长盛基金杨衡：结构性行情关注“守”与“攻”两大主线

Core Viewpoint - The future A-share market is expected to experience a systematic and steady upward trend characterized by oscillation and structural differentiation rather than a rapid and comprehensive surge [1] Market Outlook - The market is likely to face pressure from previous trapped positions at key points, leading to normal and healthy fluctuations and corrections [1] - Each quality correction is seen as a consolidation of the bottom, accumulating energy for the next phase of growth [1] Investment Strategy - Stock selection will be more important than market timing, with future opportunities becoming highly differentiated rather than a broad market rally [1] - Funds are expected to continue flowing towards assets that align with national strategies, trends of the times, and high-quality development requirements [1] Key Investment Themes - Two main themes to focus on: - Defensive: High dividend and "China Special Valuation" assets serve as market stabilizers, providing stable cash flow returns suitable for conservative allocation [1] - Offensive: Technology growth sectors represented by AI and new productive forces are seen as the hope for China's economic transformation and future growth, particularly in segments with technological breakthroughs and realizable applications [1]