华泰资产资深副总经理姜光明：科技和先进制造是2026年市场投资主线

Core Viewpoint - The A-share market in 2026 is experiencing significant activity, with insurance funds acting as a stabilizing force and booster in the rising equity market [2][3] Investment Strategy - The company plans to focus on sectors such as AI, semiconductor autonomy, robotics, and new energy, while also considering financial, cyclical, and consumer sectors for investment [3] - The use of ETFs and other investment tools will be leveraged to enhance asset allocation [3] Market Dynamics - The strong performance of the equity market in early 2026 is attributed to three main factors: macroeconomic recovery, policy expectations, and the influx of new capital [3][4] - The macroeconomic environment is improving, with a positive outlook for policies supporting technological innovation and new productive forces [4] Economic Indicators - The manufacturing PMI returned to the expansion zone at 50.1% in December 2025, indicating a recovery in manufacturing activity [4] - High-tech manufacturing PMI reached 52.5%, with production and new order indices also showing positive trends, supporting the stock market's upward movement [4] Liquidity and Capital Inflow - Reasonable liquidity and expected inflow of new capital are contributing to market growth, with potential new capital exceeding 70 billion yuan due to regulatory adjustments [4] - The strengthening of the RMB is enhancing the attractiveness of Chinese assets, with increased participation from ordinary residents through various investment channels [4] Market Outlook - The equity market is expected to experience a steady increase in overall index levels compared to 2025, reflecting a process of core function optimization and market value reassessment [5] - The improvement in corporate earnings, ongoing policy support, and the recognition of Chinese asset value are identified as the three core drivers of market strength [5][6] Corporate Earnings and Policy Support - A turning point in corporate earnings is anticipated, transitioning from valuation recovery to fundamental improvement, supported by favorable policies and the global AI technology cycle [5] - The "14th Five-Year Plan" is expected to drive significant investments in sectors like AI and commercial aerospace, with long-term capital entering the market [5][6] International Perspective - China's manufacturing industry has developed a robust competitive edge, with global recognition of high-quality Chinese assets increasing [6]