平安基金最新研判：看好科技周期双主线

Group 1 - The core investment themes for 2026 identified by Ping An Fund are technological innovation and the rebalancing of supply and demand in cyclical products [1][2] - In the technology sector, there is a focus on hardware innovation driven by high global AI capital expenditure and investment opportunities in the domestic semiconductor industry due to rising AI demand [1][2] - In the cyclical sector, the emphasis is on products with good supply constraints and moderate demand recovery, such as chemicals and industrial metals [2] Group 2 - Ping An Fund's equity investment director predicts that the driving force for market growth in 2026 will shift more towards profit-driven and industry catalysts compared to 2025 [2] - The adjustment in capital expenditure by listed companies is improving the supply structure in cyclical industries, supported by policies aimed at clearing outdated capacity [2][3] - The expectation of 2 to 3 interest rate cuts by the Federal Reserve in 2026 is anticipated to further promote global monetary easing, benefiting commodity prices [3] Group 3 - The "fixed income +" product market is expected to continue its growth, with a historical high of over 2.6 trillion yuan by Q3 2025 [4] - The overall profit growth for the A-share market is projected to stabilize, with an expected growth rate of 8.2% for total A profits and 10.6% for non-financial profits [4] - Ping An Fund's product development manager outlined a multi-tiered investment product system that includes "fixed income +", active equity, and ETFs, categorized by risk and return characteristics [5]