专题：投资好时节 嘉实基金2026投资策略峰会 1月23日，嘉实基金举办"投资好时节"嘉实基金2026 投资策略峰会。嘉实全球产业升级基金经理陈俊杰 针对全球科技投资、美股A股市场标的等方面系统阐述了2026年全球科技产业的投资逻辑与趋势判断。 陈俊杰指出，当前人工智能产业已从早期的"算力Beta"普涨阶段，进入以"结构性Alpha"为主导的价值 分化时代，投资者需在产业纵深中寻找具备价格弹性与持续成长动能的细分环节。 自2023年ChatGPT引爆全球AI浪潮以来，算力产业链经历了长达三年的高景气周期，相关公司估值与业 绩同步提升，呈现出典型的Beta行情。进入2026年，产业虽未止步，但投资逻辑正在发生转变，估值全 面扩张可能暂告一段落，但产业仍保持健康向上，这些环节在量增的同时，价格弹性将进一步释放。 他特别强调，与此前"硬三年、软三年"的传统科技周期不同，本轮AI浪潮中硬件投资周期显著拉长。从 2026年至2030年，全球巨头在AI相关的资本开支依然保持强劲，尤其在一些受产能约束的环节，今明 两年价格上行压力将更为明显。陈俊杰预计，存储、光模块及全球半导体设备等板块将在结构性供需紧 张中凸显Alpha ...

Core Viewpoint - The A-share market is experiencing significant structural fluctuations, with a rotation between technology growth and dividend value, highlighting the importance of structural allocation as a key strategy to navigate through market volatility [3]. Group 1: Index Configuration Value - The China Securities 500 Index (CSI 500) has re-emerged as a central asset due to its balanced exposure to mid-cap companies, avoiding the concentration seen in the CSI 300 and the high volatility of smaller cap indices [8]. - The index covers emerging industries such as electronics, power equipment, pharmaceuticals, computers, and new energy, with these sectors accounting for nearly 50% of the index, indicating strong growth potential driven by technological innovation and policy support [9]. - The average market capitalization of the CSI 500 constituents is approximately 33.4 billion, with a median of 29.5 billion, providing a balance of stability and growth potential compared to small and large-cap stocks [13]. - As of December 17, 2025, the CSI 500's price-to-earnings ratio is about 25 times, and the price-to-book ratio is approximately 2.2 times, positioning it at a medium valuation level compared to historical data, making it more attractive than larger indices [14]. Group 2: Enhanced Index Funds - Enhanced index funds based on the CSI 500 aim to improve return stability while maintaining a balanced exposure to the index, introducing systematic alpha sources to optimize risk-return structures [15]. - The China Europe CSI 500 Enhanced Index Fund A, established on May 6, 2022, has achieved a return of 44.01% over three years, significantly outperforming its benchmark [16]. - The fund employs a diversified, low-correlation factor strategy, utilizing extensive data and machine learning models to construct a return prediction system, aiming to reduce drawdowns and enhance return stability [17].