投资大家谈 | 摩根资产管理中国权益投资团队2026展望

Core Viewpoint - The article emphasizes the potential for value re-evaluation in Chinese equity assets, particularly in the context of structural opportunities arising from macroeconomic shifts and technological advancements such as AI and lithium battery industries [2][6][12]. Group 1: Market Outlook - The Chinese equity market is at a critical juncture of transitioning from old to new growth drivers, with significant structural opportunities emerging from sectors like AI, high-end manufacturing, and new energy [2][6]. - Morgan Asset Management's China equity team focuses on long-term investment value through in-depth industry research, aiming to provide sustainable alpha for investors [2][6]. Group 2: Investment Strategies - Investment Director Du Meng believes that the future of Chinese equity assets is likely to see a value re-evaluation, driven by international investors reassessing the allocation value of Chinese assets [6][12]. - The investment strategy includes a focus on AI as a major industry trend, with a dynamic approach to participation and adjustment based on ongoing developments [6][12]. Group 3: Sector-Specific Insights - The lithium battery industry is viewed positively for 2026 due to a balanced supply-demand state, new demand from energy storage, and attractive valuations as profit margins are currently low [8][12]. - The AI industry is recognized as a significant trend, with expectations of sustained capital expenditure growth and a focus on companies with strong technological barriers and high order visibility [12][16]. Group 4: Consumer and Financial Sectors - The consumer sector is expected to show structural opportunities, particularly driven by younger generations' spending habits, which differ significantly from previous generations [12][35]. - The financial sector is anticipated to benefit from favorable policies aimed at building a strong financial system, with specific attention to the potential of brokerage and insurance companies [33][35]. Group 5: ETF and Index Investment - The global trend towards index investing continues to grow, with significant inflows into ETFs, particularly in the Asia-Pacific region, where China's ETF market is rapidly expanding [39][40]. - Morgan Asset Management's strategy in the ETF space focuses on providing differentiated solutions and enhancing investor experience through a "boutique" approach [40].