中信建投海外2026年投资策略展望:驾驭AI浪潮,寻找宏观分化下的结构性机会

中信建投证券研究
Nov 10

文|崔世峰 于伯韬 许悦 向锐我们对2026年美国科技板块的看法是“机遇与挑战并存”。人工智能(AI)无疑是重塑产业格局、驱动长期资本开支(Capex)的主线。然而,宏观经济的复杂性——特别是“无就业增长”下的降息周期——将对不同子行业产生显著的“K型”分化效应。国内方面,AI转型形成广泛共识。中国AI产业故事可以概括为:一个庞大且占主导地位的“应用市场”,正在资助一个“世界级”的“模型层”,并...

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