更广泛牛市的迹象可见！外资巨头最新发声

Group 1 - The global capital markets are expected to continue their strong performance driven by technology, particularly AI, until 2026, with optimism about the economic benefits from increased AI application penetration [1][2] - AI is anticipated to bring significant productivity improvements, similar to the internet boom of the 1990s, with strong earnings growth trends expected to persist through 2026 [2] - Investors are encouraged to seek excess return opportunities from pioneering companies, emerging industry leaders, and infrastructure providers during this transformative period [2][3] Group 2 - Despite some AI companies being overvalued, the strong performance growth driven by AI is expected to continue, supported by fundamental factors [2] - The demand for AI servers, chips, and data center equipment is projected to offset some export pressures for Asian countries, particularly China, which is rapidly developing its AI capabilities [3] - The geopolitical landscape is prompting investors to reassess their allocations, making risk diversification crucial as market volatility is expected to increase by 2026 [6] Group 3 - Europe is becoming more attractive for investment due to declining inflation, lower interest rates, and fiscal support, which bolster corporate investment and consumer confidence [7] - China is highlighted for its advanced innovation, strong policy support, and attractive valuations, making it a focal point for investors as the distance between its tech innovation and that of the U.S. narrows [8] - Japan and South Korea are also showing optimistic prospects, with Japan emerging from a period of low inflation and low interest rates, and corporate governance reforms driving market improvements [8]