共话2026投资方向，富国基金“一起投”1月专场策略会圆满落幕

Core Insights - The global economy is at a critical transition point, with a focus on technological innovation and high-quality development in China, as outlined in the "14th Five-Year Plan" [1] - The investment strategy conference held by FuGuo Fund highlighted potential investment opportunities in A-shares and Hong Kong stocks, featuring insights from leading economists and analysts [1] Group 1: Macroeconomic Outlook - The "super-cyclical" counter-cyclical policies are expected to gradually taper off, with a return to prudent fiscal policies focusing on technology [3] - The equity market is anticipated to favor growth, with A-shares expected to experience a structured market characterized by low volatility dividends and technological growth [3] - The bond market is projected to see a decline in the yield of 10-year government bonds to 1.5%, with convertible bonds following the bullish trend of A-shares [4] Group 2: Investment Strategies - The global liquidity environment is expected to remain relatively loose, providing strong support for emerging market valuations [9] - The focus for excess returns will be on industries and individual stocks with improved earnings and future potential, with new stock listings being a key consideration for portfolio adjustments [10] - The investment philosophy emphasizes a bottom-up approach, selecting stocks based on fundamentals for long-term investment [10] Group 3: A-share Investment Logic - The three core investment logics for A-shares in 2026 include the impact of a weak dollar and global credit expansion, which will benefit RMB assets [11] - The low interest rate environment is accelerating the asset allocation shift, leading to increased investment in equity assets [11] - Key sectors to focus on include technology, manufacturing, cyclical recovery, and financial reforms, with an optimistic outlook for A-shares to transition from a "structural bull" to a "full bull" market [11]