方正富邦基金李朝昱：部分高景气科技板块仍具结构性机会

Core Viewpoint - The investment strategy for 2026 emphasizes that technology-related investments are expected to continue being a major driver of global economic growth, influencing supply and demand dynamics across the industry chain and creating new demand [1] Group 1: Technology Investment Outlook - The rapid development of the global AI industry presents structural opportunities in high-growth technology sectors [1] - Despite several years of high capital expenditure in computing infrastructure, demand for computing power remains strong due to the increasing penetration of large models, driving advancements in storage and optical communication technologies [1] - The demand for electricity and upstream raw materials is also being stimulated by these technological advancements [1] Group 2: AI and Robotics Development - The integration of virtual AI with the physical world is becoming feasible through embodied intelligence, accelerating the commercialization of humanoid robots [1] - Innovations in world models, end-to-end algorithms, and dexterous hand sensors are significantly speeding up the development of humanoid robots [1] - The evolution of agents is leading to the emergence of new application scenarios, indicating a potential shift of AI from investment to application output [1] Group 3: Focus Areas for Future Investment - Future investment focus will be on humanoid robots and their related industry chain, AI applications, computing power, energy storage, and upstream raw materials [1]