“正启新程”，平安基金策略会预判2026：“慢牛”延续 科技与周期双主线布局

Core Viewpoint - The investment strategy conference held by Ping An Fund on January 7, 2026, highlighted the continuation of a slow bull market driven by supportive policies, moderate economic recovery, and ample liquidity, with a focus on technology innovation and cyclical supply-demand rebalancing as the two main investment themes for 2026 [1][3] Investment Themes - The conference identified two major investment themes for 2026: technology innovation and cyclical supply-demand rebalancing. In the technology sector, opportunities are expected from hardware innovations driven by high global AI capital expenditure and investments in the domestic semiconductor industry due to rising AI demand [1][3] - In the cyclical sector, attention is drawn to commodities with good supply constraints and moderate demand recovery, such as chemicals and industrial metals [1][3] Research and Development Framework - Ping An Fund has upgraded its research and investment system, showcasing a platform-based approach that emphasizes long-term investment principles, talent development, and a multi-strategy framework to enhance core competitiveness and provide stable returns for investors [1] Product Offerings - The fund has developed a multi-tiered product system to match different risk preferences, including refined classifications of "fixed income +", active equity products, and comprehensive ETF offerings, enabling investors to seize structural opportunities in the slow bull market [2][4] AI Investment Insights - The manager of the Ping An Technology Innovation Mixed Fund emphasized the long-term potential of the AI industry, predicting that AI capital expenditure could reach $600 billion in 2026, with a compound annual growth rate (CAGR) of 31% from 2024 to 2030 [5][6] Cyclical Investment Opportunities - The manager of the Ping An Xinli Mixed Fund noted that global trends in energy and industrial chain security, along with expected interest rate cuts by the Federal Reserve, could provide a favorable environment for commodity prices, particularly in copper and aluminum [7] Fixed Income Product Growth - The manager of the Ping An Fixed Income + Fund reported that the scale of "fixed income +" products reached a historical high of over 2.6 trillion yuan by the third quarter of 2025, with an optimistic outlook for 2026 as the bond market is expected to show an "N-shaped" trend [8] ETF Product Development - The manager of the Ping An Free Cash Flow ETF highlighted that technology manufacturing and dividend assets will be core investment lines in the slow bull market, supported by a comprehensive ETF product matrix covering various sectors and strategies [9]