2026公募投资展望：这些方向被看好 新一轮布局已然展开

Group 1 - A-shares are presenting structural opportunities at the beginning of 2026, with public funds initiating a new round of investment amidst economic recovery and accelerated industrial upgrades [1][7] - Major institutions believe that sectors such as artificial intelligence, semiconductors, and consumption have structural opportunities [1][7] Group 2 - There is an expectation of significant inflow of incremental funds into A-shares in 2026, supported by manufacturing investment and capital expenditure adjustments [2][8] - The domestic demand side, driven by fiscal policies, particularly the structural changes in special bonds, will influence A-share pricing [2][8] - The current environment is characterized by expanding liquidity and increased risk appetite, with a focus on fiscal and monetary policies [2][8] Group 3 - The AI sector is a focal point for public fund strategies, with expectations for continued strong performance in the AI industry chain in the first half of 2026 [4][10] - Significant advancements in AI models, such as Google Gemini 3 and Banana, are expected to boost market confidence and drive demand for AI computing power [4][10] - The semiconductor industry is rapidly evolving, driven by AI large models, with a focus on domestic production and R&D [5][11] Group 4 - The consumption sector is anticipated to see a resurgence in investment opportunities in 2026, driven by the release of wealth effects and an upgrade in high-end and service consumption demand [5][11] - The cyclical industry narrative is expected to undergo a transformation in 2026, influenced by policy-driven "anti-involution" and the reshaping of global supply chains [5][12]