Core Insights - The market is entering the year-end phase, with fund managers preparing for the "sowing season" of 2026, focusing on systematic engineering for future investments [1] - Tactical adjustments are being made, reflecting a profound evolution in asset allocation philosophy, moving away from simple "stock-bond diversification" to a more scientific and dynamic allocation system [1][6] - Fund managers are focusing on three main investment themes: "technological innovation," "anti-involution dividends," and "new consumption recovery," employing a "core-satellite" strategy for asset allocation [1][7] Tactical Adjustments - Fund managers are engaged in structural optimization rather than short-term ranking pursuits, with strategies like increasing exposure to traditional industries at low valuation levels [2] - Specific adjustments include increasing positions in cyclical sectors and optimizing portfolios to enhance balance and reduce risk [2][3] - Some institutions view year-end adjustments as a systematic "health check" and renewal process, focusing on dynamic optimization and risk management [3] Dynamic Asset Allocation - The concept of asset allocation has evolved from simple diversification to a dynamic management framework that emphasizes risk parity and tactical adjustments [6] - Institutions are developing all-weather strategies tailored to client risk preferences, focusing on macroeconomic cycles and industry rotations [6][7] - The emphasis is on a dual approach: maintaining diversified asset allocation while deepening granularity to identify opportunities in undervalued traditional sectors [6] Investment Themes for 2026 - The investment outlook for 2026 is characterized by a cautious yet optimistic approach, with a focus on "technological innovation," "anti-involution," and "new consumption recovery" [7][8] - Specific sectors of interest include AI hardware, semiconductor equipment, and traditional industries benefiting from policy support [7] - The consumer sector, particularly in services and new consumption trends, is expected to see a rebound, with potential for significant investment opportunities [8] Core-Satellite Strategy Implementation - The "core-satellite" strategy is widely adopted, with variations in execution among institutions, focusing on long-term performance and risk management [9] - Institutions emphasize the importance of selecting core funds based on comprehensive assessments of fund managers and their investment frameworks [9] - The approach includes balancing growth and value-oriented funds to enhance returns while managing volatility [9]
配置走向科学 主线精耕细作
Zhong Guo Zheng Quan Bao·2025-12-21 20:13