"Internal letter" from Jinglin Assets exposed: Core allocation focuses on semiconductor and AI infrastructure.

According to sources from the channel, Gao Yuncheng, the managing partner and CEO of Jinglin Asset Management, recently published a letter to investors in 2026, systematically explaining his latest views on the AI industry trends, global industrial chain restructuring, and current portfolio allocation direction. Gao Yuncheng believes that the most profound change in the global capital market over the past six months is not the rise and fall of indices, but that "intelligence has for the first time begun to be produced on a machine scale". In his view, AI is not just a new software tool, but a new industrial revolution, where energy, broad semiconductor systems, AI large models, data centers, and application layers together form a new "intelligent production system". Based on this change, Gao Yuncheng believes that the valuation system of platform companies established around user numbers, traffic, advertising revenue, and profit margins needs to be re-examined. In the future, the market should focus more on computing power input efficiency, model capability, data loops, AI commercialization capabilities, and return on capital expenditures.