华商基金张明昕：市场波动或加大 AI产业链仍可关注

Core Viewpoint - The A-share market is expected to maintain an upward trend in 2026, with significant structural opportunities in sectors such as AI, robotics, innovative pharmaceuticals, solid-state batteries, and new consumption [1][4]. Market Performance - The A-share market has shown strong performance at the beginning of 2026, with the Shanghai Composite Index rising above 4100 points and trading volume exceeding 3 trillion yuan for four consecutive trading days [1][4]. - Despite some adjustments in the market, the overall bullish sentiment remains, supported by a relatively loose liquidity environment and strong expectations for market performance [4]. Investment Strategy - The investment strategy for 2026 will focus on systematic tracking and assessment of industry trends, identifying sectors with upward momentum and explosive potential [4][5]. - Investors are encouraged to maintain a broad perspective and avoid being fixated on specific sectors, emphasizing the importance of evaluating future industry trends and making decisions based on comparative analysis [4][5]. Sector Focus - Key sectors to watch include: - AI Industry: The AI sector is expected to continue its growth, with applications in AI software and healthcare showing significant gains [5]. - Robotics: The robotics sector is in the early investment stage, with a focus on the mass production capabilities of Tesla's robotics supply chain [5]. - Innovative Pharmaceuticals: This sector is anticipated to benefit from supportive policies, with potential for significant market growth and profitability [5]. - Solid-State Batteries: Positioned on the brink of commercialization, breakthroughs in this technology could present ongoing investment opportunities [5]. - New Consumption: Expected to gain traction as the macroeconomic environment stabilizes, this sector is also a key area of focus [5]. Economic Context - The macroeconomic environment in 2026 is characterized by supportive policies and a focus on high-quality development, which is crucial for the healthy growth of the capital market [4][6]. - The ongoing transformation of external pressures into opportunities for comprehensive reform is seen as a driving force for the capital market's development [4][6].