专访相聚资本总经理梁辉：以多资产多策略体系获取长期稳健回报

Core Insights - The A-share market in 2025 is expected to conclude with a structural market characterized by AI, commodities, and exports as the main themes. Investment opportunities in 2026 will continue to revolve around industrial trends and technological advancements [1][2] Group 1: Market Overview - In 2025, the market exhibited clear structural characteristics, with AI, commodities, and exports being the standout sectors. AI integration into the industrial chain has led to high profit margins, while commodities like copper and gold performed strongly, and exports showed unexpected resilience [2] - The rise in 2025 was primarily driven by an increase in corporate valuations, with profit improvements lagging behind. The potential for valuation increases in 2026 is expected to narrow, and if profit growth remains consistent with 2025, overall returns may be moderate [2][5] Group 2: Sector Analysis - In the AI sector, the industry is still in a rapid growth phase, with some critical segments potentially doubling in growth. However, valuations have significantly increased compared to early 2025, making future investments more challenging and necessitating careful selection [2] - Regarding commodities, copper is highlighted for its long-term potential due to its essential role in AI, new energy, and grid upgrades. Its scarcity and cost-effectiveness position it as a core beneficiary. Conversely, gold's appeal has diminished due to the realization of interest rate cut expectations, leading to increased uncertainty [2][3] Group 3: Investment Strategy - The company emphasizes a multi-asset and multi-strategy framework, which includes various asset classes such as stocks, bonds, and commodities, along with diverse strategies like quantitative stock selection and trend tracking. This approach aims to smooth volatility and enhance risk-adjusted returns [4] - The multi-asset multi-strategy system has been validated in practice, particularly during market adjustments, showcasing a steady upward trend and gaining recognition from channels and clients. The company has also allocated its own funds to these products [4][5] Group 4: Future Outlook - Looking ahead to 2026, external environment fluctuations may decrease, but overall corporate earnings are unlikely to rise quickly, with the market remaining focused on structural opportunities. The company prioritizes investments in firms with sustainable long-term value growth [5] - The investment strategy will focus on balanced styles and selective stock picking across multiple directions, including growth stocks, commodities, and exports, while maintaining high operational efficiency through low correlation among assets [5]