华商基金权益投资部总经理张明昕 市场波动或加大 可关注AI产业链

Core Viewpoint - The overall upward trend of the market is expected to continue in 2026, with increased volatility and significant structural opportunities, particularly in the AI industry chain, robotics, innovative pharmaceuticals, and solid-state batteries [2][3][4]. Market Performance - A-shares have shown strong performance at the beginning of 2026, with the Shanghai Composite Index rising above 4100 points, although there has been some recent adjustment [3][4]. - The market has been active, with trading volumes exceeding 3 trillion yuan for four consecutive trading days [3]. Investment Strategy - Investors are advised to broaden their perspectives and not limit themselves to specific sectors. The focus should be on tracking industry trends and identifying sectors with upward momentum [4][5]. - The investment approach will continue to emphasize systematic tracking and evaluation of industry conditions to identify the best opportunities [4]. Key Sectors to Watch - The AI industry chain is highlighted as a core investment direction, with ongoing developments in AI applications such as software and healthcare [5]. - Robotics is in the early investment stage, with attention on Tesla's supply chain and the potential for large-scale production [5]. - The innovative pharmaceuticals sector is expected to benefit from supportive policies, with significant market potential and profitability anticipated [5]. - Solid-state batteries are on the verge of commercialization, presenting ongoing investment opportunities once technological breakthroughs occur [6]. Economic Context - The macroeconomic environment is expected to foster a relatively loose liquidity situation in the first quarter of 2026, supporting the market's positive outlook [4]. - The dual support of policy and industry-driven growth is seen as crucial for the healthy and high-quality development of the capital market [4][6].