Core Insights - The A-share market is expected to shift focus from pure speculation to practical profit realization in 2026, with technology innovation, particularly in AI, becoming the main investment battlefield [1][2][4] Group 1: Economic and Industry Trends - The 2026 "14th Five-Year Plan" emphasizes improving economic development quality, with a focus on integrating technological and industrial innovation [2] - The growth model in China is transitioning from real estate-driven to innovation-driven, with high-tech industries becoming new growth engines [2] - High-quality development will be the main theme for economic work throughout 2026, with significant growth momentum observed in high-tech manufacturing, green energy, and the digital economy [2] Group 2: AI Investment Focus - AI remains a key investment focus, with a shift from infrastructure to application and commercialization in 2026 [4] - Investment strategies will prioritize AI applications, commercial viability, and domestic alternatives, with specific attention on sectors like optical modules, storage, and localized computing power [4] - The market anticipates the emergence of the next blockbuster AI application, driven by efforts from leading global companies and innovative enterprises [4] Group 3: Market Style and Valuation - The market is expected to transition from "valuation-driven" to "profit-driven," leading to a more balanced performance across sectors [5] - High-quality growth companies with substantial earnings support will become the backbone of the market, while some growth sectors may face valuation pressures [5] - There is a growing optimism towards value stocks, which have shown signs of recovery after a period of underperformance [5] Group 4: AI Bubble Discussion - Most fund managers believe it is premature to discuss an "AI bubble," as the infrastructure for AI is still developing and projected to maintain high compound annual growth rates [6] - Concerns about overcrowding in certain popular sectors exist, necessitating in-depth research to identify companies with technological advantages and reasonable valuations [6] - The A-share market in 2026 will seek a balance between "stabilizing growth" and "structural adjustment," with AI applications expected to significantly enhance corporate earnings [6]
基金经理备战2026：紧盯AI变现 市场风格望走向均衡
Huan Qiu Wang·2026-01-11 02:13