Jefferies, a well-known American investment bank, recently released a major report for 2026, directly outlining investment directions across four major sectors. The core theme of this report is two words: Bull Market.

First, the internet sector. $APP is favored because advertising platforms are expected to expand significantly in the first half of the year, targeting a market cap of around $86 billion. $UBER is optimistic due to advancements in robotaxi technology combined with demographic changes. $SPOT's new business lines are expected to boost profit margins, and its pricing power remains strong. $RDDT is growing through data licensing, with increasing user stickiness. $ROKU is positioned as a turnaround target, with improvements in the advertising market providing opportunities. $Z, in the context of a real estate recovery, shows promise in its software services business.

The software sector is more straightforward—focused on AI applications. $NOW is the top choice because it is the most "reliable" in deploying generative AI products. $SHOP's enterprise applications exceeded expectations and are beginning to scale. $TWLO's previous cyclical fluctuations have stabilized, with steady growth in voice AI. $HUBS, as a leading player in AI solutions for small and medium-sized enterprises, is regaining pricing power.

Biotechnology deserves special attention. $DNTH is a preferred target, with Phase III data for neuromuscular diseases expected to be a key milestone in 2026. $TSHA's Rett syndrome gene therapy faces regulatory updates. $TYRA's injectable alternatives in oral health have strong clinical data backing. $TNG's precision oncology pipeline is gradually maturing. $SLDB's gene therapy for Duchenne muscular dystrophy is expected to see new progress. $ORIC's oncology catalysts are anticipated to materialize in the first half of the year.

Quantum computing, a new track, is also highlighted separately. $IONQ, as a leader in pure quantum computing, has ample orders; $QBTS's focus on commercial quantum annealing is rising. 2026 is seen as a breakthrough year for commercial quantum computing.

The mining sector is more straightforward—$FCX has opportunities due to tight copper supply (driven by data center demand), while $GLEN shows valuation differences compared to peers, and its capital return story is quite attractive.

What is the core strategic logic? The institutional approach is: first allocate to internet and software applications, the actual growth drivers, rather than just focusing on infrastructure like chips. Biotechnology investments should target those with clinical data expected in 2026. Quantum computing will be a watershed year in 2026.