Core Viewpoint - The global capital market is currently influenced by the dual factors of geopolitical tensions and the transformative impact of AI, leading to increased risk premiums and disruptions in global supply chains [1] Group 1: Geopolitical Impact on A-shares - The recent escalation of the Middle East situation is expected to temporarily affect risk appetite in A-shares, but the medium-term positive trend remains intact [3] - The restructuring of international order and China's industrial innovation are seen as core drivers for the current A-share rally and the revaluation of Chinese assets [3] - Historical analysis indicates that military conflicts typically raise risk premiums and affect supply chains, but markets often stabilize and rebound within 1-2 weeks if conflicts do not escalate further [4] Group 2: AI Industry Evolution - The market's perception of AI technology is shifting from optimistic embrace to more rational scrutiny, leading to increased internal structural adjustments [5] - Investment logic is transitioning from chasing growth to focusing on certainty and scarcity, with an emphasis on sectors that provide stable cash flows and have low elimination rates [6] Group 3: Investment Strategies and Sector Focus - The focus for investment should be on sectors with pricing power and low valuations, particularly in Chinese manufacturing, chemicals, non-ferrous metals, and renewable energy [9] - The "HALO" investment strategy, which emphasizes heavy assets and low elimination rates, is gaining traction, with sectors like oil, petrochemicals, and utilities performing well [5][6] - The consensus among various brokerages suggests that "upstream resources, advanced manufacturing, and AI technology" are the three main investment lines, with non-ferrous metals and chemicals being widely recommended [8]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 中信证券2026年春季资本市场论坛于2026年3月19-20日在北京召开。本次会议邀请了多名资深专家学 者、机构与业界代表以及400余家上市公司参会交流，全面展望新形势下的全球宏观格局与投资策略， 深入探讨了两会政策、"十五五"规划与改革、大类资产配置、地缘冲突与资源品行情、大模型市场实 践、人工智能与产业应用、房地产及REITs市场、能源转型与新材料突破等热点话题。 在3月19日的首日主论坛上，中信证券党委委员、经营管理委员会执行委员、研究部行政负责人朱烨辛 发表了致辞，他表示，2026年是一个具有非凡历史意义的年份，它既是"十五五"规划的开局之年，也是 我国向2035年基本实现社会主义现代化目标迈进、全面发力的关键时期。刚刚圆满落幕的全国两会，更 是为我们在复杂的国内外形势下，绘就了高质量发展的宏伟蓝图。在这个充满机遇与挑战的新起点，我 们需要秉持革故鼎新的魄力，以高质量发展的确定性应对外部环境的不确定性，共同探寻中国经济与资 本市场的崭新局势。 作为全球第二大经济体，我国经济平稳运行，始终是世界经济增长的主引擎和稳定锚。2026年 ...