CICC's outlook for 2026: Continuously optimistic about the related fields of AI, electrification, and finance.

The research report from Zhongjin Company stated that they continue to be optimistic about the fields related to AI, electrification, and finance. In terms of AI, analysts at Zhongjin Company believe that the overseas demand for computing power will remain strong until the end of 2026. They also predict that the capacity in the two major areas of electricity and storage will remain tight in 2026. Electrification will continue to benefit from energy transition, infrastructure projects, and investments in data centers. Infrastructure construction for AI and reshaping of the industrial chain will continue to drive the increase in overseas electricity consumption, leading to a reinforcement of the logic of power shortage, which is favorable for the power operation sector. The growth rate of consumer spending in the United States in 2026 may face a slowdown, while consumer spending in non-US regions may show marginal improvement but overall sluggishness. Zhongjin Company maintains a cautious attitude towards the consumer industry. Against the background of continued differentiation in fundamentals, it is recommended to focus on sectors with relatively reasonable valuations and positive potential catalysts, such as changes in the pharmaceutical and automotive industries.