向阳而行，潮起“兴”程 | 兴银基金2026投资策略会全景投视

Core Insights - The 2026 investment outlook presented by Xingyin Fund highlights a landscape of opportunities and challenges, emphasizing a structural differentiation that nurtures long-term value [1] Equity Market - The equity market in 2026 is characterized by both opportunities and challenges, with global high volatility and domestic transitions between old and new driving forces [2] - Key investment themes include the extension of AI investments from TMT to broader sectors like power equipment, non-ferrous metals, and intelligent driving, alongside emerging areas like commercial aerospace [2] - The consumer healthcare sector has reached an attractive valuation after a prolonged adjustment, and Hong Kong stocks may see valuation recovery amid expectations of U.S. Federal Reserve rate cuts [2] - Investment principles emphasized include maintaining a "cyclical mindset, competitive advantage, safety margin, and priority on odds" to identify high-cost performance assets in a complex market [2] Consumer Sector - The consumer sector has entered a new era characterized by "total pressure and deep structural differentiation," driven by new demographics and demands [3] - Key trends are defined by three consumer groups: Generation Z, the elderly, and the new middle class, leading to three main investment lines: the experience economy focused on "emotional value," growth in "health and aging," and the integration of "AI and consumption" [3] - The previous consumer cycle has ended, with future leading companies emerging from current structural waves [3] Technology Investment - Technology development continues to evolve around three core directions: enhancing efficiency, improving life quality, and ensuring safety [4] - AI remains a central driving force for 2026, but investors are encouraged to identify truly capable companies beyond AI, focusing on areas like nuclear fusion, photolithography, brain-machine interfaces, quantum technology, and commercial aerospace [4] - Genuine investment opportunities lie with companies that address fundamental human needs and achieve key technological breakthroughs [4] Fixed Income Market - The fixed income market outlook for 2026 is optimistic, contrasting with the "weak operation and structural differentiation" of 2025 [5] - Market pricing has returned to rationality, with excessive rate cut expectations being digested, and a positive shift in supply-demand dynamics is anticipated [5] - Credit bonds are highlighted as a favored direction for 2026, supported by a trend of shrinking supply in urban investment bonds and the expansion of credit bond ETFs [5] - A strategic framework of "credit bonds as a shield and interest rate bonds as a spear" is recommended, focusing on mid-to-high-grade credit bonds for stable yields while leveraging interest rate bonds for trading opportunities [5] Overall Market Perspective - The 2026 market will unfold amidst complexity and structural opportunities, necessitating a return to fundamentals and in-depth research to identify and seize long-term value opportunities [6] - Xingyin Fund's strategy meeting showcased its investment philosophy based on deep research, diversified layouts, and rational responses to market dynamics, aiming to explore and capture opportunities in the evolving market landscape [6]