--- title: "Yang Delong: Technology stocks remain an important investment theme in the Year of the Horse" type: "News" locale: "en" url: "https://longbridge.com/en/news/276432342.md" description: "Yang Delong pointed out that technology stocks remain an important investment theme in the Year of the Horse. During the Spring Festival, the Spring Festival Gala showcased the technological advancements of several robotics companies, reflecting China's leading position in technological innovation. The combination of AI and robotics technology, especially in the fields of education, healthcare, and finance, is expected to usher in its commercial year in 2026. Although the technology sector is no longer the only main theme, it remains the focus of market attention" datetime: "2026-02-20T10:17:20.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/276432342.md) - [en](https://longbridge.com/en/news/276432342.md) - [zh-HK](https://longbridge.com/zh-HK/news/276432342.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/276432342.md) | [繁體中文](https://longbridge.com/zh-HK/news/276432342.md) # Yang Delong: Technology stocks remain an important investment theme in the Year of the Horse Currently, it is the Spring Festival during the Year of the Horse. I wish everyone good health and successful investments in the Year of the Horse. This year's Spring Festival Gala has attracted a lot of attention, featuring four robotics companies, including Yushu Technology, Galaxy General, Songyan Power, and Magic Atom, all of which are leading robotics companies in China. They participated in various performances, including skits, song and dance, as well as action programs, showcasing the flexibility of their robots while also incorporating many interactive segments. Last year's Spring Festival Gala saw Yushu Robot performing the Yangge dance, which was somewhat clumsy and required pre-programmed instructions to complete; this time, interactive scenarios were added. It is evident that, after a year, China's robotics industry has undergone significant evolution, and the performance of the robots has impressed many. This year's Spring Festival Gala featured high technological content; in addition to robots, there were also designs related to AI, reflecting China's leading advantage in technological innovation. Since many programs this year included robot-related plots, some netizens jokingly said that the director must have heavily invested in robots and is now stuck at a high position, of course, this is just a joke. China's robotics industry has reached the forefront of the world, and we have a huge advantage in developing robots because we possess the most complete industrial chain in the world, with ample preparations in hardware and software. In terms of large models, this year's Spring Festival Gala saw ByteDance's Doubao large model shine brightly, and its Volcano large model also received widespread market attention; last year, large models launched by major companies such as DeepSeek, Qianwen, and Yuanbao fully demonstrated China's significant advantages in the field of large models. In the hardware sector, China has made significant breakthroughs in chip semiconductors, laying a solid foundation for the full development of AI+ applications. The best landing scenarios for AI+ applications (especially AI+ consumption) are humanoid robots, while AI+ education, AI+ healthcare, and AI+ finance will gradually take shape, with 2026 likely being the year of commercialization for humanoid robots and a year of full explosion for AI applications. This prediction is also reflected in the capital market, where the technology sector in the Year of the Horse has become one of the leading sectors. Although it is no longer the only main line, technological innovation remains the focus of the current market. The year 2026 marks the beginning of the "14th Five-Year Plan," and the fields highlighted in the plan, such as industrial robots, chip semiconductors, computing power algorithms, solid-state batteries, biomedicine, and commercial aerospace, are worth paying close attention to in 2026. However, the technology stock sector may experience significant differentiation in 2026; technology companies that truly achieve technological breakthroughs, can receive orders from major companies, or deliver performance may continue to perform well, while purely speculative technology stocks with high valuation bubbles may see significant declines. Therefore, investing in technology stocks in the Year of the Horse presents certain difficulties and requires fundamental research for investment rather than merely speculating on concepts. Thus, value investing is applicable not only to traditional industries but also to the technology innovation sector. Analyzing companies in the technology innovation sector should start from fundamentals, considering whether the company can significantly impact our work and life and whether it can ultimately translate its development potential into performance For value investing, our understanding needs to be more comprehensive; we should not only focus on whether the target is a value stock but also pay attention to its growth potential, as growth stocks also possess the value of value investing. Warren Buffett, as a master of value investing, is also a leader in growth investing. The high-quality companies he invests in have achieved decades of sustained growth, and it is precisely because he invests in high-quality enterprises with long-term growth potential that he has created investment miracles. Berkshire Hathaway's fourth-quarter report last year showed that the company continued to significantly reduce its holdings in U.S. stocks, including its largest position in Apple and Bank of America, while also significantly reducing its stake in Amazon, only slightly increasing its holdings in some other sectors. Overall, the position has continued to decline, with cash on hand for the first time exceeding stock positions, and stock positions falling below 50%. As a model of value investing, Buffett consistently reduces his holdings on the left side of the bull market and calmly waits to buy the dip after a market crash during bear markets, truly embodying the principle of "be fearful when others are greedy, and greedy when others are fearful." Currently, there is significant divergence in the market regarding the performance of U.S. stocks. Last year, during a conversation with Wall Street mogul Rogers, he clearly stated that he had completely liquidated his U.S. stock holdings, believing that the risk of a bubble in U.S. stocks is extremely high and that there could even be the largest decline in history; however, there are also many investors who remain optimistic about U.S. stocks, especially the "Seven Sisters" of U.S. technology stocks, believing that U.S. AI technology will profoundly change work and lifestyle, with enormous potential for future development. Regarding the trend of U.S. stocks, I believe the final stance should be a moderate one, neither as pessimistic as investment masters like Rogers nor as overly optimistic as the bulls. In 2026, the volatility of U.S. stocks is likely to increase significantly, with several stocks potentially facing peak risks. The market performance since the beginning of the year has already reflected this characteristic, with technology leaders represented by Nvidia continuing to rise sharply. After Meta signed a large order with Nvidia, investor optimism remains, but leading stocks like Amazon, Google, and Apple have seen some adjustments. The divergence in the market and the differentiation among sectors are both continuing to increase. For U.S. stock index ETFs with high premium rates, investors need to remain cautious and guard against the risk of peak declines. After the Spring Festival, the A-share market is expected to launch a spring offensive. The trend of a slow bull market has been established, and the market's wealth effect is gradually becoming apparent. During the Spring Festival, one of the topics people discussed while visiting relatives and friends was how much they made in the stock market last year, which will undoubtedly further spread wealth stories and expand the market's wealth effect, attracting more funds to enter. From a policy perspective, the Federal Reserve is expected to continue its interest rate cut cycle in 2026, with the first rate cut anticipated in June, as Fed Chairman Powell's term ends in May, and Trump nominates Waller to take over as the new Fed Chairman. The nominee is likely to consider Trump's opinions. Trump has always advocated for rapid interest rate cuts to alleviate the U.S. government's debt pressure and boost economic performance, paving the way for the midterm elections. It is expected that the U.S. will see 2-3 rate cuts in the second half of the year, each by 25 basis points. The Fed's rate-cutting actions will also provide greater monetary policy easing space for the People's Bank of China, as our country will continue to maintain a low-interest-rate and ample liquidity monetary environment to support economic recovery. In 2026, our country will prioritize promoting a moderate increase in prices as an important policy goal, with a positive CPI and a narrowing decline in PPI being positive signals for economic recovery. Moving forward, our country will implement more proactive macro policies to stimulate consumption, boost investment growth, and stabilize the economic fundamentals, which is also the core foundation for the continuation of a slow bull market In summary, it is recommended that everyone maintain confidence and patience, choose good stocks and good funds through value investing, seize the opportunities of this slow bull market to achieve wealth growth. (This opinion is for reference only; investment should be cautious. 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