最新研判！夏俊杰：2026年有五大投资机遇，但要警惕这一最大的潜在风险

Core Insights - The company anticipates five major investment opportunities for 2026, including undervalued stock revaluation, AI application expansion, consumer recovery, structural opportunities amid "anti-involution," and local market penetration by outbound enterprises [1][3][4] - The company also warns of three significant risks: a potential reversal in AI trends, valuation regression in small-cap stocks, and increased currency volatility affecting overseas investments [1][4] Investment Opportunities - Undervalued Stock Revaluation: The company believes that low-valued stocks are due for a systematic revaluation, as the risk-free rate in China has declined significantly over the past three years, and funds may flow into these stocks as deposit maturities approach [3] - AI Application Expansion: The focus will shift from AI computing power to applications and end-user devices, with investments in autonomous driving and AI healthcare, while also exploring opportunities in new terminal devices like smart glasses [3][4] - Consumer Recovery: With the real estate sector's decline impacting household wealth in 2025, a rebound is expected in 2026 as other asset classes grow, supported by policy measures. High-end consumption and luxury goods are showing early signs of recovery [3] - "Anti-Involution" Opportunities: The company suggests selecting industries with simple competitive landscapes and fewer players, while being cautious of sectors with high player counts and cost disparities [4] - Local Market Penetration by Outbound Enterprises: Companies that focus on local market services and job creation in regions like Southeast Asia are expected to achieve sustainable growth [4] Risks - AI Trend Reversal Risk: The company identifies a potential risk in the AI sector, where failure to open application markets could lead to significant volatility in global tech stocks [4] - Small-Cap Valuation Regression Risk: There is a concern that the current high trading volume of small-cap stocks in A-shares may lead to a long-term valuation regression [4] - Currency Volatility Risk: Increased fluctuations in global currency exchange rates in 2026 may pose risks to overseas investments, potentially eroding returns [4]