一线基金投顾岁末谋新篇： 配置走向科学 主线精耕细作

Core Insights - The market is entering a critical phase for fund managers as they prepare for 2026, focusing on systematic adjustments and strategic asset allocation [1][2] - The approach to asset allocation is evolving, moving away from simple stock-bond diversification to a more scientific and dynamic configuration that emphasizes risk parity and global perspectives [1][5] Tactical Adjustments - Fund managers are engaged in structural optimization of their portfolios, with a focus on sectors that are undervalued or cyclical, such as real estate and traditional industries [2][3] - Specific adjustments include increasing exposure to traditional sectors while balancing the portfolio to avoid over-reliance on technology stocks [2][3] Forward-Looking Strategies - Some institutions are adopting a proactive stance, aiming for left-side positioning in anticipation of economic recovery and favorable policies, with a focus on innovative technology and strategic assets [3][4] - The emphasis is on dynamic optimization of portfolios, ensuring core holdings are robust while adjusting satellite positions to capture cyclical opportunities [3][4] Asset Allocation Evolution - The concept of asset allocation is shifting from mere diversification to a more nuanced approach that considers macroeconomic cycles and risk management [5][6] - Institutions are developing all-weather strategies that cater to varying risk appetites, emphasizing a dynamic framework for asset allocation [5][6] Investment Themes for 2026 - Three main investment themes have emerged: technological innovation, "anti-involution" benefits, and the recovery of new consumption [7][8] - Institutions are focusing on specific sectors within these themes, such as AI hardware, renewable energy, and consumer services, anticipating a shift in market dynamics [7][8] Core-Satellite Strategy - The "core-satellite" strategy is widely adopted among fund managers, with variations in execution based on individual institutional preferences [9] - Emphasis is placed on selecting core funds with strong long-term performance while using satellite funds to enhance returns and manage volatility [9]