稳中求进孕育新机 公募基金解码投资策略

Core Viewpoint - The Central Economic Work Conference held on December 10-11 has outlined the direction for economic work in 2026, emphasizing a "steady progress" approach and a series of macro policies and industrial deployments that are expected to support the capital market [1] Policy Direction - The conference highlighted the need for a more proactive fiscal policy and moderately loose monetary policy, focusing on new infrastructure, livelihood projects, and urban renewal to stimulate demand in related industrial chains [3] - The balance between "stability" and "progress" is crucial, aiming to stabilize the economic fundamentals while fostering innovation and green transformation to enhance resource allocation efficiency [2] Investment Opportunities - Investment opportunities are anticipated in three main areas: 1. Consumption Upgrade: The focus on domestic demand is expected to benefit the consumer sector, particularly durable goods and smart consumption, supported by policies like trade-in incentives [5] 2. New Quality Productivity: Emphasis on innovation and technology breakthroughs, particularly in AI, semiconductors, and high-end manufacturing, is seen as a long-term investment theme [5] 3. Infrastructure and Unified Market: Traditional infrastructure sectors such as engineering machinery and building materials are expected to benefit from modernization projects, while logistics and supply chain services will gain from the construction of a unified national market [6] Investment Strategy - Institutions are adopting a balanced investment strategy, focusing on "growth offense + value defense" with four core sectors: 1. Technology growth related to new quality productivity, particularly in AI and autonomous technology [8] 2. Chinese advantages in overseas markets, focusing on the export of industry chains and brands, especially in new energy vehicles and energy storage [8] 3. Domestic demand-driven consumption and manufacturing sectors, emphasizing consumption upgrades and manufacturing recovery [8] 4. High dividend defensive sectors as a stabilizing component of the investment portfolio [8]