开源证券：主题投资有望进一步活跃 关注具身智能等五大潜在强主题机会

Core Viewpoint - The report from Kaiyuan Securities indicates that theme investment is expected to become more active in 2026 due to multiple factors such as the upward industrial cycle, policy support for industries, and shifts in capital allocation [1] Group 1: Theme Investment Outlook - Theme investment is currently in a large active cycle, with 2025 witnessing a series of popular themes such as humanoid robots, commercial aerospace, and Hainan Free Trade Port. The outlook for 2026 suggests even greater activity in theme investment, driven by accelerated technological breakthroughs in AI and abundant liquidity [1][2] - Historically, active periods of theme investment often occur during times of weak fundamentals and ample liquidity, where popular themes tend to dominate. The prevalence of theme investment is seen as a rational choice in the macro environment rather than a spontaneous decision [2] Group 2: Criteria for Selecting Strong Themes - The principle of "buy new, not old" aims to avoid trapped positions and benefit from high elasticity due to the absence of valuation anchors. New themes often imply significant potential for growth, while old themes are constrained by fundamental recognition [3] - The principle of "buy big, not small" emphasizes resonance with industrial waves and the era. The terms "big" and "small" refer not only to market capitalization but also to narrative scope and industry ceiling [3] Group 3: Five Potential Strong Themes for 2026 - AI+: The focus is shifting from "computing power construction" to "application acceleration." The demand for AI has significantly increased in both the U.S. and China, with AI application scenarios expanding rapidly. The commercial process of AI is accelerating due to substantial improvements in model performance and reduced usage costs [4] - Embodied Intelligence: Recognized as a core battlefield for reshaping future manufacturing and competing for global technological and economic leadership. The challenges in embodied intelligence are gradually being resolved, with humanoid robots expected to see significant commercialization in 2026 [5] - Nuclear Energy: Nuclear energy is viewed as a strategic solution to energy shortages, with both fission and fusion energy being critical. Fusion energy is now included in the national future industrial system, with significant advantages over traditional energy sources [6] - Quantum Technology: Represents a disruptive and foundational technological revolution based on quantum mechanics, with three core pillars: quantum computing, quantum communication, and quantum measurement, which could fundamentally impact existing technologies [6] - Brain-Computer Interfaces: Identified as a key future industry in the national strategy, with ongoing breakthroughs in various technological paths driving the approach to industrialization. The strong penetration of brain-computer interfaces is expected to reshape multiple industry ecosystems [6]