<h2><strong>为什么 2026 年不会奖励追逐 2024 年有效的策略</strong></h2>
<p>最近在观看一场足球比赛时，我女儿注意到一名裁判在做 “6 7” 的手势（交替的手掌向上运动）。</p>
<p>我解释说这根本不是 “6 7” 的手势，而是一个不完整传球的信号，因为接球者在出界前并没有持球。</p>
<p>如果你不熟悉 “6 7” 这个词，不用担心。它没有固定的含义。它只是一些 Z 世代的俚语——孩子们重复这个短语，因为其他人都在说。</p>
<p>然而，就在这个月，<em>Dictionary.com</em> 宣布 “6 7” 是它的年度词汇……尽管这并不是一个词，字面上也没有定义。编辑们解释说，他们的选择反映了新俚语如何迅速进入全球对话，这种现象受到青年文化和社交媒体的推动。</p>
<p>“6 7” 趋势在今年非常火热。</p>
<p>我猜？明年就没人再使用它了。</p>
<p>有些东西是注定要持久的，而另一些则是短暂的闪光。</p>
<p>仅仅为了改变而改变往往是一个大错误。今年早些时候，Cracker Barrel 因更改其标志而引发了顾客的愤怒，被迫恢复原来的设计。</p>
<p>但投资者知道，反向操作同样可能代价高昂。</p>
<p>过长时间持有近期的赢家可能会抹去很多收益。如果你在 2021 年 <strong>AMC Entertainment (AMC)</strong> 的网络热潮中投资，我希望你在它成为 10 倍赢家时就退出，而不是随着热度的消退而再次下跌。</p>
<p>别误会。我非常相信动量。正如我们的朋友、资深投资分析师 Brian Hunt 所说，“趋势往往会持续，赢家往往会继续获胜。”</p>
<p>但每年都会带来持续的赢家和新的机会的混合。</p>
<p>一些趋势延续，而另一些则达到顶峰并消退。与此同时，新的机会开始形成，通常在每个投资者都意识到之前。</p>
<p>展望 2026 年，让我们不仅仅追逐曾经的热门。让我们关注哪些想法是注定要持久的，以及哪些新的想法可能正在出现。</p>
<h2><strong>人工智能大趋势将持续…</strong></h2>
<p>最近，一些市场空头试图对人工智能大趋势表示怀疑。但就在本周，<strong>Micron Technology (MU)</strong> 报告了超预期的收益——超出每股收益、收入和现金流的预期。</p>
<p>Micron 是一家领先的全球半导体公司，专注于内存和存储解决方案。具体来说，Micron 在高带宽内存（HBM）解决方案方面处于领先地位，这种解决方案（顾名思义）提供了比传统内存技术显著更高的带宽。</p>
<p>训练人工智能模型需要大量带宽。这就是为什么几乎所有的人工智能模型都是建立在 HBM 解决方案之上的原因。</p>
<p>Micron 将在未来几年受益于巨大的 HBM 销售周期，因为数据中心正在升级其内存，以高带宽解决方案来支持大规模的生成式人工智能开发和部署。</p>
<p>Luke 在 2024 年的 <strong><em>Innovation Investor</em></strong> 中提到这一趋势，尽管早期表现挣扎，但该股票今年上涨了近 200%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/uploads/2025/12/image-8.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="936" height="602" original-src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/uploads/2025/12/image-8.jpeg"/></p>
<p>在 2026 年，Luke 正在跟踪特朗普政府投资的方向。联邦政府正在开支票并在能够帮助美国赢得人工智能经济竞争的公司中持有股权。</p>
<p>这一新政策在市场上创造了一种几乎可预测的爆炸性模式。我们在过去四个月中已经看到四次这样的情况，Luke 已经为他看到的下一个发生地点制定了路线图。你可以点击这里了解更多。</p>
<h2><strong>但赢家名单在缩小…</strong></h2>
<p>投资传奇 Louis Navellier 预计人工智能大趋势将继续，因为他的系统——专注于收益的地方——反复标记出具有基本盈利能力的人工智能相关股票。Louis 知道，具有优越收益的股票会上涨。这是股市的 “铁律”。</p>
<p>但他也认为，2026 年的赢家名单将会更短，以下是他最近向读者解释的内容。</p>
<p>e <em>[2026] 将更像是一次重大的财富转移——资金从某些行业流出，悄然而有条不紊地涌入其他行业。</em>
e
e <strong><em>这就是为什么你现在会看到一些奇怪的矛盾。科技公司的首席执行官正在出售自己人工智能公司的股份。亿万富翁们在筹集现金并增加黄金投资。</em></strong> <em>与此同时，联邦政府正在向与人工智能相关的基础设施，尤其是电力、数据中心及其所需系统，投入数万亿美元。</em>
e
e <em>这些事情不是孤立发生的。它们告诉我资本正在重新配置——不是广泛地，而是选择性地。一些股票将继续表现良好。其他股票将挣扎或彻底失败。而这种差异不会取决于头条新闻或叙述，而是取决于机构资金实际流向的地方。</em></p>
<p>Louis 在 2025 年在他的投资组合中增加了十多只黄金股票。</p>
<p>当我提到 Louis 我从未见过他投资组合中有这么多黄金股票时，他回答说：“好吧，它们有收益。”</p>
<p><strong>Kinross Gold (KGC)</strong> 于 6 月被纳入 <strong><em>Growth Investor</em></strong> 投资组合，自那以来上涨了超过 75%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/uploads/2025/12/image-103.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="975" height="627" original-src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/uploads/2025/12/image-103.png"/></p>
<p>Louis 表示，他的 <strong><em>Growth Investor</em></strong> 股票显示出机构所寻找的那种看涨市场信号。</p>
<p>平均而言，它们的年销售增长率为 28%，年收益增长率为 93.8%。在最近一个季度，平均收益意外率为 12.1%，分析师的收益预期在过去三个月中上调了约 9%。</p>
<p>这三种特征——加速的基本面、意外的上行和分析师预期的上升——是将精英股票与普通股票区分开的关键，导致了巨大的财富转移。</p>
<p>路易斯刚刚发布了一份新演示文稿，解释了他为何认为这个市场正进入一个截然不同的阶段，人工智能如何重塑资本流动，远不止于科技股，以及投资者如何在机构布局变得明显之前看到这些变化。</p>
<p>如果你想了解真正发生了什么——以及如何避免在这一转变中处于不利地位——你可以在这里了解更多。</p>
<p>一些投资理念是经得起时间考验的，而另一些则可能像 “6 7” 一样迅速消逝。当你展望 2026 年时，不要让你的投资组合因持有旧的赢家而错失那些将在未来一年超越市场的新股票。</p>
<p>祝你周末愉快，</p>
<p>路易斯·埃尔南德斯，</p>
<p>InvestorPlace 主编</p>

<p>这篇文章建议投资者关注可持续趋势，而不是追逐过去的成功，强调人工智能这一大趋势是一个持久的机会。文章警告不要执着于逐渐消退的趋势，如迷因股票，并强调识别新兴机会的重要性。提到美光科技在与人工智能相关的存储解决方案中的成功，以及特朗普政府对人工智能的投资被视为一个重要的市场影响因素。路易斯·纳维利尔预测，由于强劲的盈利潜力，人工智能股票将继续增长</p>

<h2><strong>Why 2026 Won’t Reward Chasing What Worked in 2024</strong></h2>
<div class="lb-trans"><h2><strong>为什么 2026 年不会奖励追逐 2024 年有效的策略</strong></h2>
</div><p>While watching a football game recently, my daughter noticed that a referee was making the “6 7” motion (alternating palm-up hand movements).</p>
<div class="lb-trans"><p>最近在观看一场足球比赛时，我女儿注意到一名裁判在做 “6 7” 的手势（交替的手掌向上运动）。</p>
</div><p>I explained that this wasn’t the “6 7” gesture at all, but a signal for an incomplete pass because the receiver did not have possession before going out of bounds.</p>
<div class="lb-trans"><p>我解释说这根本不是 “6 7” 的手势，而是一个不完整传球的信号，因为接球者在出界前并没有持球。</p>
</div><p>If you’re not familiar with the term “6 7,” don’t worry. It has no set meaning. It’s just a bit of Gen Alpha slang – a phrase kids repeat because everyone else is saying it.</p>
<div class="lb-trans"><p>如果你不熟悉 “6 7” 这个词，不用担心。它没有固定的含义。它只是一些 Z 世代的俚语——孩子们重复这个短语，因为其他人都在说。</p>
</div><p>And yet, just this month, <em>Dictionary.com</em> declared “6 7” its word of the year … although it isn’t a word, and literally it has no definition. The editors explained that their choice reflected how quickly new slang, driven by youth culture and social media, can enter the global conversation.</p>
<div class="lb-trans"><p>然而，就在这个月，<em>Dictionary.com</em> 宣布 “6 7” 是它的年度词汇……尽管这并不是一个词，字面上也没有定义。编辑们解释说，他们的选择反映了新俚语如何迅速进入全球对话，这种现象受到青年文化和社交媒体的推动。</p>
</div><p>The “6 7” trend has been extremely hot this year.</p>
<div class="lb-trans"><p>“6 7” 趋势在今年非常火热。</p>
</div><p>My guess? Next year, no one will be using it.</p>
<div class="lb-trans"><p>我猜？明年就没人再使用它了。</p>
</div><p>Some things are built to last. Others burn brightly and fade just as fast.</p>
<div class="lb-trans"><p>有些东西是注定要持久的，而另一些则是短暂的闪光。</p>
</div><p>Change simply for the sake of change is often a big mistake. Earlier this year, Cracker Barrel caused an uproar among its customers by changing its logo and was forced to revert to the original design.</p>
<div class="lb-trans"><p>仅仅为了改变而改变往往是一个大错误。今年早些时候，Cracker Barrel 因更改其标志而引发了顾客的愤怒，被迫恢复原来的设计。</p>
</div><p>But investors know that the opposite can be just as costly.</p>
<div class="lb-trans"><p>但投资者知道，反向操作同样可能代价高昂。</p>
</div><p>Holding on to a recent winner for too long can erase a lot of gains. If you invested in <strong>AMC Entertainment (AMC)</strong> during its meme stock run in 2021, I hope you got out when it was a 10x winner, instead of riding it back down as the hype faded.</p>
<div class="lb-trans"><p>过长时间持有近期的赢家可能会抹去很多收益。如果你在 2021 年 <strong>AMC Entertainment (AMC)</strong> 的网络热潮中投资，我希望你在它成为 10 倍赢家时就退出，而不是随着热度的消退而再次下跌。</p>
</div><p>Don’t get me wrong. I’m a big believer in momentum. As our friend and Senior Investing Analyst Brian Hunt likes to say, “Trends tend to persist, and winners tend to keep on winning.”</p>
<div class="lb-trans"><p>别误会。我非常相信动量。正如我们的朋友、资深投资分析师 Brian Hunt 所说，“趋势往往会持续，赢家往往会继续获胜。”</p>
</div><p>But every year brings a mix of continuing winners and new opportunities.</p>
<div class="lb-trans"><p>但每年都会带来持续的赢家和新的机会的混合。</p>
</div><p>Some trends extend, and others peak and fade. Meanwhile, new opportunities begin to form, often before they are obvious to every investor.</p>
<div class="lb-trans"><p>一些趋势延续，而另一些则达到顶峰并消退。与此同时，新的机会开始形成，通常在每个投资者都意识到之前。</p>
</div><p>As we look to 2026, let’s not just chase what <em>was</em> hot. Let’s focus on what ideas are built to last and which new ones might be emerging.</p>
<div class="lb-trans"><p>展望 2026 年，让我们不仅仅追逐曾经的热门。让我们关注哪些想法是注定要持久的，以及哪些新的想法可能正在出现。</p>
</div><h2><strong>The AI Megatrend Will Last…</strong></h2>
<div class="lb-trans"><h2><strong>人工智能大趋势将持续…</strong></h2>
</div><p>Recently, some market bears have tried to cast doubt on the AI megatrend. But just this week, <strong>Micron Technology (MU)</strong>, reported blowout earnings – beating estimates for earnings per share, revenue and cash flow.</p>
<div class="lb-trans"><p>最近，一些市场空头试图对人工智能大趋势表示怀疑。但就在本周，<strong>Micron Technology (MU)</strong> 报告了超预期的收益——超出每股收益、收入和现金流的预期。</p>
</div><p>Micron is a leading global semiconductor company that specializes in memory and storage solutions. Specifically, Micron is a leader in high-bandwidth memory – or HBM – solutions, which (as the name implies) offer significantly higher bandwidth compared to traditional memory technologies.</p>
<div class="lb-trans"><p>Micron 是一家领先的全球半导体公司，专注于内存和存储解决方案。具体来说，Micron 在高带宽内存（HBM）解决方案方面处于领先地位，这种解决方案（顾名思义）提供了比传统内存技术显著更高的带宽。</p>
</div><p>Training AI models requires a lot of bandwidth. That’s why pretty much all AI models are built on top of HBM solutions.</p>
<div class="lb-trans"><p>训练人工智能模型需要大量带宽。这就是为什么几乎所有的人工智能模型都是建立在 HBM 解决方案之上的原因。</p>
</div><p>Micron is set to benefit from a huge HBM sales cycle over the next several years as data centers upgrade their memory to high-bandwidth solutions to support large-scale GenAI development and deployment.</p>
<div class="lb-trans"><p>Micron 将在未来几年受益于巨大的 HBM 销售周期，因为数据中心正在升级其内存，以高带宽解决方案来支持大规模的生成式人工智能开发和部署。</p>
</div><p>Luke noted this trend in <strong><em>Innovation Investor</em></strong> in 2024, and while it struggled early, the stock is up almost 200% this year.</p>
<div class="lb-trans"><p>Luke 在 2024 年的 <strong><em>Innovation Investor</em></strong> 中提到这一趋势，尽管早期表现挣扎，但该股票今年上涨了近 200%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/uploads/2025/12/image-8.jpeg" alt="" original-src="https://investorplace.com/wp-content/uploads/2025/12/image-8.jpeg"/></p>
<p>In 2026, Luke is tracking where the Trump Administration is investing the government’s money. The federal government is writing checks and taking equity stakes in the companies that can help the United States win the economic race for AI supremacy.</p>
<div class="lb-trans"><p>在 2026 年，Luke 正在跟踪特朗普政府投资的方向。联邦政府正在开支票并在能够帮助美国赢得人工智能经济竞争的公司中持有股权。</p>
</div><p>This new policy has created an almost predictable, explosive pattern in the markets. We’ve seen it happen four times in the last four months, and Luke has built a roadmap for where he sees it happening next. You can find out more by clicking here.</p>
<div class="lb-trans"><p>这一新政策在市场上创造了一种几乎可预测的爆炸性模式。我们在过去四个月中已经看到四次这样的情况，Luke 已经为他看到的下一个发生地点制定了路线图。你可以点击这里了解更多。</p>
</div><h2><strong>But the Winners List Narrows…</strong></h2>
<div class="lb-trans"><h2><strong>但赢家名单在缩小…</strong></h2>
</div><p>Investing legend Louis Navellier expects the AI megatrend will continue because his system – which focuses on where the earnings are – repeatedly flags AI-related stocks with fundamental earnings power. Louis knows that stocks with superior earnings rise. It’s the “Iron Law” of the stock market.</p>
<div class="lb-trans"><p>投资传奇 Louis Navellier 预计人工智能大趋势将继续，因为他的系统——专注于收益的地方——反复标记出具有基本盈利能力的人工智能相关股票。Louis 知道，具有优越收益的股票会上涨。这是股市的 “铁律”。</p>
</div><p>But he also believes the list of winners will be shorter in 2026, and here is how he recently explained it to his readers.</p>
<div class="lb-trans"><p>但他也认为，2026 年的赢家名单将会更短，以下是他最近向读者解释的内容。</p>
</div><blockquote>
<p><em>[2026] will look more like a major wealth transfer – money leaving certain sectors and flooding into others, quietly and methodically.</em></p>
<p><strong><em>That’s why you’re seeing some strange contradictions right now. Tech CEOs are selling shares of their own AI companies. Billionaires are raising cash and adding to gold.</em></strong> <em>At the same time, the federal government is committing trillions of dollars toward AI-related infrastructure, especially power, data centers and the systems needed to support them.</em></p>
<p><em>Those things don’t happen in isolation. They tell me capital is being repositioned – not broadly, but selectively. Some stocks will continue to do very well. Others will struggle or fail outright. And the difference won’t come down to headlines or narratives. It will come down to where institutional money is actually flowing.</em></p>
</blockquote>
<div class="lb-trans"><p>e <em>[2026] 将更像是一次重大的财富转移——资金从某些行业流出，悄然而有条不紊地涌入其他行业。</em>
e
e <strong><em>这就是为什么你现在会看到一些奇怪的矛盾。科技公司的首席执行官正在出售自己人工智能公司的股份。亿万富翁们在筹集现金并增加黄金投资。</em></strong> <em>与此同时，联邦政府正在向与人工智能相关的基础设施，尤其是电力、数据中心及其所需系统，投入数万亿美元。</em>
e
e <em>这些事情不是孤立发生的。它们告诉我资本正在重新配置——不是广泛地，而是选择性地。一些股票将继续表现良好。其他股票将挣扎或彻底失败。而这种差异不会取决于头条新闻或叙述，而是取决于机构资金实际流向的地方。</em></p>
</div><p>Louis added more than a dozen gold stocks across his portfolios in 2025.</p>
<div class="lb-trans"><p>Louis 在 2025 年在他的投资组合中增加了十多只黄金股票。</p>
</div><p>When I mentioned to Louis that I had never seen so many gold stocks in his portfolios, he responded, “Well, they have the earnings.”</p>
<div class="lb-trans"><p>当我提到 Louis 我从未见过他投资组合中有这么多黄金股票时，他回答说：“好吧，它们有收益。”</p>
</div><p><strong>Kinross Gold (KGC)</strong> was added to the <strong><em>Growth Investor</em></strong> portfolio in June and has since risen more than 75%.</p>
<div class="lb-trans"><p><strong>Kinross Gold (KGC)</strong> 于 6 月被纳入 <strong><em>Growth Investor</em></strong> 投资组合，自那以来上涨了超过 75%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/uploads/2025/12/image-103.png" alt="" original-src="https://investorplace.com/wp-content/uploads/2025/12/image-103.png"/></p>
<p>Louis says that his <strong><em>Growth Investo</em></strong> <em><strong>r</strong></em> stocks are showing the kinds of bullish market signals that institutions look for.</p>
<div class="lb-trans"><p>Louis 表示，他的 <strong><em>Growth Investor</em></strong> 股票显示出机构所寻找的那种看涨市场信号。</p>
</div><p>On average, they’re characterized by 28% average annual sales growth and 93.8% average annual earnings growth. In the most recent quarter, the average earnings surprise was 12.1%, and analyst earnings estimates have been revised about 9% higher over the past three months.</p>
<div class="lb-trans"><p>平均而言，它们的年销售增长率为 28%，年收益增长率为 93.8%。在最近一个季度，平均收益意外率为 12.1%，分析师的收益预期在过去三个月中上调了约 9%。</p>
</div><p>Those three traits – accelerating fundamentals, upside surprises, and rising analyst estimates – are what separate elite from average stocks, resulting in a massive wealth transfer.</p>
<div class="lb-trans"><p>这三种特征——加速的基本面、意外的上行和分析师预期的上升——是将精英股票与普通股票区分开的关键，导致了巨大的财富转移。</p>
</div><p>Louis just released a new presentation that explains why he believes this market is entering a very different phase, how AI is reshaping capital flows far beyond just tech stocks and how investors can see where institutions are positioning before it becomes obvious.</p>
<div class="lb-trans"><p>路易斯刚刚发布了一份新演示文稿，解释了他为何认为这个市场正进入一个截然不同的阶段，人工智能如何重塑资本流动，远不止于科技股，以及投资者如何在机构布局变得明显之前看到这些变化。</p>
</div><p>If you want to understand what’s really happening – and how to avoid being stuck on the wrong side of this shift – you can learn more here.</p>
<div class="lb-trans"><p>如果你想了解真正发生了什么——以及如何避免在这一转变中处于不利地位——你可以在这里了解更多。</p>
</div><p>Some investing ideas are built to last, and others fade as quickly as “6 7” probably will. As you think ahead to 2026, don’t let your portfolio hold old winners at the expense of the new stocks that will beat the market in the year ahead.</p>
<div class="lb-trans"><p>一些投资理念是经得起时间考验的，而另一些则可能像 “6 7” 一样迅速消逝。当你展望 2026 年时，不要让你的投资组合因持有旧的赢家而错失那些将在未来一年超越市场的新股票。</p>
</div><p>Enjoy your weekend,</p>
<div class="lb-trans"><p>祝你周末愉快，</p>
</div><p>Luis Hernandez,</p>
<div class="lb-trans"><p>路易斯·埃尔南德斯，</p>
</div><p>Editor in Chief, InvestorPlace</p>
<div class="lb-trans"><p>InvestorPlace 主编</p>
</div>

How Smart Investors Separate Fads From Fortunes

- 文章探讨了 2026 年投资趋势的变化与 AI 持久性。  
- Micron Technology 报告收益超预期，显示 AI 趋势持续。  
- 投资者需关注新兴机会，避免盲目追随过去的赢家。

聪明的投资者如何区分短暂的潮流与持久的财富