2026年A股年度策略报告：AI兴，再通胀，驭慢牛-20260203

Global Economic Trends and Impacts - The report identifies two major long-term trends: de-globalization and the AI technology revolution, which are expected to persist for at least 5-10 years [34] - The rise of trade protectionism and geopolitical conflicts is accelerating the de-globalization process [34] - The AI technology revolution is driving rapid industrial transformation, with significant implications for various sectors [34] A-Share Market Outlook - The A-share market is anticipated to enter a long-term slow bull trend, driven by the AI technology revolution and re-inflation [35] - The overall market is expected to experience an upward trend in the first quarter, followed by fluctuations in the second and third quarters, and a recovery in the fourth quarter [3] - Key investment areas include AI-related sectors, resource commodities like copper and gold, and military trade exports [3][35] Investment Opportunities - The report suggests focusing on sectors related to AI, resource commodities, and military-industrial complex as potential investment opportunities [3] - The anticipated increase in prices for gold, copper, and certain minor metals indicates a new "super cycle" for global commodities [34] - The A-share market is expected to see reduced volatility, leading to a more stable investment environment [35] Foreign Investment Trends - Foreign capital is expected to continue flowing into Chinese assets, with a shift in preferences compared to previous cycles [37] - The report highlights the correlation between the appreciation of the RMB and the acceleration of foreign capital inflows into China [37]