AI主线未改！外资公募前瞻2026年：分歧逐步显现

Core Viewpoint - The AI market is experiencing phase fluctuations as the year-end approaches, prompting a reassessment of future trends in related sectors [1] Group 1: Long-term Trends and Institutional Perspectives - Despite recent volatility, several foreign institutions maintain a positive outlook on AI, viewing it as a significant driver for global capital markets [2][3] - Fidelity International highlights that AI is a core concept for the U.S. stock market, with expectations of strong profit growth continuing into 2026, supported by improving fundamentals and rising optimism [3] - Morgan Asset Management emphasizes the investment value of China's AI industry, noting its critical role in the global semiconductor and AI supply chain, which is expected to drive long-term growth [3] Group 2: Valuation and Structural Risks - Some foreign institutions express caution regarding the valuation levels and market structure of AI-related assets, noting that many AI startups are still operating at a loss [4] - Schroders points out that while global stock valuations are high, they have not reached extreme levels, and the firm is seeking diversified investment opportunities [4] - Allianz suggests that while the AI-driven global economic growth is beneficial, investors should explore broader investment opportunities due to evolving market dynamics [4] - Concerns are raised about the increasing concentration of large companies in the S&P 500, which may amplify market volatility risks despite AI being a strong growth driver [5]