Core Viewpoint - The A-share market is viewed as a promising investment opportunity, with positive indicators from valuation, fundamentals, and liquidity perspectives [1] Valuation Analysis - Current equity risk premium in A-shares is considered to be within a reasonable range, indicating potential for growth [1] Fundamental Analysis - Economic indicators in China have shown noticeable improvement due to the implementation of various domestic policies [1] Liquidity Analysis - Continuous economic recovery in China, ample liquidity, and ongoing capital market reforms are expected to drive sustained inflows into the stock market [1] - The low positioning of global allocation funds in A-shares, combined with a weakening US dollar and strengthening RMB, will provide a foundation for foreign capital to re-enter A-shares [1] Sector Focus - Industries represented by new productive forces are anticipated to drive further valuation increases in A-shares, making it a favorable time for investment [1] - Growth stocks have recently begun to outperform value stocks, and this trend is expected to continue due to the ongoing tech wave [1] Investment Strategy - The AI industry is identified as a core investment theme, with short-term adjustments potentially offering good entry points [2] - Increased global attention on Chinese tech products is expected to bolster investor confidence in AI applications [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 may support a neutral outlook on US equities [2] Alternative Investments - Gold is viewed as a valuable investment, driven by the onset of a Fed rate-cutting cycle and ongoing global central bank gold purchases, suggesting further upside potential [2]
汇添富基金程竹成：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 17:55