施罗德投资：2026年股票投资应采取主动模式管理估值风险，寻求多元投资机遇

Core Viewpoint - The investment landscape for 2026 is characterized by high stock valuations, driven by significant investments from hyperscalers in data centers and cloud infrastructure, drawing parallels to the 1999-2000 internet bubble [1][2] Group 1: Stock Market Valuation - Current stock valuations are high compared to historical levels but have not reached extreme levels [2] - Some investors are considering reducing risk exposure, particularly those managing defined benefit pension plans, while most investors remain invested due to the need for returns that outpace inflation [2][3] Group 2: Investment Strategies - Passive investment in stock indices is a common choice, but it carries risks due to concentration in a few tech companies, which can lead to significant idiosyncratic stock risk [3] - Active management is suggested as a way to navigate risks, with a focus on calculated risk decisions based on various factors supporting the stock market [3][4] Group 3: Economic Outlook - The risk of a recession in the U.S. is low, with a stable labor market and healthy balance sheets for private enterprises, suggesting positive returns from the stock market [4] - The company is closely monitoring large-cap companies for investment returns, particularly those transitioning from free cash flow generators to significant capital spenders [4] Group 4: Diversification Opportunities - The company is seeking diversification opportunities beyond AI, noting the benefits of regional diversification and strong performance of value investments outside the U.S. [5] - Emerging market bonds are providing better yields compared to developed market bonds, and alternative investments like insurance-linked securities and infrastructure debt may offer additional yield opportunities [5]