私募投资风向：从“估值修复”奔向“盈利驱动”，捕捉“核心资产2.0”

Core Viewpoint - The A-share market is entering a new phase with optimistic expectations and cautious layouts from leading private equity institutions for 2026 [1] Market Dynamics - The market is shifting from a broad recovery to a focus on performance, with private equity firms indicating that the true test for 2026 will be the differentiation of industry and company performance [2] - Dushuquan Investment anticipates a transition from valuation recovery to profit support, emphasizing the need for detailed analysis of industry conditions and growth quality [2] - The first half of 2026, particularly before the end of April, is seen as a critical window for investment, with the release of annual and quarterly reports providing insights into industry performance [2] - The market is expected to stabilize and clarify as it aligns with profit growth, moving away from a generalized recovery phase [2] Structural Opportunities - The investment landscape is expected to feature diverse opportunities across growth, cyclical, and high-dividend assets, with a focus on the alignment of "prosperity + valuation + fundamentals" [2] - Core assets are anticipated to undergo systematic re-evaluation, driven by performance, with key investment areas including AI, innovative pharmaceuticals, machinery, and military industries [4] - The second half of 2026 will require a cautious approach, with an emphasis on low-valuation stocks and the potential for systematic repricing [4] Emerging Trends - The narrative around "Core Assets 2.0" is evolving, focusing on technology innovation and globalization of Chinese enterprises, contrasting with the previous phase driven by urbanization and domestic demand [5] - AI investments are expected to shift from total investment logic to structural logic, highlighting opportunities in supply-constrained areas, particularly in domestic computing infrastructure [5] - Key sectors of interest include manufacturing overseas, resource assets with supply constraints, consumer recovery opportunities, and technology innovation represented by AI [5]