布局2026：五大具备强逻辑的行业赛道

Core Viewpoint - The global capital markets are undergoing complex changes, with uneven economic recovery, frequent geopolitical disturbances, and an imminent shift in monetary policy, making investment strategies more challenging. Focusing on high-quality sectors characterized by "strong logic, high barriers, and stable demand" is essential for institutional investors to navigate macroeconomic fluctuations [3]. Group 1: Non-ferrous Metals - The Shenwan Non-ferrous Metals Index has increased by 77.71% since 2025, leading all primary industries, driven by a combination of monetary environment, demand structure, and supply rigidity [4]. - The onset of a monetary easing cycle and the deepening trend of de-dollarization are reshaping global asset allocation, with gold's strategic significance as a "anti-dollar" asset becoming more pronounced [5]. - Copper is benefiting from the green transition and digital economy, with a projected global copper supply-demand gap expected to widen from 2025 to 2027 [6]. - Supply rigidity is evident as global mining capital expenditure has lagged behind demand growth, leading to insufficient production capacity [7]. - The non-ferrous metals sector, particularly precious metals, rare earths, and industrial metals, is expected to remain a core investment focus due to sustained demand and constrained supply [8]. Group 2: Power Equipment - The Shenwan Power Equipment Index has risen by 51.14% since 2025, positioning it third among industries, with expectations for a full economic cycle in 2026 driven by the recovery of the energy storage and midstream electric vehicle sectors [10]. - The domestic energy storage market is experiencing significant growth, with a projected 220GWh of new installations in 2026, a year-on-year increase of approximately 47% [11]. - China dominates the global energy storage manufacturing sector, holding over 93% of the market share in energy cells and 76% in systems [12]. - The midstream electric vehicle sector is expected to see a recovery in profitability, with global lithium battery shipments projected to grow by 20%-25% [13]. - Global grid investment is anticipated to reach $390 billion in 2024, with significant growth expected in the Southeast Asia and Middle East regions [14]. Group 3: Aerospace - The aerospace industry is entering a strategic opportunity period driven by domestic demand, foreign trade expansion, and civil-military integration [15]. - Domestic demand is supported by a stable 7.2% growth in defense budgets over three years, focusing on advanced weaponry and AI-enabled systems [16]. - China's special equipment is rapidly expanding into international markets due to significant cost advantages amid rising global military expenditures [17]. - The integration of cutting-edge military technology is creating new growth opportunities, with the commercial aerospace sector entering a phase of rapid application [18]. Group 4: Biopharmaceuticals - The biopharmaceutical sector is expected to present a dual-track investment opportunity in 2026, characterized by innovation-driven internationalization and improved domestic demand [19]. - The internationalization of innovative drugs is accelerating, with a 77% year-on-year increase in License-out transactions in 2025 [20]. - Global pharmaceutical R&D investment is projected to grow at a compound annual growth rate of 9.4%, indicating a recovery in the CXO sector [21]. - The medical device sector is witnessing breakthroughs in brain-computer interfaces and high-end equipment, with domestic companies increasing their market penetration [22]. - Domestic policy optimization and diversified payment structures are providing a safety net for the biopharmaceutical market [23]. Group 5: AI Hardware - The AI hardware industry is entering a new phase of growth driven by the AI computing revolution and terminal innovation [25]. - The demand for AI computing chips is accelerating domestic production, with significant growth in the storage chip sector [26]. - The server market is experiencing explosive growth, with a 10-fold increase in computing power per cabinet driven by large model training [27]. - AI glasses are projected to become a major market highlight, with global shipments expected to exceed 10 million units in 2026 [28]. - The commercialization of L3-level autonomous driving systems is approaching a critical point, with significant advancements in key components [29]. Conclusion - The five highlighted sectors are expected to exhibit clear investment logic in 2026, driven by industrial cycles, policy support, and technological breakthroughs. These sectors not only hold annual allocation value but also represent the core of China's transition from "scale expansion" to "high-quality development" [30][31].