汇添富基金邵佳民：2026年固定收益投资，心动还是幡动

Group 1 - The year 2025 is marked by significant geopolitical changes and economic developments, with China demonstrating strong national power amidst tariff frictions, the Shanghai Composite Index surpassing 4000 points, and the renminbi appreciating significantly [1] - Wealth disparity is evident globally, with high housing prices becoming a common feature in major cities, and the AI and semiconductor industries thriving compared to traditional sectors [1] - The ongoing geopolitical tensions, such as the Russia-Ukraine conflict, have led to increased military spending in the EU and a focus on manufacturing revival in the US [2] Group 2 - The renminbi is showing resilience and is positively evaluated based on government stability, policy continuity, fiscal sustainability, and trade surplus, which enhances its attractiveness for internationalization [2] - Global liquidity is on the rise despite wealth and cognitive disparities, with traditional credit demand declining due to varying industry performances [2] - The adjustment of long-term bonds in 2025 reflects concerns over potential mild inflation and the need for sufficient liquidity compensation in a secure investment environment [3] Group 3 - The public fund industry in 2025 is undergoing profound changes, emphasizing investor returns and a return to performance benchmarks [3] - Fixed income investments are expected to remain attractive in a stable renminbi environment, despite the changing risk preferences of investors [3] - The bond market in 2026 is anticipated to experience wide fluctuations influenced more by expectations and investor behavior than by fundamental conditions [3]