星展：2026年继续看好人工智能浪潮 亚洲股市仍有价值机遇

Core Insights - The article highlights four key strategic investment opportunities for 2026, focusing on AI adaptation, physical assets to combat sticky inflation, value opportunities in Asian stocks (excluding Japan), and pursuing quality in equity and credit markets [1] Group 1: AI Investment - The investment in AI infrastructure by large tech companies is projected to reach $1.4 trillion between 2026 and 2027 [1] - There is a fundamental difference between the current AI industry and the internet bubble of 2000, with forward-looking valuation metrics indicating that valuations in technology, communication services, and consumer discretionary sectors are not excessively high [1] Group 2: Defense Spending - NATO defense spending is expected to rise from 2% of GDP to 5% by 2035, indicating a structural favorable trend that could reshape industrial and technological development [1] Group 3: Asian Stocks - The Asian market (excluding Japan) remains a key choice, with the US Dollar Index (DXY) projected to reach approximately 94.8 points by Q4 2026 [1] - Asian stocks are trading at a 32.4% discount compared to mature markets, with an expected earnings growth of 18.9% in 2026 [1] Group 4: Market Conditions - The Federal Reserve is currently in a "preventive slow rate cut" cycle, which typically leads to positive stock market performance, differing from aggressive cuts during recession periods [1]