Group 1 - The core view is that A-shares remain a favored asset for investment, supported by valuation, fundamentals, and liquidity factors [1] - From a valuation perspective, the current equity risk premium of A-shares is considered to be within a reasonable range [1] - The fundamental outlook is improving due to the implementation of domestic policies, leading to noticeable enhancements in certain economic indicators [1] Group 2 - The liquidity environment is favorable, with ongoing economic recovery in China and a continuous influx of funds into the stock market driven by increased asset allocation needs from residents [1] - Global allocation funds still have relatively low positions in A-shares, and a weakening US dollar alongside a strengthening RMB will facilitate foreign capital inflow into A-shares [1] - The rise of new productive forces is expected to drive A-share valuations higher, indicating a good opportunity for investment in A-shares [1] Group 3 - The AI industry is identified as a clear trend, with short-term adjustments potentially providing good investment opportunities [2] - Chinese technology products are gaining global attention, which may enhance investor confidence in the application of AI technology [2] - The overall valuation of US stocks is perceived as high, particularly in the S&P 500 and Nasdaq indices, but a potential "soft landing" for the US economy could maintain a neutral outlook on US stocks [2] Group 4 - Gold is viewed as a valuable investment, driven by the Federal Reserve's interest rate cuts and ongoing global central bank purchases of gold, suggesting further upside potential [2]
成长风格有望继续跑赢价值 主动基金超额收益将继续扩大
Zheng Quan Shi Bao·2026-01-04 17:29