Public Fund Decoding 2026 Investment Main Line

Currently, AI-related fields remain the focus of the technology investment wave. Experts believe that in the second half of this year, the “computing and electricity” collaboration and the “AI+” sector will gradually realize performance growth expectations. Investors can make predictions by closely monitoring the bidding volume increase in Q2. However, investors should also remain rational and avoid bubble stocks with excessive gains and lack of performance support.

Since the beginning of this year, the A-share market has shown volatility, with sector rotation accelerating. How should investors seize opportunities? During the two sessions, many investment institutions and industry insiders provided outlooks on this year’s capital market opportunities, focusing on the government work report and the “14th Five-Year Plan” outline.

According to reports from multiple public fund institutions and professionals, technological innovation remains one of the main investment themes this year, with AI-related subfields becoming key areas for deployment. Notably, “computing and electricity collaboration” was included in the government work report for the first time, and the investment opportunities behind it are worth期待. Additionally, low-valuation domestic demand sectors and Hong Kong stocks that continue to attract southbound funds are also important directions for institutions.

Maintaining the macro tone of continuity

This year’s government work report continues the macro policy continuity, guiding investment directions for public funds and other investment institutions.

“Both fiscal and monetary policies continue the overall tone of 2025, maintaining steady policy力度,” said Guotai Fund. Fiscal policy remains “more proactive,” and monetary policy continues the “moderately宽松” approach, characterized by precision and flexibility. New structural policy tools aim to guide financial “fresh water” more efficiently into key areas such as expanding domestic demand and科技创新.

Wanguo Fund stated that focusing on the capital market and maintaining overall economic and social stability are the best “ballasts,” while continuous progress in科技教育 will bring more investment opportunities.

JiaShi Fund analyzed that the government work report提出 “implementing special actions to boost消费,” “cultivating and expanding emerging and未来产业,” “creating new forms of智能经济,” and “strengthening原始创新 and key core技术攻关,” providing clearer directions for capital market opportunities in related industries.

“The policy tone from the two sessions clearly releases the core signals of ‘steady growth,强化科技, and促消费’,” explained Southern Fund. Steady growth, as the fundamental goal of macro policies, is reinforced through proactive fiscal policies and moderately宽松 monetary policies to solidify the economic foundation;强化科技 focuses on accelerating the development of new productive forces, especially in AI, advanced制造, and未来产业;促消费 becomes a key tool to expand domestic demand, leveraging居民增收,旧换新, and服务消费升级 to stimulate market vitality.

Caitong Fund believes that the policy signals from the two sessions highlight the cultivation and expansion of emerging and未来产业 as policy亮点.

Technology as the main investment theme

Technological innovation remains a key focus in current investments.

On March 6, Wu Qing, Chair of the China Securities Regulatory Commission, stated at the Fourth Session of the 14th National People’s Congress that: “This year’s government work report明确提出, for科技型企业 in关键核心技术领域, regular implementation of上市融资 and M&A ‘green通道’ mechanisms, supported by科技金融 to foster创新创造.”

“From China’s实际情况, whether培育 and expanding emerging industries,提前布局未来产业, or transforming traditional industries into绿色 and智能化, further发挥资本市场功能,加快推动科技创新 and产业融合发展 are necessary. The development of new质生产力 will support higher-quality capital market growth and bring better,持续的 returns,” Wu Qing emphasized.

Southern Fund noted that with major favorable政策 for科技金融, innovations in national创业投资引导基金 and耐心资本, as well as the normalization of融资 for关键核心技术企业 through ‘绿色通道,’ will facilitate a healthy '科技—产业—金融’循环. “Under strong政策 support,新质生产力 such as AI, advanced制造, and未来产业 will flourish, potentially成为推动中国经济转型升级的核心引擎.”

“产业结构升级, especially in科创行业, remains a重点政策方向,” said Bosera Fund. The frequent提及 of AI,数字经济, high-end制造, and绿色能源 reflects持续重视 on cultivating新质生产力. For capital markets, this indicates that structural opportunities amid经济转型 will continue to be core investment themes.

Specifically, related to subfields, AI-related areas remain the focus of the tech investment wave.

Great Wall Fund manager Han Lin suggests关注 AI and泛AI sectors with rigid供需 and国产替代 logic, such as海外算力新技术,国产算力,半导体设备材料, and海外电力基础设施. Yu Huan, another manager, recommends重点关注上游 benefiting from AI涨价, midstream sectors with供需错配 leading to景气上行, and downstream AI应用 or those享受出海红利,赚取海外超额收益的行业.

“基础设施如算力的景气度爆发，持续挖掘光通信、太空算力、国产算力芯片、PCB、液冷、存储等方向的投资机会,” said Liu Jiang, manager of Great Wall Fund. He also highlighted新模型 and Agent（智能体）应用驱动的新商业模式，以及在具身智能场景中关注人形机器人、自动驾驶、无人车和无人机等方向的变化.

JiaShi Fund pointed out opportunities arising from AI扩散带来的“AI+”新机遇, 包括能通过应用AI创造效益的方向，以及受益于AI需求拉动、产能挤压和国产化率提升的存储、先进制程设备等领域；也涵盖由AI基础设施投入延伸出的传统行业股票的重估机会。

Bosera Fund also emphasized关注人工智能、高端装备和半导体等领域。

Caitong Fund认为，除了围绕高技术制造和装备制造的主线外，还应结合“数字中国”发展目标，布局数字经济核心产业在提升比例过程中出现的相关机遇。

算力的尽头是电力

随着AI算力持续增长，其能源需求也同步扩大。

Caitong Fund指出，绿色低碳和能源转型可作为布局主线之一，从“能耗双控”转向“碳排放双控”；叠加“十四五”期间109项重大工程在新质生产力、现代化基础设施、绿色低碳等六大领域的资金倾斜，还应重点关注：算力与工业软件、清洁能源与新型电力系统、高端装备和工业母机、航空航天与低空经济、设备更新与以旧换新、未来能源、量子科技、具身智能、脑机接口、6G等未来产业赛道。

Bosera Fund认为，能源转型相关产业中，新能源、电网升级和储能技术具有长期投资价值。

市场普遍认为，算力的核心支撑是电力。当前AI算力指数级增长，但面临能源消耗的物理瓶颈。在此背景下，“算电协同”成为新兴发展方向。

东北证券策略团队负责人张超越表示：“‘算电协同’首次写入政府工作报告，标志着这一此前停留在部门专项行动和试点阶段的措施，正式上升为国家战略规划。其根本驱动力，是为了在全球AI竞赛中，将中国的电力优势转化为算力成本和产业生态的压倒性优势。”

“今年政府工作报告对人工智能的部署较多，相较以往，在智能经济新形态的表述上更为具体。”张超越强调，特别是“实施超大规模智算集群、算电协同等新基建工程，加强全国一体化算力监测调度，支持公共云发展”的相关部署，值得关注。

“‘算电协同’如何落地，背后又潜藏哪些投资机遇？”

张超越表示，这将深刻改变“算”和“电”两个产业的运行逻辑，在“协同”过程中催生出全新的价值链。他建议关注已实现“算电一体化”布局的龙头企业；其次是智算中心（AIDC）运营商，这些企业直接受益于AI算力需求爆发，同时享受算电协同带来的成本优势；第三是智能调度软件提供商（协同核心）；第四是电力设备供应商（硬件基础）和工程建设企业（EPC）。

“‘AI+’与‘算电协同’是新基建核心赛道的投资机遇。”泰石投资董事总经理韩玮告诉《国际金融报》。今年两会首次将“算电协同”明确列为新基建工程，政府工作报告强调通过“超大规模智算集群+算电协同”构建智能经济新形态，国务院在国新办新闻发布会更直指“AI的尽头是能源”，凸显国家电网体系对AI产业发展的基础支撑作用。

韩玮进一步分析称，一方面，随着AI算力指数级增长，电力负荷密度持续攀升，传统电网难以满足智算中心的动态能耗需求。而算电协同可通过智能调度绿电与储能资源实现供需平衡，当前市场对算力、电力和算电协同能力的需求爆发。另一方面，政策明确要求超大规模智算中心配套新型电网系统，这使得高压直流输电、柔性直流配电和储能调峰等环节迎来确定性增量，相关电网改造市场规模至少达万亿。

韩玮认为，凭借国内外市场的强劲需求，我国在全球技术领先的设备龙头企业将迎来大量优质投资机会，包括特高压核心设备商、智能变压器企业、配套智算集群的分布式绿电运营商、短时高频调峰技术提供商等。

基于此，韩玮预计，今年下半年“算电协同”与“AI+”板块将逐步实现业绩增长预期，投资者可通过关注二季度招标放量节点提前布局。同时，他提醒投资者保持理性，避免追高泡沫品种。

“消费”值得期待

今年政府工作报告再次将扩大内需放在首位，明确统筹促消费和扩投资，开拓内需新空间。

“政府工作报告将扩大内需放在更突出位置，政策逻辑由短期刺激升级为‘收入+信贷+场景’的系统施策。”南方基金指出，不仅通过财政金融专项资金支持耐用消费品更新，还提出居民增收计划，并通过优化休假制度等创新措施创造新消费场景。

南方基金进一步指出，这一系列“组合拳”直指民生关切，旨在从根本上提升居民消费能力和意愿，加快建设强大国内市场。随着政策红利持续释放，中国超大规模市场优势将转化为强劲的内生动力。

国泰基金认为，扩大内需连续两年列为首要任务，核心在于通过制度改革激活内需内生增长动力。需求端聚焦服务消费潜力释放和新基建投资撬动，消费端推进增收和带薪休假制度落地，投资端则扩大新型政策性金融工具，重点布局新基建。

天弘基金也看好内需复苏前景，认为政策从消费场景创造入手，精准激发内需潜力，预计2026年国内消费将迎来复苏。

对资本市场而言，这意味着在低估值板块中，价值重估的机会窗口或已开启。

具体投资策略方面，嘉实基金建议投资者积极挖掘低位内需板块和顺周期资产的价值重估机会，包括受益于消费品以旧换新、商品和服务消费扩容的优质标的。

博时基金建议关注消费升级和服务消费赛道，包括医疗健康、养老服务和文化旅游等领域。这些方向符合国家产业升级战略重点，也具备良好的长期增长潜力。