四个关键词：私募眼中的2026

Group 1: Core Insights - Private equity firms are focusing on long-term growth logic for 2026, with a consensus emerging around the AI wave transitioning from a "arms race" at the model level to a "blooming" application level [2] - The restructuring of global supply chains is benefiting Chinese manufacturing, which is leveraging hard technology to break through in this new environment [2] - The rebalancing of global asset allocation is expected to continue, with a reassessment of the value of Chinese assets ongoing [2] Group 2: AI Wave - AI remains a critical area for investment, with firms like Jinglin Asset emphasizing that companies lacking AI capabilities may be marginalized [3] - The AI sector, particularly in areas like autonomous driving and AI healthcare, is anticipated to present significant long-term opportunities in 2026 [3][4] - The proliferation of AI smartphones and AI glasses is expected, although challenges such as user privacy and technical issues need to be addressed [4] Group 3: Chinese Manufacturing - Chinese manufacturing is a key investment focus for private equity in 2026, with firms like Dushuquan highlighting the competitive edge of Chinese manufacturers in the global market [5] - The export performance of Chinese manufacturing in 2025 exceeded market expectations, indicating strong competitiveness in various sectors [5] - The potential for Chinese manufacturers to apply domestic management experience abroad is seen as a long-term growth strategy [5] Group 4: Global Asset Allocation Rebalancing - There is a noticeable shift among international institutional investors towards increasing allocations to Chinese assets, driven by a recognition of China's competitive strengths [6] - The Chinese stock market is transitioning from a cautious investment perception to one viewed as having strategic allocation value [6] Group 5: Incremental Capital - The reallocation of assets by residents and institutions is expected to support structural market trends in 2026, with high-net-worth individuals and insurance funds leading this shift [7] - A significant amount of long-term deposits accumulated since 2022 is expected to flow into the stock market through various channels, providing substantial incremental capital [7] - The demand for equity asset allocation is recovering, supported by a low-interest-rate environment, which is likely to enhance market liquidity [7]