2026年年度策略展望：挣脱牢笼：打破历史经验的桎梏

Group 1 - The global equity market is characterized by a "two-eight" differentiation, with a significant number of stocks in various countries experiencing declines, while A-shares show a more uniform upward trend [29] - Leading sectors in the market include technology and resources/energy, driven by the acceleration of the AI industry cycle and the revaluation of resource prices [33] - The concentration of market capitalization in major countries has reached new highs, with the top 10 companies in many markets accounting for 30%-50% of total market capitalization [41] Group 2 - A/H shares are currently at a historical low valuation compared to US stocks, providing a substantial margin of safety for investors [49] - The profitability of A-shares has shown signs of stabilization, with a notable contribution from technology-related sectors and external demand [17] - The investment landscape for 2026 is expected to see an influx of foreign capital, driven by the depreciation of the US dollar and improving fundamentals in A-shares [66] Group 3 - The AI sector remains a key investment theme, with significant opportunities in both domestic and overseas supply chains [85] - The electric power sector is experiencing a turnaround, with demand recovery and capacity clearance improving asset turnover rates [57] - The copper market is closely tied to global manufacturing trends, with its performance expected to correlate with the PMI index [58]