AI Industry Enters "Deep Water Zone", Leading Stocks Show Clear Divergence

By August 2026, the artificial intelligence industry has transitioned from concept hype to value verification. As major AI companies accelerate their commercialization processes, AI concept stocks have shown significant internal differentiation, with leading stocks exhibiting a "stronger get stronger" market pattern. According to Wind data, the AI concept index has risen 32.7% so far this year, but significant differences exist among individual stock performance. Leading stocks with gains exceeding 50% account for 35%, while nearly 20% of AI-related stocks remain in a downward trend.

Computing Power and AI Applications Dual Mainlines Lead the Market

From a market perspective, the AI industry chain has formed two major investment mainlines: the hardware sector centered on computing infrastructure, and the software service sector oriented toward commercial applications. These two mainlines show different characteristics in the second half of 2026 but both present abundant investment opportunities.

In the computing power sector, AI computing leading stocks represented by Optcore and Sugon continue to receive market favor. Optcore recently reached a historic high in stock price, with market capitalization exceeding 100 billion yuan, becoming a benchmark enterprise in the AI computing power industry chain. According to the company's latest financial report, Optcore's AI-related business revenue grew 68% year-on-year in the first half of 2026, with gross margin increasing to 42%, showing strong growth momentum.

Meanwhile, leading AI application companies such as Hikvision and Dahua Technology have also shown strong market performance. As AI technology accelerates implementation across industries, these companies' AI solution business share continues to increase, becoming new growth engines. Hikvision's semi-annual report for 2026 shows that its AI business revenue share has reached 35%, a 45% year-on-year increase, driving overall revenue growth to 28%.

AI Large Model Concept Stocks Show Strength Against Market Trend

Against the backdrop of overall adjustments in AI concept stocks, large model concept stocks have shown particularly bright performance. Listed companies related to large model enterprises such as MiniMax and Baidu's Wenxin Yiyan have shown strong stock price performance recently. Among them, MiniMax concept stocks rose over 20% in a single day, becoming market focus.

The strong performance of large model concept stocks mainly stems from three factors: improved commercialization expectations from technological breakthroughs, increased policy support, and inclusion of related stocks in the Hong Kong Connect program, which has increased market attention.

Notably, the commercialization process of large model enterprises is accelerating. Taking Baidu as an example, its Wenxin Yiyan large model has reached cooperation with more than 2,000 enterprises, covering multiple fields such as finance, healthcare, and education. In the first half of 2026, related business revenue grew 85% year-on-year, showing that the commercial value of large model technology is gradually being realized.

Institutional Investors Adjust Portfolios, Focus on Leading Stocks

As the AI industry enters the deep water zone, institutional investors' investment strategies for AI concept stocks are also undergoing significant changes. According to the latest data, in the second quarter of 2026, public funds have further increased their allocation to AI concept stocks, but with significant adjustments in internal structure.

Specifically, institutional investors are shifting from "casting a wide net" to "key breakthroughs," with more focused allocation to leading AI stocks. Data shows that in the second quarter, public funds' holdings of leading AI stocks increased by 5.2 percentage points, while holdings of non-leading AI individual stocks decreased by 3.8 percentage points. This "herding" phenomenon reflects institutional investors' deepening understanding of the AI industry, with greater emphasis on companies' technological strength, commercialization capabilities, and moats.

Foreign institutions have also expressed strong optimism about AI leading stocks. Goldman Sachs' latest research report points out that the position of Chinese AI leading enterprises in the global AI industry chain is rising, suggesting that investors should focus on AI leading companies with core technological advantages and commercialization capabilities. Morgan Stanley predicts that AI leading stocks will undergo valuation recovery in the second half of 2026, with an average increase expected to exceed 25%.

Second Half AI Leading Stock Investment Strategy

Looking ahead to the second half of 2026, the AI industry will maintain high prosperity, but the investment logic has shifted from "concept hype" to "value verification." For investors, seizing investment opportunities in AI leading stocks requires attention to the following dimensions:

First, Computing Infrastructure: Focus on Technological Breakthroughs and Domestic Substitution

As the infrastructure of the AI industry, computing power will continue to benefit from the explosive growth of AI applications. Investors should focus on leading companies with technological breakthrough capabilities and domestic substitution potential in fields such as AI chips, optical modules, and servers.

As a leading enterprise in the optical module field, Optcore's 800G optical modules have achieved mass delivery, with 1.6T optical modules under development, showing clear technological advantages. Sugon's market share in the AI server field continues to increase, and its self-developed "Yuan" series AI servers have been applied to multiple national key AI projects.

Second, AI Application End: Commercialization Capability is Key

With the deep application of AI technology across industries, commercialization capability will become a core indicator for measuring AI company value. Investors should focus on the improvement of AI solution penetration rates across industries and the improvement of corporate profitability.

Security leading enterprises such as Hikvision and Dahua Technology are accelerating their transformation to AI solution providers, with AI business gross margins significantly higher than traditional businesses, becoming new growth points. iFlytek's AI applications in education, healthcare, and other fields have achieved large-scale implementation, with a commercialization process leading the industry.

Third, Large Model Concept Stocks: Focus on Technological Iteration and Commercialization Progress

As the core carrier of AI technology, the development of large models will directly drive investment opportunities in related industry chains. Investors should focus on the iteration speed of large model technology, the expansion of commercial application scenarios, and the improvement of corporate profitability.

Large model enterprises such as MiniMax and Baidu are accelerating technological iteration and application scenario expansion. Baidu's Wenxin Yiyan has launched customized large model solutions for enterprises, significantly accelerating the commercialization process. Alibaba's Tongyi Qianwen has generated significant economic benefits in e-commerce, finance, and other fields, becoming new growth points.

Risk Warnings and Investment Recommendations

Although AI leading stocks have broad prospects, investors still need to pay attention to the following risk factors: first, technological iteration risk - AI technology updates and iterations are fast, and companies that cannot maintain a leading technological position may face the risk of being eliminated; second, policy risk - AI industry development is greatly affected by policies, and policy changes may have a significant impact on corporate operations; third, valuation risk - some AI leading stocks are already at high valuation levels, with potential correction risks.

Overall, AI leading stocks will maintain structural market trends in the second half of 2026. Investors should focus on leading enterprises under the dual mainlines of computing power and AI applications, adopting a "core + satellite" investment strategy, with core allocation to technology-leading and commercially strong AI leading stocks, and satellite allocation to leading companies in explosive potential sub-sectors.

At the same time, investors should closely monitor changes in AI industry policies, technological breakthrough progress, and corporate quarterly performance, adjust investment strategies in a timely manner, and seize the long-term development dividends of the AI industry.

Conclusion

As a strategic technology leading the future, artificial intelligence has broad industry prospects. With the continuous maturation of AI technology and acceleration of the commercialization process, AI leading stocks are expected to continue leading market trends. Investors should take a long-term perspective, focus on companies' technological strength, commercialization capabilities, and moats, and seize investment opportunities in the AI industry amidst market fluctuations.