structural investment opportunities.
Conclusion: Long-term Investment Value of AI Industry Becomes Prominent
The performance of the AI concept stock market on September 21, 2026, reflects the phased characteristics of industrial development. The structural market trends led by the dual main themes of computing power and applications provide investors with clearer investment directions. As AI technology matures and commercial applications expand, the long-term investment value of the AI industry will become more prominent.
For investors, the key is to grasp the trends of industrial development, focus on core tracks and leading enterprises, rationally view market volatility, and formulate scientific investment strategies. In the golden age of AI industry development, only those investors who can accurately grasp industrial trends and value enterprises will obtain long-term stable investment returns.
