国金资管：2026年权益资产或将成配置主战场，债市将维持宽幅震荡

Group 1 - The core viewpoint is that in 2026, equity investment opportunities are expected to become the main battlefield for asset allocation, while the bond market is likely to continue a wide fluctuation pattern in yields [1][2] - Current liquidity and regulatory environments are improving, with long-term capital inflows continuing, driven by breakthroughs in the technology sector and structural economic highlights, which may create structural investment opportunities [1] - In equity quantitative strategies, the overall strategy depth is continuously improving, and despite market volatility and declining trading volumes, the excess returns of quantitative strategies are expected to demonstrate new breakthroughs, indicating their continued allocation value in 2026 [1] Group 2 - In the bond market outlook, it is anticipated that proactive fiscal policies will continue to exert influence, with inflation expectations gradually rising, but the downward space for bond market interest rates may be limited due to increased institutional behavior disturbances [2] - The central bank is likely to maintain liquidity easing to support the implementation of fiscal policies, indicating that the bond market yields may continue to experience wide fluctuations [2] - Regarding CTA (Commodity Trading Advisor) investment strategies, the company holds a neutral outlook due to the current market lacking comprehensive trend opportunities similar to past large-scale investments or extensive monetary easing, with the risk-reward ratio needing further observation [2]