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！ 来源：六里投资报 2月4日，著名投资人但斌在一场对话中，就2026年资本市场的投资逻辑，以及未来趋势给出了最新的见 解。 但斌这几年通过重仓美股科技巨头，使得其业绩在百亿私募中数一数二， 但也正因为其ALL IN AI的表态，以及在组合中运用杠杆进一步下注的操作也引发一些争议。但斌的具 体持仓可点此查看。 回顾2025年，但斌认为，这是人工智能从开始到勃发的重要一年， 而2026年马年，很可能是AI应用"万马奔腾"的一年； 包括年初看到的这些热门方向，包括去年底特斯拉全程无人驾驶穿越美国，它是自动驾驶的iPhone时 刻。 但斌强调，投资应把钱投到拉动经济增长的方向， 如人工智能、生物制药等新质生产力行业，赢的概率才大。 从金融史看，过去100年，美国的所有上市公司加起来，3%贡献了绝大部分的盈利，97%其实是不行 的， 少数公司在创造价值，多数公司在毁灭价值。 但斌认为，这一规律在中国最终可能也会适用。 此外，但斌指出，投资中"价值和成长一定是共生的关系"，二者相辅相成，且成长更为重要。 他提及巴菲特晚年投资科技股，强调这个时代中"自 ...

Core Viewpoint - The year 2026 is anticipated to be a significant year for AI applications, with various innovations emerging [2][13][62] - Continuous learning and adaptability are crucial for investors to avoid missing out on significant opportunities [2][27][45] Group 1: Investment Strategy - The company has shifted its investment focus, significantly increasing its stake in Google, which now represents approximately 31% of its US stock holdings, valued at about $406 million [3][4] - The company has also leveraged its position by doubling its investment in a leveraged ETF focused on Google [3] - Other major holdings include Nvidia, Microsoft, Apple, Meta, Amazon, and Tesla, with a slight increase in Nvidia's stake to 18.02% [4][5] Group 2: Market Outlook - The capital market is expected to maintain a structural market condition, with a low probability of a comprehensive bull market [7][34] - Emerging industries, despite currently lacking profits, are viewed positively for their future profitability potential [40] - The integration of new technologies, particularly in AI and robotics, is expected to drive economic growth and create a structural bull market [41][62] Group 3: Historical Context and Future Trends - Historical trends indicate that only a small percentage of companies contribute significantly to overall market profits, suggesting that a few companies will create substantial value in the future [30][31] - The AI sector is projected to experience a long-term bull market lasting up to ten years, similar to the internet boom [42][62] - The competitive landscape in AI is evolving, with data sovereignty becoming a critical factor in global competition [58][59]