“反内卷”重塑PPI，AI需求重构周期，顶尖基金经理勾勒2026年投资新蓝图｜2025华夏机构投资者年会

Core Insights - The forum focused on the theme "Finding Certainty in Uncertainty," addressing the contradictions between macro narratives and micro data in the current market environment [2] - Six top fund managers shared insights on navigating market complexities and emphasized the importance of risk control and investor experience in achieving investment success [3] Group 1: Market Trends and Strategies - Fund managers discussed the unexpected strength of cyclical sectors, particularly in metals, which have seen significant price increases due to supply constraints and new demand from emerging industries like AI [5][6] - The cyclical sector's performance has been driven by factors such as high production costs and geopolitical risks, leading to a potential long-term price elevation for commodities [5] - The investment framework needs to evolve continuously, with a focus on AI capital expenditure and the recovery of traditional manufacturing post-Fed rate cuts [6] Group 2: Investment Philosophy and Risk Management - Fund managers highlighted the necessity of a disciplined approach to asset allocation, emphasizing the importance of aligning investment strategies with client needs and market conditions [4][10] - The concept of balancing risk and return was discussed, with a focus on constructing low-correlation strategy portfolios to mitigate risks during market volatility [5][10] - The importance of understanding the underlying logic of different strategies was emphasized to ensure effective risk diversification, especially during extreme market conditions [10] Group 3: Future Outlook and Recommendations - Looking ahead to 2026, fund managers suggested that high-growth sectors may see a resurgence as valuations stabilize and earnings materialize [6][11] - The focus should be on sectors with improving earnings, particularly in AI and manufacturing, as well as on underappreciated industries that may offer investment value [11] - The need for a balanced asset allocation strategy was reiterated, with recommendations to consider both cyclical recovery and structural growth opportunities in the market [11]