外资公募最新研判！事关AI行情

Core Viewpoint - Foreign institutions are increasingly aligned in their industry theme judgments for 2026, with artificial intelligence (AI) identified as one of the most certain mid-to-long-term themes, indicating that the AI market is not yet complete and structural opportunities will extend across years [1][2]. Group 1: Industry Themes and AI - The overall judgment from foreign institutions leans towards the idea that the trend is not finished, with structural opportunities expected to continue into 2026 due to changes in macroeconomic and liquidity conditions [2]. - AI is viewed as a technological revolution that is still ongoing, with expectations for its structural market to persist into 2026, expanding from hardware infrastructure to more traditional and innovative industries applying AI technology [2][3]. - The investment community is advised to closely monitor the alignment between valuation levels and the improvement of company fundamentals, particularly cash flow, to identify "true growth" opportunities in the AI sector [2]. Group 2: Key Roles in the Industry Chain - The focus on structural opportunities around technological innovation remains a significant mid-term investment theme, emphasizing the importance of the evolving position of companies within the industry chain rather than short-term trends [4]. - Companies that demonstrate leadership and integration capabilities within the industry chain are expected to have greater long-term growth potential compared to those merely serving as a link in the overseas supply chain [4]. - AI is recognized as a representative long-term track, with significant commercial potential in areas such as upstream computing power and downstream applications, particularly in humanoid robotics, where China holds advantages in manufacturing capabilities and application scenarios [4]. Group 3: Domestic Developments in AI Infrastructure - The domestic AI industry chain is witnessing accelerated progress in computing power localization, with China ranking second globally in investment scale for computing infrastructure and leading in construction speed [5]. - The rapid release of computing power demand provides substantial opportunities for domestic replacements, benefiting companies in core hardware sectors like domestic GPUs and servers, which are expected to translate technological breakthroughs and capacity into performance growth [5].