Huatai Securities' Wang Weiguang: The AI industry narrative is not yet over, and the market will enter a "midfield breather"
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Wang Weiguang, Co-Chief Strategist at the Huatai Securities Research Institute, judged at the 2027 Annual Investment Summit that the AI industry narrative is not yet over, but the market will move from broad-based gains into a "midfield breather," with the investment focus shifting from computing power investment to return verification, and attention can be paid to directions such as physical AI, on-device AI, AI applications and power. He expects the net profit attributable to parent companies of all A-share non-financial enterprises to grow by about 5.1% in 2027, and recommends grasping three main lines: improvement in the supply-demand landscape, urban renewal and the construction of the "six networks," and high-quality overseas expansion leaders.
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在华泰证券2027年度投资峰会上，华泰证券研究所策略联席首席分析师王伟光分享了对2027年A股市场的展望。其年度策略以“风格切换进行时”为核心判断，认为A股中期向上的基础依然稳固，全A非金融企业整体盈利能力已越过底部拐点，行业竞争格局改善、企业出海与经营效率提升将继续支撑盈利修复，未来市场上涨有望更多依靠企业盈利改善。
王伟光预计2027年全A非金融企业归母净利润增速约为5.1%，不同行业的发展阶段和景气节奏有所分化，将带来更多结构性机会，内需消费和顺周期板块有望迎来底部反转。风格方面，上半年大盘价值及ROE低位修复品种相对占优；下半年若美元走弱、国内信用与流动性改善，小盘成长风格有望迎来修复。
针对市场对AI能否延续主线的关注，王伟光认为，AI产业叙事尚未结束，但行情将由全面普涨进入“中场休整”，投资重心将从算力投入转向回报验证，可重点关注物理AI、端侧AI、AI应用及电力等方向。配置方面，他建议把握供需格局改善、城市更新与“六张网”建设、优质出海龙头三条投资主线。
（文章来源：21世纪经济报道） 正文中部 内嵌广告