中欧基金研判2026：关注AI推理侧、价值龙头与全球再通胀投资机会

Core Insights - The investment strategy for 2026 focuses on key sectors such as technology, cyclical industries, and consumer goods, with an emphasis on long-term value creation and systematic research capabilities [1][3][4] Group 1: Investment Strategy and Focus Areas - The investment outlook for 2026 is centered around three main themes: technology leadership, value continuation, and a return to leading companies [3] - The market is expected to shift towards a focus on economic fundamentals and corporate earnings, with PPI trends being crucial for profitability [3][4] - Traditional cyclical industries, such as oil, coal, and basic metals, are anticipated to perform well, alongside sectors like insurance, internet, and renewable energy [4] Group 2: Research and Development Initiatives - The company is committed to upgrading its investment research system with a focus on professionalization, industrialization, and digital intelligence to enhance investment insights [2] - The "MARS Factory" system aims to provide diversified asset allocation solutions, addressing traditional investment challenges and improving performance stability [6][7] Group 3: AI and Technology Investments - AI applications are expected to drive significant investment opportunities, particularly in areas like consumer entertainment, operational optimization, and advanced robotics [8][9] - The demand for computing power in AI training and inference is projected to rise, with potential supply constraints impacting the market [9] Group 4: Macro-Economic Trends - The potential for "re-inflation" risks in 2026 is highlighted, driven by supply constraints, particularly in global electricity supply due to increased demand from AI data centers and re-industrialization [10][11] - The company identifies three key areas of focus: supply constraints in high-energy industries, increased demand for renewable energy solutions, and China's relative advantages in energy supply [11] Group 5: Fixed Income and Market Conditions - In a low-interest-rate environment, the company emphasizes the importance of stable returns through fixed income investments, while also identifying opportunities in high-growth sectors like technology and global expansion of Chinese companies [12][13]