多家公募机构召开2026年投资策略会 科技仍是中长期投资主线

Core Viewpoint - The consensus among various public fund institutions is that the A-share market in 2026 is expected to transition from valuation-driven growth to a dual-driven phase of profitability and valuation, with technology remaining a core investment theme alongside opportunities in consumer recovery and corporate globalization [1][2][4] Group 1: Market Outlook - In 2025, valuation expansion was a key driver for the A-share market's rise, but in 2026, multiple public fund institutions anticipate a shift towards profitability as the main engine for stock performance [2] - Longcheng Fund's equity investment manager Su Junyan believes that the market's upward momentum will gradually shift from a single valuation drive to a dual drive of "profitability + valuation" [2] - Zhongou Fund's equity committee chairman Wang Pei expects 2026 to mark the second half of valuation dynamics, with corporate profitability becoming the core driving factor for stock prices [2] Group 2: Technology Investment - Technology remains the most focused investment theme among public fund institutions, particularly with a consensus on the expansion of AI investment logic from infrastructure to practical application scenarios [3] - Fangzheng Fubang Fund's Wu Hao highlights that AI industry chain investment logic will shift from infrastructure (training side) to application (inference side), focusing on areas like optical modules and copper cable connections [3] - Longcheng Fund's managers foresee opportunities in solid-state batteries and commercial aerospace breakthroughs in 2026, indicating a balanced tech market rather than a single hot spot [3] Group 3: Structural Opportunities - Consumer recovery is expected to present transformative investment opportunities in 2026, driven by anticipated improvements in residents' income and a recovery in consumer goods prices [4] - Zhongou Fund's mixed asset group leader Deng Xinyu notes that Chinese companies' global expansion capabilities are increasing, with those having higher overseas exposure showing significantly better ROE [4] - Fangzheng Fubang Fund's Qiao Peitao emphasizes that "going global" will be a major direction for the next decade, helping quality companies overcome domestic growth bottlenecks [4]