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 the year-end phase, with fund managers preparing for 2026 through systematic adjustments and strategic asset allocation [1][2] - The focus has shifted from simple "stock-bond diversification" to a more scientific and dynamic asset allocation approach that emphasizes risk parity and global perspectives [1][5] - Fund managers are concentrating on three main investment themes: "technological innovation," "anti-involution dividends," and "new consumption recovery" [7][8] Year-End Rebalancing - Fund managers are engaged in structural optimization of investment portfolios, with a focus on long-term strategies rather than short-term rankings [2][3] - Specific actions include increasing exposure to traditional industries at low valuation levels and optimizing fund holdings based on performance and market conditions [2][3] Forward-Looking Strategies - Some institutions are adopting proactive strategies for left-side positioning in anticipation of economic recovery and favorable policies [3][4] - The emphasis is on reducing defensive asset allocations while increasing exposure to innovative technology and strategic assets [3] Dynamic Asset Allocation - The concept of dynamic asset allocation is gaining traction, moving beyond simple diversification to a more nuanced approach that considers macroeconomic cycles and risk management [5][6] - Institutions are developing all-weather strategies tailored to client risk preferences, emphasizing risk parity and multi-asset tactical adjustments [5][6] Investment Themes for 2026 - The investment landscape for 2026 is characterized by a cautious yet optimistic outlook, focusing on technological innovation, cyclical recovery, and consumer spending [7][8] - Specific sectors of interest include AI hardware, semiconductor equipment, and traditional industries benefiting from policy support [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 and using satellite funds to enhance returns while managing volatility [9]