跨年坦白局，财通金梓才、东财陈果预判2026：A股整体环境更优，机会来自ABC

Group 1 - The discussion focused on investment opportunities in the AI sector, market outlook for the next year, and potential risks [1][77] - The speakers emphasized that the current growth in AI users and commercialization revenue is significant, indicating that concerns about a bubble are premature [8][84] - They noted that the overall market pricing remains rational, with clear distinctions in sub-sectors like computing power and AI applications [6][92] Group 2 - The outlook for 2026 includes a focus on three key areas: AI, Biotech, and Commodity [5][81] - The speakers believe that the A-share market is becoming more like the US market, with a concentration of growth among a limited number of companies [10][123] - They anticipate that the liquidity environment will improve next year, driven by expected interest rate cuts in the US and a stable domestic liquidity situation [41][119] Group 3 - The speakers identified three conditions that typically lead to a bubble burst: slowing industry growth, significantly high valuations, and tightening liquidity; currently, none of these conditions are met [7][113] - They highlighted the rapid growth of AI applications, with user engagement increasing significantly, as evidenced by ChatGPT's user growth from 100 million to 900 million weekly active users [28][102] - The potential risks include the impact of AI on employment, which could lead to market volatility if job losses become significant [11][149]