「私募魔女」李蓓致投资人信：基金净值显著回调，强烈警示追AI须慎重

「私募魔女」李蓓致投资人信：基金净值显著回调，强烈警示追AI须慎重

2026-06-22 19:24View Original

ChainThink 消息，6 月 21 日，上海半夏投资管理中心创始人李蓓发布致投资人公开信称，基金因能源、地产、消费、建材四大方向权益持仓下跌，净值出现显著回调。

目前基金权益净仓为 50%，已适度降低仓位，并清理确定性不够高的持仓。李蓓表示，相关持仓近期承压明显，内需与地产方向回调幅度超出预期。

她称理解已失去耐心的投资人，也尊重赎回基金持币观望的选择，但对计划将赎回资金转而追涨 AI 的投资人提示称“千万要慎重”。

对于不追 AI 的原因，李蓓认为 AI 泡沫破灭的触发条件已经出现，以下游模型公司 Anthropic 年化收入增速为代表，相关收入增速已明显放缓，到年底大概率低于市场此前乐观预期，后续资本支出预期下行是大概率事件。

她同时表示，当前 AI 产业链处于“盈利和估值高位、领先指标下行、滞后指标仍在上行”阶段，理论上是逐渐撤离而非追多的窗口；

其仍认为内需相关龙头公司估值处于极低水平，消费龙头市盈率已从高峰逾 50 倍降至不足 10 倍。

「私募魔女」李蓓致投资人信：基金净值显著回调，强烈警示追AI须慎重

Disclaimer: Contains third-party opinions, does not constitute financial advice

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