热推荐：华商基金海洋：均衡成长量化赋能

Core Viewpoint - The A-share market is expected to experience a robust upward trend in 2026, with a solid foundation for the "spring rally" compared to previous years, driven by macroeconomic policies and risk appetite recovery [1] Group 1: Market Overview - In 2025, the A-share market showed significant structural opportunities, with major alpha concentrated in growth and cyclical sectors [5] - The first quarter saw a notable "spring rally," primarily driven by thematic trends in the technology sector, including robotics, low-altitude economy, and AI applications [5] - The second quarter experienced volatility due to external tariff expectations, leading to adjustments in broad market indices [5] - By the third quarter, there was a clear recovery in growth style valuations, particularly in computing power, semiconductors, and technology stocks, alongside a strong performance in the cyclical sector driven by liquidity easing [5] - The fourth quarter entered a phase of oscillation, characterized by alternating industry rotations as the main trading opportunity [5] Group 2: Investment Strategy - The investment strategy focuses on high-quality industry leaders, with a preference for mid to large-cap stocks to mitigate the impact of small-cap volatility [5] - The approach emphasizes balanced sector allocation to prevent excessive volatility from rapid industry rotations [5] - For 2026, the outlook remains positive, with broad market indices expected to maintain reasonable valuation levels, supported by ongoing technological innovation and favorable liquidity conditions [6] - The strategy will continue to utilize quantitative diversified allocation to maintain a stable return profile [6]