博时基金董事长张东：2026年市场波动可能加大，资产配置需更注重均衡与灵活

Group 1 - The core viewpoint of the article emphasizes that the capital market is characterized by "stable overall volume and active structure," driven by policy support and industrial upgrades, serving as an important platform for the real economy and wealth management [1] - The stock market is expected to continue showing structural opportunities, particularly in sectors like technology, energy transition, and consumer recovery, with a focus on companies that possess real competitiveness and growth potential [2] - The bond market retains configuration value, with opportunities arising from the exploration of term and credit spreads, as well as the flexible application of "fixed income plus" strategies [3] Group 2 - The 2026 equity market is anticipated to focus on fundamental analysis, embracing "new demand" and "new supply," with real demand in technology innovation, green transition, and national security driving the growth of competitive enterprises [2] - Asset allocation strategies should shift towards a balanced and flexible approach, moving from "single Beta" to "multiple Alpha," to mitigate risks associated with increased market volatility in 2026 [3] - There is a strategic emphasis on alternative assets, such as gold and certain commodities, to diversify investment portfolios and enhance risk management through tools like ETFs [3]