聚焦“十五五”新征程，富国基金举办2026年度投资策略会

Core Viewpoint - The 2026 investment strategy conference by FuGuo Fund highlighted the potential for A-share market recovery, focusing on traditional industries and emerging sectors like AI, amidst a changing economic landscape [1][6][10]. Group 1: Market Outlook - The A-share index has reached 4100 points for the first time in a decade, with trading volume exceeding 3 trillion yuan, indicating a resurgence in market enthusiasm [1]. - The conference emphasized the importance of adapting investment strategies to the evolving economic model, moving from "incremental economy" to "stock economy" [6]. - The main challenge for 2026 is the potential recovery of traditional industries after a prolonged period of stagnation, with significant improvements expected in risk appetite [6][9]. Group 2: Profit Trends - A-share companies are showing stable profit growth, with signs of recovery in midstream, technology services, and non-bank financial sectors [7]. - The real estate sector is under significant profit pressure, which is a critical variable affecting overall profit trends in the A-share market [7]. Group 3: Interest Rate Trends - Interest rates may experience a phase of upward movement if a profit recovery cycle begins, influenced by economic recovery expectations reflected in the bond market [8]. Group 4: Risk Appetite - There is considerable room for improvement in risk appetite, as indicated by the decline in equity risk premium since the "924" event [9]. Group 5: Industry and Style Judgments - Traditional industries, particularly the real estate chain, are expected to drive improvements in market sentiment and institutional allocation [10]. - The focus on emerging industries, especially AI, is shifting from hardware to application development [10]. Group 6: Asset Allocation Strategies - The conference discussed the importance of diversified asset allocation in a low-interest-rate environment, with a focus on equities, overseas investments, and precious metals [13][20]. - The anticipated U.S. interest rate cuts and the global liquidity environment are expected to create favorable conditions for growth stocks [15][19]. Group 7: Sector-Specific Insights - The AI industry is expected to continue evolving, with significant commercial applications emerging [29]. - The domestic pharmaceutical sector, particularly in innovative drugs, is poised for growth, leveraging advantages in oncology and potential expansion into new areas [32]. - Consumer sentiment is anticipated to improve with better CPI and PPI data, which could positively impact consumption trends [34]. Group 8: Economic Policy and Planning - The "15th Five-Year Plan" emphasizes building a modern industrial system, which is expected to support manufacturing and commodity demand [36]. - The plan also highlights the importance of service consumption and its potential to enhance economic resilience and job creation [35].