国雄资本董事长姚尚坤：2026年资本市场聚焦结构性机遇与多元配置

Core Insights - The current capital market is characterized by stable overall volume and active structure, driven by policy support and industrial upgrades [1] - The technology growth sector, particularly in artificial intelligence, semiconductors, biomedicine, and new energy, is identified as the core driver for the year [1] - The investment strategy for 2026 will focus on "new demand" and "new supply," emphasizing technological innovation and green transformation under national strategic guidance [1] Group 1: Investment Strategy - The investment strategy will revolve around "new demand" areas such as technology innovation (AI, high-end chips), green transformation (new energy, new power systems), and national security (defense, information security) [1] - In the "new supply" area, traditional manufacturing will enhance efficiency through equipment upgrades and technology transformation, providing high-cost performance investment opportunities [1] - The correlation between Hong Kong and A-shares will expand cross-border investment opportunities, but a focus on fundamentals is necessary to avoid speculative trading [1] Group 2: Bond Market Insights - The interest rate is expected to remain low, with government policies supporting the economic environment, making interest rate bonds and high-grade credit bonds stable options [2] - The investment strategy will focus on detailed operations of term spreads and credit spreads, along with a "fixed income +" strategy to enhance yield flexibility [2] - It is recommended to allocate to assets with weak correlation to the macro cycle, such as REITs, to improve portfolio resilience against volatility [2] Group 3: Organizational Strategy - The company plans to accelerate the large-scale application of AI technology in research, management, and collaboration to enhance organizational agility [2] - There will be a deepening of industry chain cooperation and integration of ESG concepts into daily operations, promoting green development [2] - The emphasis is on capturing structural opportunities with a long-term perspective, rather than chasing short-term fluctuations [2]