跨年行情如何布局？多名基金经理发声

Core Viewpoint - The market in 2025 is expected to be primarily driven by technology stocks, while other sectors such as consumer goods, public utilities, and real estate are likely to show lackluster performance, making it difficult to find excess returns [1] Group 1: Technology Sector Outlook - Technology stocks, particularly those related to artificial intelligence, have dominated the market this year, but some valuations are now considered relatively high [3] - Despite the high valuations, industry experts believe that the risk of a systemic bubble is low in the short term, and there may still be upward momentum in the market [3] - The long-term outlook for Chinese technology is optimistic, with expectations for further self-reliance and a revaluation of Chinese assets due to breakthroughs in the technology sector [3] Group 2: Market Style and Sector Performance - The current market has seen a significant disparity in performance, with technology stocks outperforming other sectors, which have struggled to keep pace [6] - Fund managers anticipate a more balanced market style in 2026, with less extreme trends compared to the current year [7] - There is a consensus that while technology remains a focus, cyclical and value sectors may present investment opportunities as they recover from previous downturns [9] Group 3: Investment Opportunities in Traditional Sectors - Some traditional industries, previously overlooked, are now gaining attention from fund managers as they undergo transformative changes [8] - The potential for higher dividends from certain companies in traditional sectors is highlighted, with expected returns of 8%-10% as these companies stabilize [8] - Key indicators for investment in cyclical sectors include improvements in cash flow, asset turnover, and operational leverage, suggesting a potential recovery in profitability [9]