公募业发声：明年股市表现可期

Core Viewpoint - The 2025 Central Economic Work Conference in Beijing has provided a clear path for China's economic development, with policies aimed at stabilizing market expectations and enhancing economic growth momentum [1][3]. Group 1: Economic Outlook - The conference has set a solid policy foundation for high-quality economic development over the next five years, emphasizing continuity and foresight in policies to stabilize market expectations [3]. - Public fund institutions believe that the conference's directives will lead to a deepening of capital market reforms and an improved investment environment, enhancing the resilience of the stock market [5][6]. Group 2: Policy Insights - Fiscal policy is expected to maintain necessary deficits and total debt levels, indicating a commitment to robust fiscal spending, with a slight expansion anticipated next year [4]. - Monetary policy discussions highlighted the need for flexible and efficient tools, with potential opportunities for interest rate cuts in the coming year [4]. Group 3: Capital Market and Investment Focus - The conference's positive signals have boosted market confidence and investment enthusiasm, with a focus on technology innovation, consumer spending, and emerging industries as key investment areas [5][7]. - Public fund institutions are particularly optimistic about new energy, new materials, and strategic emerging industries, as well as consumer sectors, as priorities for investment in 2026 [7]. Group 4: Public Fund Industry Response - The public fund industry, with a total scale nearing 37 trillion yuan, is actively responding to the conference's directives, emphasizing the importance of aligning with national development strategies and enhancing service offerings for diverse wealth management needs [1][8]. - Institutions like E Fund and Huatai-PineBridge are committed to implementing the conference's spirit by optimizing their investment research systems and supporting technological innovation [8][9].