Alphabet(US:GOOG) Xin Lang Cai Jing·2026-01-05 05:17Market Outlook - The A-share market in 2025 experienced a structural trend led by industrial trends, with sectors like humanoid robots, new consumption, innovative pharmaceuticals, artificial intelligence, and commercial aerospace performing well, contributing to the theme of "high-quality development" [1][11] - For 2026, the AI industry is expected to remain a core narrative in the market [1][11] AI Models - AI models are anticipated to enter a new phase of innovation, with Google’s Gemini 3.0 demonstrating the potential of pre-training technology, while China's DeepSeek V3.2 showcases unique value in post-training paths [2][12] - In 2026, collaboration among domestic and international large model developers is expected to intensify, focusing on computing power deployment and algorithm optimization [2][12] AI Infrastructure - Since 2023, global tech giants have maintained strong investments in AI, despite concerns about a potential "bubble," with a focus on accelerated computing as the core of AI infrastructure investment [3][13] - The investment in AI infrastructure is characterized by long-term planning, and it is essential to allow sufficient time for development and innovation [3][13] AI Applications - AI applications have made progress over the past three years but remain below the optimistic expectations of the market, leading to discussions about a "bubble" [4][14] - Companies like OpenAI and Anthropic are showing strong potential for AI commercialization through rapid growth in annual recurring revenue (ARR) [4][14] Product Management Strategy - The company will closely track industry trends and continuously optimize its product management system to create long-term sustainable value for investors in 2026 [6][15] Global Perspective - While focusing on the Chinese stock market, the company will maintain close monitoring of global tech companies and enhance its research framework based on global supply chains [7][16] Value Investment Perspective - The company prefers investing in companies with sustainable growth, particularly those with global competitiveness and the ability to create social value [8][17] Adaptability - The company aims to embrace new market opportunities and challenges with an open and pragmatic mindset, believing that the market will continue to present structural opportunities in 2026 [10][18] Risk-Return Balance - In 2026, the company will prioritize risk control while pursuing investment returns, focusing on the performance realization capability of enterprises [19]