“AI泡沫论”再起，公募岁末如何应对？新发基金提前布局

Core Viewpoint - The article discusses the recent shift in investment trends within the A-share market, highlighting a net outflow from popular sectors like artificial intelligence and healthcare, while stable sectors such as dividend low volatility and free cash flow have attracted more investment [1][2]. Group 1: Fund Flow Changes - Since the end of the year, ETF redemption data indicates that sectors like artificial intelligence, healthcare, and innovative pharmaceuticals have experienced varying degrees of net outflow, while stable sectors have seen inflows [1]. - As of December 22, significant net inflows were recorded in broad-based ETFs like CSI 300 and CSI A500, with net inflows exceeding 12 billion and 30 billion respectively [2]. - The net inflow for dividend low volatility ETFs was over 1.5 billion, while several AI-themed ETFs recorded net outflows exceeding 1 billion since December [2]. Group 2: Market Style Discussion - The recent market style has shown a "high to low" characteristic, with dividends performing relatively better, but short-term style shifts are expected to be difficult to sustain [3]. - A report from Huabao Fund suggests that in 2025, market drivers will favor valuation recovery over profit recovery, similar to the market dynamics observed in 2019-2020 [3][4]. Group 3: Future Investment Strategies - The article emphasizes that the year-end style switch is a recurring phenomenon in the A-share market, with a focus on the fundamental changes in popular sectors during the "high-low switch" [5]. - Current concerns regarding the sustainability of the technology sector, particularly AI, are highlighted, with some analysts suggesting that AI investments are still in their early stages and not yet in a bubble [5]. - The article notes that the long-term value reassessment of Chinese assets is ongoing, with a focus on stable cash flow and industry demand as core investment logic for 2026 [6]. Group 4: New Fund Launches - The article mentions that nearly 60 new funds are currently being issued, reflecting a mix of technology, healthcare, and stable value-oriented products [7]. - The issuance of funds focused on technology and healthcare themes continues, alongside those targeting free cash flow and consumer sectors [7]. - A "barbell" strategy is suggested for 2026, combining technology and dividend-focused ETFs to navigate potential market shifts [7][8].