调整之后，面向2026年哪些产业值得关注？

Summary of Key Points from Conference Call Records Industry Focus - The focus is on the Chinese economy's shift towards high-quality development, emphasizing technological innovation for self-sufficient industrial chains and expanding multilateral cooperation to overcome geopolitical constraints [1][2]. Core Insights and Arguments 1. AI Capability Closure: The core of achieving AI capability closure lies in the self-sufficiency of the entire supply chain for computing chips. Since August 2025, the chip sector has shown a trend of excess returns, with breakthroughs in technology and local production capacity expected to be critical in 2026 [2][4]. 2. Strategic Resource Prices: Global geopolitical changes and the trend towards multipolarity support the prices of strategic resources. Attention is drawn to rigid supply resources such as copper, aluminum, tin, cobalt, tungsten, and rare earths, as well as new demands arising from nuclear energy development [1][5]. 3. Frontier Industry Innovations: Key areas of innovation include wafer fabrication, advanced packaging equipment, and GPU ASIC EDI software. Companies with strong data protection barriers in the B2B sector are particularly noteworthy [1][5]. 4. New Energy Sector Development: The new energy industry is transitioning towards coordinated and integrated development, with significant opportunities in energy storage and green hydrogen. Solid-state batteries are expected to reach a critical industrialization phase in 2026 [7][8]. 5. Supply-Side Reform and Growth: Focus on anti-involution and consumption promotion is essential. The market is expected to shift from policy-driven expectations to pricing based on economic recovery, with attention to supply concentration and industry profitability [3][10]. Additional Important Content - Domestic Consumption: The importance of domestic consumption, particularly in services and non-durable goods, is highlighted. The government's policies to promote consumption through trade-in subsidies are expected to boost sectors like travel, aviation, and non-durable goods [11][12]. - Nuclear Energy Innovations: The development of fourth-generation nuclear energy technologies, particularly the molten salt reactor, is emphasized as a significant opportunity, especially given China's resource endowment [7][8]. - Emerging Industries: Future industries such as quantum technology, biomanufacturing, hydrogen, and nuclear fusion are in the early stages and require attention to their technological pathways and business model explorations [9]. This summary encapsulates the critical insights and trends discussed in the conference call, providing a comprehensive overview of the investment landscape for 2026 and beyond.