平安基金权益投资总监神爱前：慢牛行情有望在2026年得到延续 重点把握科技创新与周期品的结构性机会

Core Insights - The market is expected to continue its slow bull trend initiated in 2025, driven by supportive policies, moderate economic recovery, and ample liquidity, with a focus on structural opportunities in technology innovation and cyclical sectors [1] - Investor confidence is steadily improving, with external conditions also showing signs of improvement, including the onset of a Federal Reserve rate cut cycle and a more expansionary fiscal policy among major economies [1] - The supply-side adjustments in cyclical sectors are leading to a healthier supply structure, with some industries experiencing a rebound in gross margins, supported by macro policies driving moderate demand recovery [2] Investment Strategy - The investment strategy emphasizes a systematic research platform with a core philosophy of "doing the right thing for the long term," supported by a dual drive of talent and platform [3] - The company has established eight professional research teams covering various investment styles, with a focus on deep industry research across nine major tracks and over 30 sub-strategies [3] - The "Four True Mechanisms" (true mechanisms, true teams, true talents, and true communication) are in place to ensure organizational vitality and achieve integrated investment research [3] Sector Analysis - In the cyclical sector, the reduction in capital expenditure by listed companies is improving the supply landscape, with a gradual recovery in PPI expected in 2026, leading to greater elasticity in profit recovery [2] - The technology sector is witnessing sustained high growth in capital expenditure from global AI giants, with ongoing advancements in models and commercial metrics, indicating a positive industry trend [2] - Domestic AI investment is anticipated to accelerate in 2026, with major internet companies increasing capital expenditure and innovations in mid-to-low-end applications driving upstream demand for computing power [2]