景顺长城基金郭琳：2026年泛科技仍是投资主线之一

Core Insights - The A-share market has shown positive performance in 2025, with new productivity sectors leading the gains, driven by macroeconomic conditions, industry trends, and capital preferences [1] - The investment strategy emphasizes selecting quality assets for medium to long-term gains, focusing on fundamental performance, valuation, governance structure, business models, and competitive landscape [1] - For 2026, the market is expected to transition from extreme conditions to a more balanced state, with technology and innovative pharmaceuticals remaining key investment themes despite potential volatility [1][2] Investment Focus - The focus for 2026 will be on technology, resource products, export chains, and certain cyclical sectors, particularly in the TMT field, which includes AI-related areas such as overseas computing power and domestic controllable technology [1] - Resource products are anticipated to experience price stability due to global liquidity easing and domestic "anti-involution" policies, with current stock valuations being relatively low [1] Risks and Uncertainties - Key risks for A-shares and Hong Kong stocks in 2026 include the pace of valuation recovery and confirmation of profit turning points, alongside geopolitical uncertainties and the effectiveness of domestic policies [2] - Despite these risks, the focus remains on identifying cost-effective and relatively certain assets for investment [2]