新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 责任编辑：石秀珍 SF183 人民财讯12月10日电，近日，在中欧基金2026年度投资策略会上，关于2026年的科技投资，代云锋表 示，看好AI应用侧的突破。其中，AI基础设施与智能硬件趋势清晰、可预测性强，核心为跟踪进展并 动态修正判断；而人形机器人、自动驾驶等高技术领域的关键性突破有望催生重大投资机遇。 人民财讯12月10日电，近日，在中欧基金2026年度投资策略会上，关于2026年的科技投资，代云锋表 示，看好AI应用侧的突破。其中，AI基础设施与智能硬件趋势清晰、可预测性强，核心为跟踪进展并 动态修正判断；而人形机器人、自动驾驶等高技术领域的关键性突破有望催生重大投资机遇。 在他看来，AI应用可关注三大方向：一是消费娱乐领域，继游戏、电商等场景后，AI广告、AI教育等 新场景持续涌现；二是企业经营优化，AI赋能内部流程，降本提效；三是人形机器人、智能驾驶等新 范式、新场景。 关于智驾，代云锋关注三大方向：一是整车企业弹性最大，有望 ...

Core Points - The Hang Seng Index rose by 0.07% to close at 25,945.93 points on November 27, with a net inflow of HKD 1.328 billion through the southbound trading channel [1] - The total trading volume for the southbound trading was HKD 86.624 billion, with a net buy of HKD 1.328 billion [1] - In the Shanghai-Hong Kong Stock Connect, the trading volume was HKD 55.325 billion with a net buy of HKD 0.635 billion, while in the Shenzhen-Hong Kong Stock Connect, the trading volume was HKD 31.299 billion with a net buy of HKD 0.693 billion [1] Trading Activity - Alibaba-W was the most actively traded stock in the Shanghai-Hong Kong Stock Connect with a trading volume of HKD 73.15 billion and a net buy of HKD 6.02 billion, despite a closing price drop of 2.71% [1][2] - Xiaomi Group-W followed with a trading volume of HKD 35.41 billion and a net sell of HKD 5.37 billion, closing up by 2.49% [1][2] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W also led with a trading volume of HKD 36.70 billion and a net buy of HKD 3.17 billion, while Xiaomi Group-W had a net sell of HKD 1.52 billion [2] Summary of Active Stocks - The top ten actively traded stocks included Alibaba-W, Xiaomi Group-W, and Tencent Holdings, with respective trading volumes of HKD 73.15 billion, HKD 35.41 billion, and HKD 28.17 billion [1][2] - The net buy and sell amounts for these stocks indicated a strong interest in Alibaba-W, while Xiaomi Group-W faced significant selling pressure [1][2]

Core Insights - The stock private equity positions have increased for three consecutive weeks, with the stock private equity position index reaching 75.55% as of August 22, marking a 0.69 percentage point increase from the previous week [1][2] - The index has shown a significant upward trend since August, with a cumulative increase of 1.62 percentage points [2] - 55.29% of stock private equity positions are at full capacity (over 80% allocation), indicating strong confidence in the market [2] Investment Focus - Private equity firms are focusing on emerging growth sectors such as new consumption and technology [6] - Specific areas of interest include robotics, domestic computing power, AI applications, liquid cooling, and military industry sectors, as well as new consumption and media sectors with strong half-year performance [7] - The innovative drug sector is also gaining attention due to benefits from overseas licensing and domestic market expansion [7] Market Sentiment - The high positions reflect optimism among top private equity firms regarding the Chinese economy and market liquidity [5] - The current stock market risk premium remains high, suggesting that the stock market offers attractive value [5] - There is an expectation of a new upward cycle in the market as corporate earnings are anticipated to rebound due to supportive policies and a reversal of the downward trend in profitability [5] Scale Analysis - Among private equity firms, those managing over 50 billion yuan have high positions, with over 50% at full capacity [1][3] - The position index for large private equity firms (over 100 billion yuan) is 78.11%, while those in the 50-100 billion yuan range have a position index of 82.23%, with a notable increase of 3.55 percentage points for the latter [3][4] - A significant portion of these firms, 69.18% in the 50-100 billion yuan range, are fully invested, indicating strong market confidence [3] Strategic Opportunities - The focus on high-end manufacturing and internet sectors is driven by the presence of globally competitive Chinese companies, which are expected to see value reassessment [7] - The trend of Chinese companies expanding overseas is shifting from manufacturing to service sectors, highlighting opportunities in the consumer entertainment industry [7] - Technological advancements in chip design, manufacturing, and AI capabilities are expected to create numerous investment opportunities [7]

Market Overview - The A-share market indices collectively rose, with the Shanghai Composite Index breaking the key level of 3674 points, previously set during the "9·24" rally in 2024 [1] - As of August 14, the Shanghai Composite Index closed at 3666.44 points, down 0.46%, while the Shenzhen Component Index and the ChiNext Index also experienced declines [1] Private Equity Performance - Over 86.97% of private equity funds reported positive returns in 2023, with an average return of 11.94% for 11,880 products by the end of July [2] - The current market sentiment is supported by low-risk interest rates and enhanced shareholder return capabilities in A-shares and Hong Kong stocks, making these assets more attractive [2] Market Sentiment and Investment Strategies - The recent market breakthrough is seen as a strong technical signal and reflects a significant recovery in market confidence, shifting investor sentiment from cautious to positive [3] - The "anti-involution" policy is expected to fundamentally boost the A-share market by improving resource allocation efficiency and stimulating market vitality [3] Structural Opportunities - The market is currently in the first half of a bull market, with expectations of continued investment opportunities due to liquidity and the increasing confidence of market participants [3][4] - Private equity firms are focusing on structural opportunities, particularly in high-end manufacturing, internet sectors, and the globalization of consumer entertainment industries [4][5] Economic and Policy Factors - The market's upward movement is driven by several factors, including the extension of U.S.-China tariffs, the performance of cyclical industries, and increased fund subscriptions [3][4] - The low interest rate environment is expected to attract more funds into the capital market, further supporting stock market growth [6] Investment Focus - Investment strategies should emphasize technology transformation and the implications of de-globalization, particularly in AI, innovative pharmaceuticals, and military sectors [5][6] - Maintaining a high position in the market while focusing on growth potential and value is recommended, alongside timely adjustments to holdings based on market conditions [5]