In the AI era, HALO assets are rising, physical assets in China are undergoing revaluation, and the top 100 slow bull stocks are emerging

Global capital markets are undergoing a profound transformation driven by technological innovation, with the ongoing AI wave quietly rewriting traditional investment logic. Recently, Goldman Sachs proposed the “HALO Effect,” which has sparked market discussion. This new paradigm, centered on “heavy assets and low淘汰,” is driving capital flows into the real asset sector. According to the latest research, U.S. infrastructure assets have increased by nearly 80% over the past year, while technology stocks have fallen more than 17%, forming a stark contrast.

The A-share market’s response has been particularly notable. Data shows that sectors such as oil and petrochemicals, and non-ferrous metals, have gained over 15% since the beginning of the year. China National Petroleum’s market value once topped the A-share list. Analysis by Guojin Securities points out that Chinese manufacturing assets have unique advantages: listed companies generally hold a higher proportion of tangible assets than their U.S. counterparts, and manufacturing value-added accounts for a significantly higher share of GDP compared to major economies. This “physical production attribute” gives Chinese assets a special position in global allocation, supported by capital reflow and domestic demand recovery.

Institutional research reveals that HALO assets are breaking through traditional value stock frameworks, exhibiting both “value + growth” characteristics. Resource commodities like copper and aluminum are difficult for AI to replace and benefit from the demand for new energy transformation; export-oriented companies such as power grid equipment and engineering machinery are entering a bottom-up cycle reversal stage due to global comparative advantages. Notably, the valuation of the power sector is at historic lows, but the surge in AI computing power demand could lead to a 10% increase in electricity consumption, providing room for valuation recovery.

Data-driven top 100 HALO list shows that non-ferrous metals lead with 23 companies included, followed by energy and chemical sectors. China National Petroleum ranks first with 1.4 trillion yuan in tangible assets. Companies like China Mobile and China National Offshore Oil Corporation have invested over 600 billion yuan, creating significant industry barriers. These companies not only have large asset scales but also demonstrate stable growth characteristics—over 60% of stocks have not hit their daily limit-up in the past two years, yet the average increase is 100%, with stocks like China Tungsten High-tech even surpassing 600%.

In terms of valuation, about a quarter of the top 100 companies are forecasted to have a 2026 P/E ratio below 20. Resource companies such as Shenhua and Yunnan Energy Chemical, with expectations of continued product price increases, still have room for valuation decline; the valuation of the power sector is even more contradictory. Leading companies like Huaneng Power International have forward P/E ratios below 10, but Citic Securities points out that the global AI computing power race will systematically elevate the value of electricity, with green certificate trading and capacity electricity pricing mechanisms potentially acting as catalysts for valuation restructuring.

Market observers warn that HALO investing is not merely a cyclical rebound. AI technology empowering the real economy is changing traditional heavy-asset operation models: smart grids improve asset turnover efficiency, digital twin technology optimizes chemical production processes. These innovations are revitalizing “old industries.” Investors should pay attention to corporate technological transformation investments and capacity utilization changes to seize structural opportunities amid volatility.