方正富邦基金乔培涛：寻找盈利驱动的结构性机遇

Group 1 - The core theme of the investment strategy meeting held by Fangzheng Fubang Fund is "Transformational Innovation," focusing on investment opportunities and challenges for the year 2026 [1] - In 2025, the A-share market exhibited a structural market trend, with new technology sectors, particularly those related to AI, performing strongly, while traditional economic sectors remained sluggish [1][2] - The difficulty of further valuation increases in the A-share market is expected to rise, prompting a focus on industries capable of profit enhancement, especially those that have been at the bottom in terms of profit, valuation, and stock price over the past two years [1][2] Group 2 - Key sectors for potential investment include new energy, chemicals, building materials, and the innovative pharmaceutical industry, with new energy transitioning to a collaborative development phase of "generation-storage-usage" [2] - Breakthroughs in energy storage technology and cost reductions are expected to unlock diverse market opportunities, allowing companies with technological and integration advantages to evolve from equipment suppliers to energy solution providers [2] - The innovative pharmaceutical sector is anticipated to increase R&D investment after securing cash flow through business development and public offerings, while certain chemical and building material industries are set to benefit from "anti-involution" policies and are entering a recovery phase [2]