策略会密集召开 机构热议2026年投资主线

Core Insights - The investment strategy conference held in Shanghai highlighted optimism for the A-share market in 2026, driven by improved global liquidity and the performance acceleration of industries like artificial intelligence (AI) [1][2] Investment Environment Outlook - The global economic outlook for 2026 remains positive, with expectations of a friendly capital market environment due to loose monetary policies in both the US and China [2] - Key trends to watch include potential preventive interest rate cuts by the Federal Reserve and continued supportive policies for capital markets in both the US and China [2] - The AI investment landscape is expected to shift focus towards application growth, moving beyond initial investments in chips [2] AI and Computing Power - AI is identified as a critical area for investment in 2026, with both computing power and application opportunities being emphasized [3][4] - The demand for computing power is projected to remain strong, with limited suppliers capable of entering the global core customer base, enhancing the competitive edge of leading companies [3] - The domestic chip companies are improving their R&D capabilities, which is expected to accelerate the localization of computing power by 2026 [4] Resource Sector Strength - The cyclical resource sector has shown strength in early 2026, with significant interest in metals like gold, silver, copper, and aluminum [5] - Historical data suggests that global manufacturing PMI is likely to rise with continued interest rate cuts, indicating a recovery in the manufacturing sector [5] - Specific segments such as copper are expected to benefit from AI's demand, while lithium supply may face constraints post-2028 due to reduced capital expenditures [5]