普信集团：2026年全球市场展望报告：投资者认知、技术工具与市场变革（英文版）（21页）.pdf

1、2026 Global Market OutlookMinds,machines,and market shiftsOUTSIDE OF THE UNITED STATES,THIS IS INTENDED FOR INVESTMENT PROFESSIONAL USE ONLY.NOTFORFURTHERDISTRIBUTION.Introduction Page 1Economic Outlook Page 2SpotlightArtificial Intelligence Page 5Equity Page 7Fixed Income Page 9Private Markets Page

2、 11Asset Allocation Page 13Minds,machines,and market shiftsEric Veiel,CFAHead of Global Investments andCIOArtificial intelligence(AI)is no longer just a promiseitspowering measurable change across the global economy and financial markets.After years of hype and speculation,the AI boom has crossed a

3、critical threshold:Ideas are becoming infrastructure,and investor focus is shifting from AIs potential to itsprofitability.This transformation is most visible in the surge of investment into physical infrastructuredatacenters,semiconductor manufacturing,energy grids,and moredriving robust economic g

4、rowth,particularly in the U.S.Major spending incentives and legislation are set to amplify AIs impact in 2026,supporting productivity even as other regions,such as Europe,contend with the aftereffects of tariffs and weaker manufacturing demand.Yet,as markets rush to capitalize on these opportunities

5、,stretched valuations in key AIrelated sectors are fueling concerns over a potential bubble.The speed and scale of capital deployment have led to areas of speculative activity and anxiety about whether current prices reflect sustainable earnings or unsustainable exuberance.Investors must now balance

6、 excitement about technological transformation with disciplined research and a cleareyed approach to risk.Meanwhile,the world continues to grapple with powerful nonAI forces.Inflation remains stubborn in many developed economies,exacerbated by expansionary fiscal policies,tariffs,and labor market sh