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 [1][2][3]. 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 [2][3]. - The overall profitability growth in the A-share market is expected to improve, particularly in the TMT and manufacturing sectors, while cyclical and consumer sectors are projected to gradually recover [2][5]. Group 2: Investment Opportunities - Fund managers are optimistic about structural opportunities in the market, particularly in growth sectors such as PCB, optical communication, and AI applications, as well as in consumer and cyclical sectors [4][5]. - Specific investment opportunities in the consumer sector include Z-generation new consumption, affordable consumption, and areas like education, gaming, and e-commerce [4]. Group 3: AI Investment Landscape - The AI sector presents both opportunities and challenges, with a consensus on the high demand for upstream computing power and the potential for explosive growth in related companies [6][7]. - Investment focus areas in AI include consumer entertainment, internal business optimization, and advancements in humanoid robots and smart driving technologies [7].