Deutsche Bank AG(US:DB) Di Yi Cai Jing·2026-01-19 08:20Group 1 - Generative AI is transforming from a software application to a real demand for energy, infrastructure, and natural resources, indicating its broad impact as a general-purpose technology [1][3] - The current economic environment characterized by high interest rates and low growth is reshaping asset allocation, with international funds increasingly focusing on sectors closely related to cash flow and key infrastructure, particularly utilities [3] - The expansion of AI and data centers is driving early investments in the power grid, with European utility companies reallocating capital expenditures towards transmission and distribution network upgrades [3] Group 2 - Discussions around green investment are not reversing direction but are undergoing a pragmatic adjustment, with sustainable investment being integrated into a broader investment framework alongside AI, healthcare, and infrastructure [4] - Investors are shifting from concentrated bets on single themes to more goal-oriented portfolio construction, viewing sustainability as a tool for managing long-term transition risks [4] - The assessment of AI's long-term value must consider resource constraints, including the supply of critical materials and environmental costs, as these factors are becoming essential in investment analysis [4] Group 3 - The effectiveness of discussions at the Davos Forum in influencing policy direction and capital flows hinges on the release of executable signals rather than mere statements [5] - Key indicators include the alignment of policy dynamics with existing official roadmaps and collective goals, as well as specific commitments that facilitate cross-border capital flows [5] - The connection between real economic bottlenecks and clear financing pathways is crucial for increasing the likelihood of private capital follow-up, particularly in areas like AI infrastructure linked to power, grid, and water resources [5]