The year 2025 has been pivotal for the AI industry, with technological advancements from domestic AI smartphones to overseas innovations like Gemini fueling global investor enthusiasm. AI has emerged as one of the star performers in the A-share market, with sectors such as power equipment and optical communications benefiting from massive capital expenditures by global tech giants. As we look ahead to 2026, what trajectory will the AI industry take, and what investment opportunities will it present?
On December 12, the "Golden Yangtze" Private Equity Empowerment Program, hosted by Changjiang Securities, held a salon event in Hangzhou. The event brought together over 50 private fund managers, including Fuying Investment, Longquan Investment, Zhefu Capital, and Boyan Investment, alongside industry experts to discuss investment strategies for 2026 and the scientific selection of fund managers.
Chen Youbin, General Manager of Changjiang Securities Zhejiang Branch, emphasized that the capital markets are undergoing structural optimization and functional enhancement. With supportive policies and signs of economic recovery, A-shares have shown resilience, attracting steady inflows of long-term capital. The private equity sector continues to develop under regulatory frameworks, improving active management capabilities and innovative tool utilization.
**AI as a Key Driver in Electronics** Yang Yang, Chief Analyst of the Electronics Sector at Changjiang Securities Research Institute, outlined investment opportunities in AI hardware, edge AI, and semiconductors for 2026.
- **AI Hardware**: Focus areas include servers, PCBs, and memory supply chains. High-end PCB products, particularly for AI servers, are expected to see rising demand, with gross margins potentially stabilizing above 35%. - **Edge AI**: AI-powered smart glasses are gaining traction as a cost-effective wearable solution, with Meta’s new models projected to achieve significant sales growth in 2025, mirroring the "TWS earbuds moment" of 2019. - **Semiconductors**: Investors should prioritize leading platform companies and niche innovators. Semiconductor materials firms are improving, but selectivity is crucial—focus on high-growth, low-domestication segments.
**Empowering Private Equity Ecosystem** Changjiang Securities collaborates with Industrial Bank and Industrial Trust to provide comprehensive support for private fund managers. Discussions highlighted integrated service models and trust-based transformation strategies to enhance the private equity landscape.
**Private Equity Perspectives** Despite market volatility, many funds remain optimistic about A-shares, citing reasonable valuations and long-term growth potential. Key insights include: - **Guangjin Meihao Fund**: Emphasized diversified FOF strategies, noting resilience in intraday alpha strategies and momentum-driven CTA approaches amid commodity market divergences. - **Ducheng Investment**: Anticipated a shift from valuation-driven gains to fundamentals-driven rotations, urging investors to adapt strategies for sectoral shifts. - **Zhejiang Yinwan Fund**: Maintained full positions, identifying value in sectors like consumer staples and offshore markets, despite overall elevated valuations. - **Longquan Investment**: Advocated a macro-aware, research-intensive approach, favoring undervalued sectors such as energy storage and globally competitive export chains.
Looking ahead, 2026 is expected to favor equity assets, driven by policy support and盈利 recovery, with AI innovation and high-end manufacturing exports leading growth.
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