摩根资产管理中国权益团队展望2026年：锚定中国优质公司全球竞争力，把握长期估值重塑

Core Insights - The report highlights the significant growth of the public fund industry in China, with total assets nearing 36 trillion yuan, and emphasizes the resurgence of active equity investments as a focal point for 2026 [1][6] Group 1: Market Outlook and Investment Strategy - Morgan Asset Management's China General Manager, Wang Qionghui, emphasizes the commitment to active investment capabilities amidst a global trend towards passive investing, aiming to create a research-driven platform that integrates local and global insights [1][6] - The firm’s investment management capabilities rank in the top 10 of the industry across various time frames, with a notable active stock investment management return exceeding 50% over the past year [1][6] - The firm anticipates structural opportunities in the market for 2026, driven by the increasing global competitiveness of Chinese industries and a reassessment of the value of Chinese assets by international investors [2][7] Group 2: Investment Focus Areas - The equity investment team identifies technology growth as a key area for 2026, with expectations that the new economy, particularly in technology, will drive faster growth [2][7] - The report highlights two main investment opportunities: cyclical industries benefiting from supply constraints and cash flow improvements, and high-end manufacturing firms expanding into overseas markets [3][8] - The focus on high-growth sectors includes lithium battery and energy storage industries, which are expected to see significant demand shifts, as well as AI-related hardware and software investments [3][8] Group 3: ETF Development Trends - Morgan Asset Management has established itself as the second-largest active ETF issuer globally since launching its ETF platform in 2014, with the highest net inflows since 2025 [4][9] - The firm has adopted a boutique strategy for its ETF product line in China, focusing on enhancing investor experience with products like the CSI A50 ETF and others [4][9] - Looking ahead to 2026, the company plans to continue its "barbell" strategy in product offerings, preparing distinctive technology and dividend-themed ETFs for the A-share and Hong Kong markets [4][9]