汇丰匡正：透视AI生态内外新机遇，聚焦亚洲优质多元新图景

Core Insights - The global economy is seeking balance amid major power competition and technological changes, with China focusing on resilient growth and structural upgrades towards high-quality development [1] - The investment market in 2026 is expected to benefit from the continued investment wave driven by the large-scale application of artificial intelligence (AI), leading to productivity leaps and sustained corporate profit growth [3] Group 1: AI and Sector Impacts - AI is expanding its application boundaries beyond technology into finance, manufacturing, healthcare, and consumer sectors, with financial institutions, especially large banks, likely to optimize business models through AI [4] - The debate over whether AI investments represent a bubble has led to significant volatility in AI stocks, but the consensus is that AI is not an asset bubble, as most returns in the recent bull market have come from profit growth rather than P/E ratio expansion [5] Group 2: Regional Market Analysis - In Asia, the stock market is expected to outperform the global average, benefiting from being a global tech hardware manufacturing hub and a large consumer market, with a focus on technology leaders, high-yield stocks, and quality bonds [6] - China is anticipated to continue implementing economic stimulus policies aimed at boosting consumption and stabilizing the real estate market, with a focus on technology self-reliance and high-quality development [7] - The Singapore market is highlighted for its role in supply chain diversification and as a wealth management hub, with a positive outlook on real estate investment trusts and banking sectors due to high dividend yields [7]