摩根资产管理中国权益团队展望2026年

Core Insights - The focus for investors is on how the equity market will perform in 2026, with Morgan Asset Management sharing insights on market opportunities from a diverse and international perspective [1] - Morgan Asset Management emphasizes its commitment to active investment capabilities amidst the global trend towards passive investing, aiming to create a research-driven platform that integrates local and global insights [1] Group 1: Investment Performance - As of November 30, Morgan Fund ranks in the top 10 of the industry for active stock investment management over 1 year, 2 years, 3 years, and 20 years, with a 1-year active stock investment return exceeding 50% [1] - The company has been advancing in various fields including index and quantitative investments, fixed income, multi-asset solutions, mixed assets, and liquidity management, enhancing the strength of its investment teams [1] Group 2: Market Outlook for 2026 - With the improvement of China's global industrial competitiveness, international investors are reassessing the allocation value of Chinese assets, indicating a continuous long-term value reassessment process [1] - The equity investment team suggests that quality assets should be evaluated based on stable growth in industrial demand and sustainable cash flow, rather than traditional frameworks of "new vs. old industries" [2] Group 3: Sector-Specific Opportunities - The equity growth team highlights that the technology growth style is expected to maintain relative advantages in 2026, driven by the ongoing transformation of the Chinese economy and substantial capital expenditures from both domestic and international tech giants [2] - Two key opportunities are identified: cyclical industries benefiting from supply constraints and cash flow optimization, and high-end manufacturing companies leveraging China's supply chain advantages to expand in overseas markets [3] Group 4: ETF Development Trends - Morgan Asset Management has become the second-largest issuer of active ETFs globally since establishing its ETF platform in 2014, with the highest net inflows since 2025 [4] - The company is focusing on a boutique strategy for its ETF product line in China, emphasizing investor experience and has launched several ETFs including the CSI A50 ETF and CSI A500 ETF [4] - Looking ahead to 2026, the company is prepared with a "barbell" allocation strategy, having developed distinctive technology-themed and dividend-themed ETFs in the A-share and Hong Kong Stock Connect markets [4]