2026新年献词|景顺长城基金总经理康乐：主动有为，静待春来

Core Viewpoint - The public fund industry is undergoing a significant transformation from a scale-oriented approach to one focused on investor returns, presenting both opportunities and responsibilities for companies like Invesco Great Wall [1][7][15] Group 1: Economic Outlook - In 2025, despite new tariff shocks and changes in the international environment creating uncertainty for the Chinese economy, strong fiscal and monetary policies led to resilience in industrial and service sectors, with exports performing better than expected [4][11] - The Shanghai Composite Index reached a ten-year high, hitting 4000 points, and the total trading volume exceeded 400 trillion yuan for the first time [4][11] - Looking ahead to 2026, the Chinese economy is expected to achieve a good start under the "14th Five-Year Plan," supported by proactive macro policies and a new wave of technological revolution reshaping the global economic landscape [4][11][12] Group 2: Investment Opportunities - Key investment opportunities are anticipated in technology, overseas expansion, countering "involution," and domestic demand, with technology investment capabilities being crucial for investors to identify true value amid rapid changes [4][12] - The industry has seen a shift where passive management has overtaken active management, increasing the difficulty of generating excess returns, yet active management based on fundamentals remains a core competitive advantage in the public fund sector [5][12] Group 3: Company Strategy and Performance - Invesco Great Wall has consistently viewed active management as its foundation, adhering to a long-term investment philosophy and enhancing multi-asset allocation capabilities [5][13] - The company has strategically focused on technology investments, particularly in artificial intelligence and the digital economy, establishing a strong reputation in the market as a "technology-savvy investor" [5][13] - In December 2025, the company was awarded the "Golden Bull Fund Company" for active equity investment for the third time, highlighting its commitment to excellence in this area [5][13] Group 4: Product Offerings - Invesco Great Wall has developed a diverse product line aimed at absolute returns, including fixed income, fixed income+, and fund of funds (FOF), achieving top rankings in absolute returns among large companies over the past three and five years [6][14] - The company embraces index investment trends, expanding its index product line to include various strategies and styles, catering to diverse investor needs [6][14]