Currently, sectors related to artificial intelligence remain the focal point of the technology investment wave. Experts suggest that in the second half of this year, the computational power and electricity synergy sector, along with the "AI+" sector, will gradually deliver on their expected earnings growth. Investors can make preliminary assessments by focusing on the significant increase in tender activities during the second quarter. However, investors are also advised to maintain rationality and avoid bubble assets that have seen excessive price increases but lack fundamental earnings support.
Since the beginning of the year, the A-share market has experienced volatility with noticeably accelerated sector rotation. How should investors seize opportunities? During the National Two Sessions, numerous investment institutions and industry professionals promptly outlined their outlook for capital market investment opportunities this year, based on the Government Work Report and the outline for the 15th Five-Year Plan.
Information gathered from several mutual fund institutions and professionals indicates that technological innovation remains one of the key investment themes for the year, with AI-related sub-sectors becoming a primary focus for many institutions. Notably, "computational power and electricity synergy" was included in the Government Work Report for the first time, highlighting promising investment opportunities. Additionally, undervalued domestic demand sectors and the Hong Kong stock market, which continues to attract southbound capital inflows, are also important directions garnering institutional attention.
The macro policy direction remains consistent this year, providing clear investment guidance for mutual funds and other investment institutions. Fiscal and monetary policies continue the overall tone from the previous year, maintaining steady policy intensity. Fiscal policy remains "more proactive," while monetary policy continues to be "appropriately accommodative," characterized by precision and flexibility. New structural policy tools aim to guide financial resources more efficiently towards key areas such as expanding domestic demand and technological innovation.
The stable socio-economic environment serves as the best "ballast" for the capital market, while continued progress in technology and education will bring more investment opportunities. The Government Work Report's proposals, including "implementing special actions to boost consumption," "cultivating and strengthening emerging and future industries," "creating new forms of intelligent economy," and "enhancing original innovation and breakthroughs in key core technologies," provide clearer direction for capturing related industrial opportunities in the capital market.
The policy tone from the Two Sessions distinctly signals core priorities: stabilizing growth, strengthening technology, and promoting consumption. Stabilizing growth, as a fundamental macro-policy objective, is supported by more proactive fiscal policy and appropriately accommodative monetary policy working in tandem to solidify economic performance. Strengthening technology focuses on accelerating the development of new quality productive forces, emphasizing innovation breakthroughs in AI, advanced manufacturing, and future industries. Promoting consumption serves as a crucial lever for expanding domestic demand, relying on a combination of measures including increasing household income, trade-in programs, and upgrades in service consumption to boost consumption recovery and stimulate market vitality.
From the policy signals released during the Two Sessions, cultivating and strengthening emerging and future industries stands out as a policy highlight.
Technological innovation continues to be a major focus within the investment community. Regulatory authorities have emphasized that for cultivating emerging industries, planning ahead for future industries, and driving innovation, green transformation, and intelligent upgrades in traditional industries, it is essential to further leverage the capital market's function to accelerate the integrated development of technological and industrial innovation. The development of new quality productive forces will, in turn, support higher-quality development in the capital market and deliver better, sustainable returns for investors.
With significant favorable policies for technology finance, innovations like national venture capital guidance funds and patient capital, and the regular implementation of "green channel" mechanisms for listing and financing of key technology enterprises, the virtuous cycle of "technology-industry-finance" will be smoothed. With strong policy support, new quality productive forces such as AI, advanced manufacturing, and future industries are poised for vigorous development and are expected to become core engines driving China's economic transformation and upgrading.
Industrial structure upgrading, particularly in the technology and innovation sector, remains a key future policy focus. Directions like AI, the digital economy, high-end manufacturing, and green energy have been frequently mentioned, reflecting the ongoing emphasis on cultivating new quality productive forces. For the capital market, this means that structural opportunities against the backdrop of economic transformation will remain a core theme for investment research.
Drilling down into specific sub-sectors, AI-related areas continue to be the focus of the tech investment wave. Attention can be paid to segments within AI and broader AI applications that have supply-demand rigidity and logic for import substitution, such as new overseas computing power technologies, domestic computing power, semiconductor equipment and materials, and overseas power infrastructure. It is advisable to focus on upstream industries benefiting from AI-driven price increases, midstream industries experiencing improved景气度 due to supply-demand mismatches, and downstream industries involving AI applications or those benefiting from出海红利 and earning overseas excess returns.
The景气度 explosion in infrastructure, represented by computing power, warrants continued deep exploration of investment opportunities in optical communications, space computing power, domestic computing power chips, PCBs, liquid cooling, and storage. Attention can also be paid to new business models driven by new models and Agents, and changes in directions like humanoid robots, autonomous driving, unmanned vehicles, and drones within embodied intelligence scenarios.
Opportunities arising from the diffusion of AI driven by new technological changes can be monitored. This includes directions that can create benefits through AI application, as well as areas like memory and semiconductor advanced process equipment benefiting from AI demand pull, capacity constraints, and increasing localization rates. It also encompasses revaluation opportunities for more traditional industry stocks延伸出 from AI infrastructure investment.
Focus can also be placed on areas like artificial intelligence, high-end equipment, and semiconductors. Beyond the main theme of new quality productive forces centered on high-tech and equipment manufacturing, opportunities emerging from the process of increasing the core digital economy industry's proportion can be targeted, aligned with the "Digital China" development goals.
As AI computing power consumption continues to climb, its energy demand expands correspondingly. The shift from "dual control of energy consumption" to "dual control of carbon emissions" driving green, low-carbon, and energy transformation can be one investment主线. Furthermore, considering the funding倾斜 for 109 major projects in the 15th Five-Year Plan across six areas including new quality productive forces, modern infrastructure, and green/low-carbon, key directions to focus on include: computing power and industrial software, clean energy and new power systems, high-end equipment and industrial mother machines, aerospace and low-altitude economy, equipment updates and consumer trade-ins, as well as future industry tracks like future energy, quantum technology, embodied intelligence, brain-computer interfaces, and 6G.
Within energy transformation-related industries, directions like new energy, grid upgrades, and energy storage technology possess long-term关注 value. There is a普遍 belief that the core support for computing power is electricity. With AI computing power growing exponentially but facing physical bottlenecks in energy consumption, the new development direction of "computational power and electricity synergy" has emerged.
The first-time inclusion of "computational power and electricity synergy" in the Government Work Report marks its elevation from previous departmental actions and pilot stages to a national-level strategic plan. The fundamental driver is to leverage China's power advantages into overwhelming advantages in computing power costs and industrial ecosystem within the global AI competition. The Government Work Report's部署 for the AI field is more substantial and specific regarding the intelligent economy's new形态 compared to the past, particularly noteworthy are the deployments for implementing ultra-large-scale intelligent computing clusters, computational power and electricity synergy projects, strengthening national integrated computing power monitoring and scheduling, and supporting public cloud development.
The implementation of "computational power and electricity synergy" will profoundly change the operational logic of both the computing and power industries and generate new value chains during the "synergy" process. The first priority is enterprises that have already achieved integrated "computing-power" layout. The second priority is intelligent computing center operators, which benefit directly from the computing power demand explosion driven by AI development, coupled with cost reduction advantages from computational power and electricity synergy. The third priority is intelligent scheduling software providers. The fourth priority includes power equipment suppliers and engineering construction enterprises.
"AI+" and "computational power and electricity synergy" represent investment opportunities in core new infrastructure tracks. The explicit listing of "computational power and electricity synergy" as a new infrastructure project in the Two Sessions for the first time, and the emphasis on building an intelligent economy new形态 through "ultra-large-scale intelligent computing clusters + computational power and electricity synergy," underscore the foundational support role of the national power grid system for AI industry development.
On one hand, as AI computing power grows exponentially, power load density continues to rise, and traditional power grids struggle to match the dynamic energy demands of intelligent computing centers. Computational power and electricity synergy can achieve supply-demand balance through intelligent scheduling of green electricity and energy storage resources. Market demand for computing power, electricity, and computational power and electricity synergy capabilities is currently exploding. On the other hand, policies明确 require that ultra-large-scale intelligent computing centers must be配套 with new power grid systems. This means three key links—UHV power transmission for cross-regional energy allocation, flexible DC power distribution adapted to data center high-reliability needs, and energy storage for peak shaving to stabilize fluctuations—will see deterministic growth increments. Related grid upgrades represent at least a trillion-yuan incremental market.
Benefiting from strong demand in both domestic and international markets, leading Chinese equipment enterprises with globally advanced technological levels will encounter batches of high-quality investment opportunities, including core UHV equipment manufacturers, intelligent transformer companies, distributed green power operators supporting intelligent computing clusters, and providers of short-term, high-frequency peak-shaving technology.
Based on this, it is anticipated that in the second half of the year, the computational power and electricity synergy and "AI+" sectors will gradually deliver on earnings growth expectations. Investors can make preliminary assessments by focusing on the significant increase in tender activities during the second quarter. Simultaneously, investors are reminded to remain rational and avoid bubble assets that have seen excessive price increases but lack fundamental earnings support.
This year's Government Work Report again prioritizes expanding domestic demand,明确 emphasizing coordinating consumption promotion and investment expansion to open new spaces for domestic demand growth. Policy logic has upgraded from short-term stimulus to a systematic approach integrating "income + credit + scenarios." This involves not only supporting durable consumer goods updates through fiscally-financially coordinated special funds but also proposing household income increase plans and creating new consumption scenarios through innovative measures like optimizing vacation systems.
This series of "combination punches" addresses public concerns directly, aiming to fundamentally enhance household consumption capacity and willingness, and accelerate the building of a strong domestic market. As policy dividends continue to be released, China's advantage of a ultra-large-scale market will be further transformed into strong endogenous momentum.
Expanding domestic demand has been the top task for two consecutive years, with the core being activating endogenous growth动力 through institutional reforms. The demand side focuses on unleashing service consumption potential and leveraging new infrastructure investment. The consumption side promotes income increase plans and the implementation of paid leave systems. The investment side involves expanding new政策性 financial tools, with potential key布局 directions likely in the new infrastructure领域.
The prospects for domestic demand recovery are also看好, with policies precisely stimulating domestic demand potential starting from creating consumption scenarios. A recovery in domestic consumption is值得期待 for 2026. For the capital market, this means a window of opportunity for value revaluation in undervalued sectors may have opened.
From a specific investment strategy perspective, investors can actively挖掘 value revaluation opportunities in undervalued domestic demand sectors and pro-cyclical assets, including quality标的 directly benefiting from measures to expand domestic demand like consumer trade-in programs and the expansion of goods and service consumption.
Focus can be placed on consumption upgrade and service consumption tracks, including healthcare, elderly care services, and cultural tourism consumption. These directions align with national industrial upgrade strategic priorities and possess favorable long-term growth potential.
Turning attention to Hong Kong, this year's Government Work Report's emphasis on technological innovation injects new imaginative space into the Hong Kong stock market, which聚集众多新经济龙头. The Hong Kong tech sector overall presents a landscape of coexisting opportunities and challenges this year, likely experiencing significant fluctuations. Thanks to its flexible listing system, Hong Kong has attracted a large number of high-growth new economy enterprises. Meanwhile, traditional internet giants in Hong Kong are accelerating their transformation into enablers of "AI + industry," with their vast user ecosystems and deep data moats serving as natural fertile ground for AI commercialization.
Despite increased volatility since the beginning of the year and the Hang Seng Tech Index remaining in an adjustment phase, southbound capital shows strong willingness for counter-trend布局, maintaining large-scale inflows. Data shows that year-to-date net purchases by southbound funds have exceeded a substantial amount. The large-scale inflow of southbound capital signals that domestic capital's influence over Hong Kong's core assets is transitioning from quantitative change to qualitative change, gradually offsetting impacts from foreign capital fluctuations. This trend also indicates the Hong Kong market is undergoing a rebalancing of valuation and growth potential. Previously, Hong Kong tech leaders experienced阶段性 declines due to market concerns about their AI commercialization pace, but significant valuation advantages attracted southbound capital to increase positions counter-trend. The continuous influx of southbound capital into quality tech leaders also reflects that the Hong Kong market may have moved from a "oversold rebound" phase to a new cycle of "medium-to-long-term value anchoring."
In the Hong Kong market, besides emerging industries, quality leading enterprises in many traditional industries such as upstream resources, building materials, chemicals, manufacturing, and consumption are facing value revaluation opportunities. As industries undergo spontaneous capacity clearing, capital expenditure for these enterprises has decreased, industry competition格局 continues to optimize, leading to higher-quality development.
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