Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights 15 key debates for 2025 that are likely to continue into 2026, focusing on various sectors including artificial intelligence, private credit, and macroeconomic factors [1] - There is a significant focus on the potential risks associated with alternative debt structures and high-leverage companies within the artificial intelligence ecosystem [4] - The report anticipates a further expansion of artificial intelligence transactions into platform stocks and productivity beneficiaries [9] - Concerns regarding private credit have arisen due to major losses and fraud allegations, indicating increasing risks in non-bank lending [12][13] - The recent rebound in the U.S. cyclical stock market reflects optimistic expectations for the macroeconomic outlook in 2026, with anticipated acceleration in economic growth and fiscal stimulus [15] - The report predicts a favorable fiscal stimulus environment for the upcoming year, driven by tax cuts, investment incentives, and new spending [17] - The K-shaped economic recovery is highlighted, showing disparities in consumer sentiment and sales growth between low-income and high-income segments [21] - The report suggests that 2026 may be a year of recovery for traditional economies, with rising commodity prices driven by a weaker dollar and increased inflation [23] - The outlook for Brent crude oil prices indicates significant downside potential compared to market expectations for 2026 [25] - The stablecoin market is currently valued at approximately $307 billion, dominated by Tether and Circle [29] - Despite strong economic performance in Europe, capital inflows remain notably sluggish [30] - The report has adjusted China's GDP growth forecast upward, which may negatively impact global GDP growth outside of China [36] - The report anticipates further strengthening of the euro against the dollar, which could adversely affect companies with high international sales [38] - South Korea is identified as the best-performing market year-to-date, with ongoing improvements in corporate sectors [40] - The ongoing technological competition between the U.S. and China remains intense, with both countries pursuing self-sufficient technology policies [42]