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 are expected to extend across years [1][2]. Group 1: AI Market Outlook - AI is viewed as a transformative technology that is still in progress, with expectations for its structural market to continue into 2026, expanding from hardware infrastructure to various traditional and innovative industries [2][4]. - Despite some valuations being high in 2025, the ongoing transformation of industries by AI suggests that the market will remain active in 2026, even amid potential volatility risks [2][4]. Group 2: Investment Focus - The focus for mid-term allocations will remain on structural opportunities in technology innovation, emphasizing the importance of companies with leading and integrative capabilities within the industry chain [4][5]. - Companies that play significant roles in the self-controlled development of the industry chain are expected to have higher long-term growth potential compared to those merely part of the overseas supply chain [4][5]. Group 3: Domestic AI Infrastructure - China's investment in AI infrastructure ranks second globally, with rapid construction progress, creating substantial opportunities for domestic GPU and server manufacturers as the demand for computing power increases [5]. - The acceleration of domestic AI infrastructure development is anticipated to drive performance growth for companies involved in core hardware sectors [5].