华商基金张明昕：把握产业浪潮中的投资机会

Core Viewpoint - The essence of investment lies in clarifying the source of profits and focusing on sustainable value creation, which is crucial for navigating market cycles and achieving long-term returns [1][2]. Investment Strategy - Investment should be based on a clear understanding of profit sources, whether from market fluctuations, industry beta, or individual stock alpha [2]. - A value-driven investment framework is emphasized, focusing on assessing asset values and constructing safety margins at reasonable prices [2]. - Identifying high-growth industries through systematic cross-industry comparisons is essential for uncovering investment opportunities [2][3]. Market Trends - The current market sentiment is optimistic, with limited downside risks and a notable trend of capital inflow into various sectors [4]. - The stock market is viewed as a voting machine in the short term but as a weighing machine in the long term, highlighting the importance of clear upward industry trends and performance realization [4]. Focus Areas - Key investment opportunities include AI and its derivatives, solid-state batteries, robotics, and innovative pharmaceuticals [5]. - The AI sector is expected to be a core area of focus for 2026, with significant potential for growth [4][5]. - The robotics industry is currently in the early investment stage, with attention on the mass production capabilities of T-chain robots [5]. - The innovative pharmaceuticals sector is anticipated to benefit from supportive policies, with potential for significant market growth and profitability [5].