[Zhang Jun of China Galaxy Securities: AI Bubble Does Exist, But Overall Risk Is Relatively Controllable] According to Golden Finance, concerns among investors about the AI bubble have been rising recently. At the China Galaxy Securities 2026 Annual Investment Strategy Conference held on November 26, Zhang Jun, Chief Economist and Director of the Research Institute at China Galaxy Securities, stated that the AI bubble does indeed exist, but whether it will evolve into a crisis is still too early to determine. Zhang Jun mentioned that the IMF has compared the current situation to the internet bubble, and based on indicators such as price-to-earnings ratios and investment enthusiasm, the overall risk remains relatively controllable. The Federal Reserve's interest rate hikes were a key factor in bursting the internet bubble, but currently, we are in a global interest rate-cutting cycle, making policy risks manageable. However, he also emphasized that the resilience of the global economy today is far weaker than it was back then, so the comparability of these indicators still carries some uncertainty. (Securities Times)