Group 1: Investment Strategy Overview - The core investment themes for 2026 identified by Ping An Fund are technological innovation and the supply-demand rebalancing of cyclical goods [1] - The focus in the technology sector is on hardware innovation driven by rapid growth in global AI capital expenditure and investment opportunities in the domestic semiconductor industry [1] - In the cyclical sector, attention is on commodities like chemicals and industrial metals, which are expected to benefit from good supply constraints and moderate demand recovery [1] Group 2: Market Outlook and Economic Drivers - The outlook for 2026 anticipates continued policy support, moderate economic recovery, ample liquidity, and improving internal and external environments, which are expected to drive market performance [1] - Compared to 2025, the driving forces for market growth in 2026 are expected to shift more towards profit-driven and industry catalysts [1] Group 3: Product Development and Asset Allocation - Ping An Fund has developed a comprehensive public fund product system categorized into "fixed income+", active equity, and ETFs, aimed at providing one-stop asset allocation solutions [2] - The "fixed income+" segment is further divided into four risk levels to meet varying investor preferences, while the active equity segment includes a three-tier directory system for stock selection and thematic investments [2] Group 4: AI and Infrastructure Investment - The AI infrastructure investment is not yet at a bubble stage, with historical peaks in capital expenditure typically reaching 3%-4% of GDP, while 2026's AI capital expenditure is expected to remain below this threshold [2] - The investment strategy in the AI sector for 2026 focuses on global capital expenditure trends and domestic opportunities, particularly in storage supply chains and optical communication sectors [2] Group 5: Commodity and Market Trends - The dual expectations of "expansive fiscal" and "expansive monetary" policies are anticipated to drive a sustained boom in upstream resource products and a reversal in the manufacturing sector, presenting new opportunities in cyclical sectors [3] - The AI technology revolution is expected to increase capital expenditure on new infrastructure, providing strong support for commodity prices, particularly in the copper and aluminum industries [3] Group 6: ETF Product Innovation - Ping An Fund has established a comprehensive ETF product matrix covering various categories, including broad-based, thematic, and bond ETFs, with several industry-first innovations [4] - The ETF offerings include the first domestic AI-themed ETF and the first new energy vehicle ETF, catering to a wide range of risk preferences from aggressive to conservative investors [4]
平安基金2026年策略会观点揭晓 聚焦科技与周期双主线布局
Zhong Zheng Wang·2026-01-08 13:28