2026年投资机遇何处寻？ 公募策略会看好盈利驱动方向

Core Viewpoint - Fund managers are generally optimistic about the market outlook for 2026, focusing more on corporate profitability as a key driver for stock price movements [2][3][4]. Group 1: Corporate Profitability - Corporate profitability is expected to become the core consideration for investment decisions, with a shift from liquidity-driven to profitability-driven market dynamics anticipated [3][4]. - The overall profitability growth in the non-financial sector is expected to improve, with high growth projected in TMT (Technology, Media, and Telecommunications) and manufacturing sectors, while cyclical and consumer sectors are expected to gradually recover [3][4]. Group 2: Investment Opportunities - Fund managers are optimistic about structural opportunities in the market, particularly in growth sectors such as PCB, optical communication, domestic computing, robotics, and autonomous driving, as well as innovative pharmaceutical companies [6][7]. - Consumer and cyclical sectors are also highlighted, focusing on price-elastic "anti-involution" products, monopolistic cyclical products with dividend protection, and non-bank financial sectors [6][7]. Group 3: AI Investment Landscape - The AI sector presents both opportunities and challenges, with strong demand leading to explosive growth in related companies, although some segments may face supply constraints [8][9]. - Investment in AI applications is expected to expand, particularly in consumer entertainment, operational optimization for businesses, and humanoid robots and smart driving technologies [8][9].