从AI交易、美联储新主席到铜，这是高盛列出的“2026年最重要的五大交易主题”

Group 1: Key Investment Themes for 2026 - Goldman Sachs identifies five key investment themes for 2026, including the turning point in the AI investment cycle, the impact of the Federal Reserve leadership change on the dollar, the strategic reassessment of commodities, the necessity of portfolio diversification, and structural changes in the European market [1] Group 2: AI Investment Cycle - Goldman Sachs compares the current AI investment cycle to a modern "space race," suggesting that the era of broad optimism around AI-related assets may be ending [2] - Companies providing infrastructure for AI, such as computing hardware and data centers, are expected to remain attractive investments, while the market will become more discerning in identifying true beneficiaries of AI [2] Group 3: Federal Reserve Leadership and Dollar Weakness - The anticipated appointment of Hassett as the next Federal Reserve Chair could lead to a scenario where the economy is allowed to "run hot," resulting in a weaker dollar [3] - Goldman Sachs' foreign exchange team predicts significant depreciation of the dollar by 2026, with the dollar index already showing signs of weakness [3][7] Group 4: Commodities and Copper - The performance of precious metals underscores the necessity of investing in "hard assets," with copper emerging as a particularly attractive option due to tightening supply and increasing demand [8] - Goldman Sachs forecasts that over 60% of copper demand growth by 2030 will be driven by power grid and infrastructure needs, equating to an additional demand level comparable to that of the United States [8] Group 5: Importance of Diversification - Given the high valuation of the U.S. stock market relative to global markets, diversification is emphasized as essential for investors to maintain exposure to equities [9] - Strong performance in non-U.S. markets has been observed, with European and emerging market assets gaining traction as investors shift away from U.S. equities [9] Group 6: European Market Opportunities - The year 2025 is described as a "global inflection point," with significant changes anticipated in the European market [10] - Despite challenges, Europe is seen as having strong industries and research capabilities, making it an important area for diversified investment [12][13]