AI浪潮是时代之火！张忆东等最新研判：2026年关注这些机会

Core Viewpoint - The investment strategy for 2026 emphasizes a balanced economic environment in China, with a focus on moderate inflation recovery and the importance of supply-side adjustments to enhance economic performance [2][3][4]. Group 1: Macroeconomic Outlook - China's inflation is expected to recover moderately by the end of 2026, potentially approaching positive territory, supported by supply-demand gap adjustments under the "new supply" framework [2][3]. - The economic environment in 2026 is projected to be more balanced, with a shift in policy focus from traditional adjustments based on unemployment and growth fluctuations to synchronized supply-demand adjustments around economic goals [3][4]. Group 2: Investment Strategies - The 2026 investment strategy for the Hong Kong stock market suggests a patient and steady approach, with expectations of the RMB appreciating against the USD, potentially returning to the "6" range [2][5][6]. - Key investment opportunities in 2026 include sectors such as AI, military industry, energy technology, new consumption, and innovative pharmaceuticals, alongside traditional industries benefiting from supply chain restructuring [6][8]. Group 3: A-Share Market Insights - The A-share market is viewed positively for 2026, with limited negative external impacts and potential boosts from global AI trends and favorable liquidity conditions [7]. - The recovery of corporate earnings is anticipated to be a significant highlight, supported by a shift in domestic wealth allocation towards the stock market and the return of foreign capital [7][8]. Group 4: Sector Performance - The performance of various sectors in 2026 is expected to transition from a "淘汰赛" (elimination race) to a "竞速赛" (speed race) as more high-growth industries enter a recovery phase [6][7]. - Key drivers of sector performance will include trends in AI, new energy, military, and innovative pharmaceuticals, as well as traditional industries adapting to global competition [8].