鹏华基金祝松：把握“固收+”权益结构性机会，聚焦“周期+消费细分+新能源”三大方向

Group 1 - The core viewpoint is that in 2026, the "Fixed Income +" sector presents more opportunities than challenges, with a focus on structural opportunities in equity assets, particularly in sectors with limited downside risk and significant upside potential, such as finance, construction, building materials, chemicals, certain consumer segments, and renewable energy supported by "anti-involution" policies [1][4] Group 2 - The domestic macroeconomic growth in 2026 is expected to be driven by consumer growth and stabilized investment, supported by ongoing policies aimed at stimulating domestic demand, with retail sales growth projected to remain at a relatively high level [2] - Central investment projects are well-prepared for 2026, and infrastructure investment growth is anticipated to stabilize and rebound, aided by proactive fiscal policies and moderately loose monetary policies [2] - External trade environment and real estate market trends are identified as significant variables that need continuous monitoring due to uncertainties [2] Group 3 - The equity market is expected to benefit from supportive policies, particularly in cyclical and domestic demand sectors, which are likely to present good opportunities [3] - The bond market is predicted to experience slight fluctuations, with low likelihood of significant increases in bond yields, although the space for policy rate cuts is limited [3] Group 4 - The "Fixed Income +" strategy is expected to outperform challenges, with equity (including convertible bonds) likely to perform better than bonds, providing enhanced return potential [4] - Current A-share PB valuations are at historically low levels, presenting a clear valuation advantage over overseas markets [4] - There is room for optimization in residents' asset allocation, with a shift expected towards equity assets as the market shows profitability [4] Group 5 - The "Fixed Income +" product line is designed to cater to different risk-return profiles, focusing on stable low-volatility strategies for investors seeking long-term steady returns [5] - The Penghua Industrial Bond fund exemplifies a strategy of "fixed income foundation, convertible bond enhancement," maintaining a neutral duration and a focus on high-rated credit bonds [5] Group 6 - In the challenging environment of the "14th Five-Year Plan" start year, "Fixed Income +" products demonstrate significant allocation value due to their flexible stock-bond configuration, aiming to provide defensive and growth potential for investors [6]