方正富邦吴昊：公募质量发展背景下，AI技术浪潮重塑权益基金投资范式

Core Insights - The 2026 investment strategy conference held by Fangzheng Fubon Fund emphasized "transformational innovation" and discussed investment opportunities and challenges for the upcoming year [1][5]. Economic Outlook - The Chinese economy is firmly moving towards high-quality development, with capital increasingly flowing into core areas like artificial intelligence and semiconductors, which represent "new productive forces" [1][5]. Investment Opportunities - Under a combined active and quantitative perspective, the investment opportunities for 2026 include a focus on technology growth as the long-term market theme, particularly in the AI industry chain, which is expected to evolve from infrastructure (training side) to application (inference side) [2][6]. - Key areas of interest include optical modules, copper cable connections, and storage chips, with a notable rebound in demand for computing power [2][6]. Semiconductor Market Insights - The storage chip cycle has shown clear signs of reversal since late 2024, with high demand expected to continue into 2025 due to worsening supply-demand imbalances. Price increases for DRAM and NAND are anticipated to persist into the first quarter of 2026, with a projected structural shortage rate for DRAM reaching approximately 11% [2][6]. Public Fund Industry Changes - The public fund industry is nearing a total scale of 36 trillion yuan, with investor demand becoming increasingly segmented. Fund products with tool-like characteristics are gaining popularity, and enhancing investor satisfaction is becoming a core mission for public funds [3][7]. - Active quantitative funds are expected to evolve into core tool-type products due to their scientific, systematic, and stable advantages, reflecting the ongoing transformation in the public fund industry [3][7].