As we move into 2026, the first thing we need to do as investors is to clarify our approach. The underlying logic of the global economy and technological development is set to change, with technological innovation shifting from concept-driven speculation to tangible, real-world implementation. Companies that relied primarily on storytelling to justify their valuations in 2025 are likely to be phased out at an accelerated pace.Having recently reviewed a number of relevant reports, I have noticed many emerging changes. Based on my own research and analysis, I believe that in the year ahead the following five areas merit closer study: the space economy, energy and metals, physical (real-world) intelligence, the low-altitude economy, and cybersecurity. I would be interested to hear others’ views and to exchange ideas on these themes.