On November 2, the launch event for the book "30 Years of Turbulent Investing: Lin Yuan's Investment Wisdom and Wealth Legend" and an investment strategy sharing session were held in Beijing, gathering top investment experts. Yang Delong, Managing Director and Chief Economist of Qianhai Kaiyuan Fund, stated that while A-share tech stocks currently dominate the market, China could eventually produce its own versions of NVIDIA and Tesla.

Yang explained why tech stocks have outperformed this year, leaving value investors under pressure. He noted that the market is still in the early stages of a bull run. Although trading volumes are high, the actual influx of new capital remains limited. In such conditions, investors tend to cluster around high-growth, high-volatility stocks—often smaller-cap companies—amid the ongoing fourth technological revolution and the AI era. The sustained rise of U.S. tech stocks, with NVIDIA's market cap recently surpassing $5 trillion, has further ignited enthusiasm for A-share tech plays, creating a concentrated rally.

This has fueled a tech-driven bull market in China. Earlier, Lin Yuan also emphasized that AI is an undeniable megatrend capable of spawning industry giants. However, most tech stocks with even tangential AI exposure have already surged, underscoring the sector's "winner-takes-all" nature.

When asked whether China could produce homegrown equivalents of NVIDIA or Tesla, Yang expressed optimism: "It’s possible. We should have faith in our nation’s strength and technological innovation." Yet he cautioned that only a fraction—perhaps 10% or fewer—of tech firms would achieve genuine breakthroughs, with true success reserved for those evolving into China’s NVIDIA, leaving substantial upside potential.