合晟资产总经理冯建桥：中国经济将进入“高质量发展深化年”

Core Viewpoint - The Chinese economy demonstrated resilience and potential in 2025, achieving a GDP growth rate of approximately 5.1%, supported by effective macroeconomic policies and a focus on high-quality development in 2026 [1][2]. Economic Outlook - The central economic work conference emphasized stabilizing growth, employment, and expectations as top priorities, with fiscal policies expected to become more proactive, particularly in new infrastructure, green transformation, and digital economy sectors [1][2]. - The real estate sector is showing signs of risk mitigation, and the stability of the financial system is improving, enhancing the global allocation value of RMB assets [1]. Capital Market Insights - The A-share market is anticipated to exhibit characteristics of "oscillating upward and style rotation" in 2026, driven by gradual recovery in corporate earnings and historically low valuations [2]. - The bond market is expected to maintain a strong trend under a "loose monetary + stable credit" environment, although caution is advised regarding potential interest rate fluctuations due to overseas inflation [2]. Investment Strategy - The company plans to leverage its 14 years of experience in credit assessment and interest rate management to identify quality credit bond opportunities while dynamically adjusting duration strategies to capture trading opportunities amid interest rate volatility [2]. - A three-dimensional research and investment system focusing on "policy-industry-data" will be established to adapt asset allocation across stocks, bonds, futures, and derivatives [2]. Investment Recommendations - Investors are encouraged to adopt a long-term perspective, avoid emotional trading, and establish clear investment goals and asset allocation plans [3]. - Emphasis on asset diversification and the use of "enhanced" tools is advised, particularly in a low-interest-rate environment [3]. - Attention should be given to policy-driven sectors such as artificial intelligence, green energy, advanced manufacturing, and biomedicine, which are expected to receive continued policy support [3].