Deutsche Bank AG(US:DB) 第一财经·2026-01-19 08:50Core Viewpoint - The key discussion at the World Economic Forum (WEF) 2026 is how funds can find certainty amid global trade tensions and policy uncertainties, with the International Monetary Fund (IMF) projecting a global economic growth rate of 3.1% for 2026 [2] Group 1: AI and Investment Shifts - AI is being discussed within the framework of real economic constraints, with generative AI transitioning from a software focus to impacting energy, infrastructure, and natural resource demands [5] - The expansion of AI and data centers is driving investments in power grid infrastructure, with European utility companies reallocating funds towards transmission and distribution network upgrades [5] - Water management is identified as a long-term investment opportunity, with projects focusing on water reuse, leak control, and smart networks gaining traction [5] Group 2: Sustainable Investment Trends - There is no directional reversal in green investments; rather, a pragmatic adjustment is occurring, with sustainable investments being integrated into broader investment strategies alongside AI and infrastructure [7] - Investors are shifting from concentrated bets on single themes to more goal-oriented portfolio construction, viewing sustainability as a tool for managing long-term transition risks [7] - The evaluation of AI's long-term value must consider energy, infrastructure, and resource security, as the supply of critical materials is highly concentrated [7] Group 3: Policy Signals and Funding Flows - The effectiveness of discussions at the WEF in influencing policy and funding flows hinges on the clarity of actionable signals rather than mere statements [9] - Key indicators include alignment of policy dynamics with existing official roadmaps and collective goals, as well as specific commitments that facilitate cross-border capital flows [9] - The connection between discussions on AI and financing solutions for critical constraints like electricity and water resources is crucial for attracting private funding [9]