2026年富达全球投资展望：Alpha新“势”代

The Age of Alpha Contents Foreword3 Macro and Multi Asset: Time to broaden horizons5 Equities: AI calculations dominate10 Asia: Capitalising on technology and corporate reforms18 Fidelity Analysts: AI is starting to make itself useful to businesses23 Foreword A warm welcome to Fidelity International’s Outlook 2026. After reading the following pages, you will have a firm grasp of the structural forces shaping markets as wehead into the new year. We hope these insights, based on Fidelity’s on-the-ground research, help you testand enrich your thinking. Your local Fidelity team is ready to partner with you, bringing fresh ideas, thoughtful insight, and provenexpertise to help you achieve your goals. And there is plenty to talk about. In 2026, investors will need to consider how to make sense of structural shiftsthat are playing out across economies, sectors, and regions. From questions around whether the promise ofAI has driven equity markets too far, to how to build portfolios that are resilient in a more multipolar world. In particular, our 2026 Outlook grapples with three topics that should be on every investor’s radar: ■Inflation is re-emerging as a core macro risk, at a time when growth is also under pressure. What willthat mean for interest rates, credit risk, and the strength of the US dollar over the coming months?■Asia is benefiting from a trend towards diversification, emerging as a destination for capital andinnovation. Can it surprise to the upside in 2026?■How long will the market wait for the AI story to bear fruit, and what might happen if patience runs thin? Through it all, Fidelity’s global research network continues to give us deep insight into how these forces areevolving on the ground. Our role is to translate that knowledge into perspective and partnership, helping younavigate change with confidence and a long-term view. These are complex times, but they also bring extraordinary opportunities. AtFidelity International, we’re here to help you make the most of them. Keith MettersPresident Summary Macro and Multi Asset Equities There is a disconnect between the positiveshort-term environment for risk assets, anda broader structural instability. Globalfragmentation, a depreciating dollar, US FederalReserve independence, and AI capex trendsare themes to watch in 2026 and beyond. AI will be the defining theme for equity marketsin 2026. It should continue to propel stocksforward, and there is real substance to theunderlying technology even as questions mountover its application. It is wise to understandthose risks, and where best to diversify. Convictions Convictions Continue to invest inthe AI theme, while alsolooking to build resilience throughincome playsand opportunities beyond the US, likeEurope,Japan, and China. Look toemerging market equities andlocal currency bondswhich will benefit fromsupportive policy and dollar depreciation, andseek alternative sources of protection likegoldand absolute return strategies. Fixed Income Asia Inflation in the US will probably be higher thanthe market expects in 2026, and this presentsopportunities. Credit will prove more popularthan sovereign bonds as investors weigh therisks of high government debt. The region has developed a robust AIeco-system which means it is primed tobenefit from the tech megatrend, as it didthroughout 2025. Monetary and fiscal policiesare supportive across Asia, with a number ofcountries also pushing ahead with shareholder-friendly corporate reforms. Convictions Look forqualityto offset dispersion and tightspreads. Reviewemerging market debtfor selective risk. Considerdurationbut bemindful of sticky inflation hindering the Fed’seasing path. Convictions Asia techshould continue to perform, andequities in Korea and Japanlook attractive.Macro drivers are likely to see interest growin Asialocal currency bonds. Asiahigh yieldbonds look compelling with a more balancedpool of issuers. Macro and Multi Asset:Time to broaden horizons The environment heading into 2026 is constructive for risk assets. But there are structuralshifts to watch: AI-led capex trends, global fragmentation, Fed independence, equity marketconcentration, and a depreciating dollar. Salman AhmedGlobal Head of Macroand Strategic Asset Allocation Henk-Jan RikkerinkGlobal Head of Multi Asset,Real Estate and Systematic Top convictions ■Accommodative fiscal and monetary policy, and decent earnings, mean we are risk-on for equities.Select emerging market equitiesin particular look attractive for 2026■The depreciation of the dollar should continue to supportEM local currency bonds;we target marketswhere elevated real yields offer attractive valuations■Gold, absolute return strategies, and private assetsshould provide diversified resilience for portfoliosin the year ahead We enter 2026 amid a supportive macroenvironment. Growth should be resilient, and policy(both monetary and fiscal) is accommodative. Someof the concerns that plagued the