半导体-半导体设备-2026 年展望 -预计股市再迎跑赢之年；人工智能支出持续强劲，工业、汽车周期复苏加速；

J P M O R G A N North America Equity Research 16 December 2025 Semiconductors/Semi Cap Equipment 2026 Outlook: Expect Another Year Of Stock Outperformance; Continued Strong AI Spending And Accelerating Cyclical Recovery In Industrial/Auto; Favor AVGO, MRVL, ADI, MU, KLAC, SNPS Heading into 2026, we maintain our view that long-term investors should continue to focus on the multiyear (1,3, 5,10,15, 20-year) track record of semis stock outperformance driven by (1) the crucial role semis play in the tech value ...