2026年中期全球投资展望

2026 20265 4 6 8 10 16 22 — “”20 “” “”“G2” Mika Kastenholz, “”LGT Mika Kastenholz 2026 LGT 05.02. 10.04. 12.04. 16 2026 “” 202643.1% 202695% 21SpaceXxAI (NASA)(Artemis)20282030SpaceXSpaceX(Starlink)10,000 “” FactSet202650084%80%[1]27.7%[1]20267,650[2] 1https://insight.factset.com/sp-500-earnings-season-update-may-8-20262https://www.goldmansachs.com/insights/articles/tracking-trillions-the-assumptions-shaping-scale-of-the-ai-build-out “” ▪20264▪20264▪2026 20506020% 20506013%14%20%“” 2520,00025,000“”“”“”8%20% monoclonal antibodies1980(Merck)Keytruda3172025BioNTechmRNA5 DNA2424DNA “” — “”DNA—6 Time gain: ▪Elimination of 1–3 yearsof pure structure-determination time in many cases▪Acceleration of the early phase of drug developmenttypically by 30–50 % when AI-basedstructures are used consistently (rough indicative figures, depending on the project). LGT 1.320301.8 25“”“”— 203060%7 “” CDMO RNA — 2026582026515 LIECHTENSTEIN. The Princely Collections, Vaduz–Vienna; anucha sirivisansuwan/Shutterstock.com2AU USAnakul/Shutterstock.com4Raphael Zubler7alexgo.photography/Shutterstock.com, Jiri Hera/Shutterstock.com, Steve Heap/Shutterstock.com,Zurijeta/Shutterstock.com, Eez/Shutterstock.com, Sussa Mgt/Shutterstock.com, TAKASHI SUZUKI/Shutterstock.com,mariakray/Shutterstock.com, GreenOak/Shutterstock.com, ribeiroantonio/Shutterstock.com, Hamara/Shutterstock.com,Dmitriy Prayzel/Shutterstock.com, Rawpixel.com/Shutterstock.com, Nick N A/Shutterstock.com8Smart Calendar/Shutterstock.com10AI-generated illustration created with Runway11Ficta Stock/Shutterstock.com12Paopano/Shutterstock.com17iStock.com/Halfpoint20PeopleImages/Shutterstock.com Dr Mika Kastenholz, Global Head Investment Solutions Stefan Hofer, Chief Investment Strategist, APACPhilipp Lisibach, CFA, Chief Investment Officer Europe Investment Solutions Europe, Thematic InvestingGeorg Ruzicka, Head Thematic Investing Dr Tilman Dumrese, Senior Equity SpecialistTobias Aellig, CFA, Senior Equity Specialist Investment Solutions APAC, Equity AdvisoryPey Herng Yap, CFA, Equity SpecialistVictoria Lim, CFA, Equity Specialist Dominique Stutz Corporate Marketing Design Rangsit Road, Chomphon, ChatuchakBangkok 10900, Thailand Germany, Marie-Curie-Str. 24-28, 60439Frankfurt am Main, Germany -LGT Wealth Management UK LLP(FCA)OC32939214 Cornhill,London, EC3V 3NR-LGT Wealth Management Limited(FCA)SC317950Capital Square, 58 Morrison Street,Edinburgh, EH3 8BP-LGT Wealth Management Jersey Limited102243Sir Walter Raleigh House, 48-50Esplanade, St Helier, Jersey JE2 3QBLGTWealth Management (CI) Limited5769IFC1,The Esplanade, St Helier, Jersey, JE1 4BP-LGT Wealth Management US Limited(FCA)(SEC)0645524014 Cornhill,London, EC3V 3NR-LGT Wealth Management Limited (ABN 50005 311 937, AFS Licence No. 231127)Level 32, Chifley Tower, 2 ChifleySquare, Sydney NSW 2000-LGT Wealth India Pvt. Ltd.7th Floor, A Block,Shiv Sagar Estate, Worli,Mumbai 400018 -L G T B a n k A G ,U K B r a n c h14 Cornhill, London EC3V 3NR, UnitedKingdom( F M A )Landstrasse 109, P.O. Box 279, 9490 Vaduz,Liechtenstein(FCA)12 Endeavour Square, LondonE20 1JN, United KingdomLGTBank AG (FRN 959424)(FCA)LGT Bank AG(PRA) 5835EU 1286/2014(PRIIPS KID) -LGT Bank (Switzerland) Ltd.LangeGasse 15, 4002 Basel, Switzerland(FINMA)Laupenstrasse 27, 3003Berne, Switzerland -LGT (Middle East) Ltd.The GateBuilding (East), Level 4, P.O. Box 506793,Dubai, United Arab Emirates1308(DFSA)DFSALevel13, West Wing, The Gate, P.O. Box 75850,Dubai, UAE -LGT Bank AG824203(FMA)Landstrasse 109, P.O.Box 279, 9490 Vaduz, Liechtenstein82551854LGTBank AG LGT Group Holding Ltd.Herrengasse12, 9490 Vaduz, Liechtenstein -LGT Bank Ltd.Herrengasse 12, 9490Vaduz, Liechtenstein(FMA)Landstrasse 109, P.O. Box 279, 9490Vaduz, Liechtenstein-L G T B a n k A G , Z w e i g n i e d e r l a s s u n gÖsterreichBankgasse 9, 1010Vienna, Austria(FMA)Landstrasse 109, P.O. Box 279, 9490 Vaduz,Liechtenstein(FMA)Otto-Wagner-Platz 5, 1090Vienna, Austria-L G T B a n k A G , Z w e i g n i e d e r l a s s u n gDeutschlandMaximilianstr. 13,8 0 5 3 9 M u n i c h , G e r m a n y(FMA)Landstrasse 109, P.O.Box 279, 9490 Vaduz, Liechtenstein(Bundesanstalt fürFinanzdienstleistungsaufsicht BaFin)Graurheindorfer Str. 108, 53117 Bonn, LGT (Middle East) Ltd. LGT (Middle East) Ltd.(DFSA)LGT (Middle East) Ltd.DFSADFSAThe Gate Building(East), Level 4, P.O. Box 506793, Dubai, UnitedArab Emirates1308 -LGT Investment Management (Asia) Limited8242031854 -LGT3#30-0103919010 Shenton Way, MASBuilding, Singapore 079117 -LGT Wealth Management Trust Inc.The Okura Prestige Tower 9F, 2-10-4 Toranomon, Minato-ku, Tokyo 105-0001,Japan -LGT Securities (Thailand) Ltd.57 Park Ventures Ecoplex, Level 21, Units2101-2103 & 2112, Wireless Road, Lumpini,Pathumwan, Bangkok 10330, Thailand(SEC)333/3 Vibhavadi- LGT Bank Ltd. LGT Bank AG, Zweigniederlassung Österreich LGT Bank AG, Zweigniederlassung Deutschland LGT Bank AG, UK Branch LGT Bank (Switzerlan