对话联博基金：AI热潮步入验证期 资金多元化配置方兴未艾

Group 1 - The core viewpoint is that despite concerns over absolute price increases, AI companies' stock price rises are supported by EPS growth, making valuation increases reasonable due to stable profit models and broad market space [1][12] - The market is expected to shift from a focus on a few standout stocks to a more diversified opportunity landscape in 2026 [2][13] - There is a cautious optimism regarding AI's potential to drive actual growth, with the understanding that AI adoption will be gradual rather than explosive [3][14] Group 2 - The technology sector is anticipated to perform well, but the gap between tech and other sectors may narrow, leading to a more balanced market performance in 2026 [3][14] - Investors are advised to balance their portfolios by considering other themes alongside AI stocks [3][14] - The high capital expenditure pressure on tech companies contrasts with their previous appeal based on low capital spending and stable cash flows [1][12] Group 3 - The global economic environment is expected to support capital market performance in 2026, driven by AI-related investments, a continued easing monetary policy, and reduced tariff uncertainties [5][17] - Emerging markets have shown significant relative advantages over developed markets, with expectations of continued outperformance in 2026 [6][18] - The shift in capital allocation may lead to a diversification away from a heavy concentration in U.S. assets towards emerging markets [19] Group 4 - In the Chinese market, opportunities are emerging from economic structural transformations, including shifts in consumption patterns and competitive models [20] - The focus on new consumption trends, particularly among younger demographics, is expected to create investment opportunities in small and medium-sized private enterprises [20][21] - The role of private enterprises in driving economic quality improvements is becoming increasingly significant, supported by favorable government policies [21][22]