Group 1 - The overall performance of the equity market in 2025 was strong, with technology stocks, particularly those related to computing power, showing significant gains and becoming a key factor in fund investments [1] - In 2026, the impact of prices on nominal growth is expected to decrease, leading to a more certain recovery in China's nominal economic growth. Domestic consumption of goods is at a reasonable level, but service consumption remains notably low compared to the global average [1] - Fiscal spending is shifting from "investment in objects" to "investment in people," with resources increasingly directed towards education, healthcare, and social security, which are expected to stimulate consumption potential [1] Group 2 - The outlook for the equity market in 2026 suggests that overall opportunities outweigh risks, despite some overheating in certain sectors of AI-related technology stocks. The development of the AI industry in China is expected to accelerate due to the engineer dividend [2] - The AI industry is entering a phase of rapid growth, with many companies expected to enter a fast development period. There is a particular focus on domestic computing power and AI applications as high-probability investment directions [2] - The central economic work conference indicates that domestic demand growth will play a more significant role in economic construction, with consumer-related stocks showing potential for higher returns, although their performance has been average recently [2]
银华基金李晓星：AI行业进入“从1到10”阶段 国产算力和AI应用胜率较高
Zheng Quan Shi Bao·2026-01-04 17:45