鹏扬基金副总经理李净：“长钱长投”需要创新服务 2026年策略聚焦“三束光”

Core Insights - The discussion at the "2025 Securities Market Annual Conference" focused on the theme of "Wealth Protection Strategies for Asset Management Institutions" and shared insights on serving the "long money long investment" ecosystem and market outlook for 2026 [1][4] Group 1: Serving "Long Money" - In the current environment of "low interest rates and asset scarcity," serving "long money" requires meeting three key demands: obtaining elastic space for trading profits, providing low correlation and liquid tools to smooth portfolio volatility, and developing a more comprehensive ETF ecosystem based on major asset allocation concepts [5] - The bond ETF market is entering a new stage of scale, liquidity, and ecological development, reflecting the industry's response to investors' needs for long-term asset preservation and appreciation [5] - The public fund industry has expanded the coverage of services for individual investors through the exploration of separate account businesses, particularly by integrating "fixed income+" and derivative strategies [5] Group 2: Market Strategy for 2026 - The central economic work conference in December 2025 emphasized "demand-led growth" as the primary task for 2026, indicating a shift from "expectation adjustment" to "reality verification" in macroeconomic trends [6] - The economic structure will seek a new balance in high-quality development, with asset prices realigning to match this balance, leading to higher volatility and significant structural opportunities [6] - Investors are advised to focus on three key strategies for effective investment in 2026: 1. Targeting growth dividends from "new productive forces" with proven business models and substantial performance, such as advancements in artificial intelligence and high-end manufacturing [10] 2. Constructing stable "multi-asset portfolios" as single assets struggle to provide satisfactory absolute returns, with strategies including constant stock-bond ratios and macro-all-weather strategies [10] 3. Leveraging policy support to stimulate domestic demand and unlock growth potential in consumption and service industries, focusing on leading companies in niche markets [10]