万物启新，大道骥行——万得基金新年投资策略会成功举办

Core Viewpoint - The investment strategy conference hosted by Wind Fund and Dachen Fund emphasizes the importance of macroeconomic environment, AI themes, and asset allocation for investment planning in 2026, highlighting a pivotal year for value awakening in the Chinese stock market and a dual recovery driven by liquidity and cycles [1][4]. Group 1: Macroeconomic Analysis - The Vice President and Chief Economist of Dachen Fund, Yao Yudong, analyzed the macroeconomic situation for 2026, indicating a transition from "investment in objects" to "investment in people" in China, with a need for consumption structure optimization and facing structural challenges in internal circulation [6]. - The global landscape is characterized by a "flame era" of technological revolution and great power competition, with AI driving industry differentiation and intensifying resource competition [6]. - Investment strategies should focus on "technological innovation + resource autonomy," paying attention to strategic areas such as AI, chips, and copper, while also seizing profit recovery opportunities under anti-involution policies [6]. Group 2: AI and Decision-Making - The head of investment research at Wind Fund, Chen Yidi, discussed how technology is profoundly reshaping the investment research ecosystem, with AI evolving from an efficiency tool to a critical component of decision support [8]. - AI, combined with high-quality structured data, enhances research coverage and reduces "illusion" risks, aiding institutions in building a more stable and consistent decision support system [8]. - The future of decision-making in the industry will shift from experience-driven to data and system-driven, promoting long-term sustainable development [8]. Group 3: Multi-Asset Allocation Insights - A roundtable discussion on multi-asset allocation in a low-interest-rate environment highlighted the rising duration risk in bonds and the normalization of equity market volatility, stressing the need for a well-structured allocation to avoid hidden risks [10]. - Experts suggested reconstructing the "underlying anchor" of multi-asset allocation, focusing on the value of uncorrelated assets, and addressing the mismatch between investor return expectations and risk tolerance through diversified strategies [10]. - The importance of strategy selection over asset selection is increasingly emphasized, particularly in a low-interest-rate environment where the ability to generate Alpha and strategic allocation becomes crucial [10]. Group 4: AI Industry Investment Opportunities - Dachen Fund's stock investment manager, Du Cong, analyzed the core value segments and opportunities within the AI industry chain, noting Google's significant advantages in AI while highlighting relative shortcomings of companies like Amazon and Meta [13]. - Fund manager Guo Weiling focused on the technology sector investment strategy for 2026, asserting that AI remains the main investment theme, with expectations for continued market performance in the first half of the year, albeit with increased investment difficulty compared to 2025 [15]. Group 5: Future Outlook - The conference served as a critical moment for investment layout, gathering industry wisdom to interpret macroeconomic trends and investment research logic, while outlining feasible paths for annual asset allocation [17]. - Wind Fund aims to continue fostering an open, cooperative, and win-win philosophy, collaborating with more industry partners to build a financial ecosystem and leveraging AI to help investors seize development opportunities in the new era of the 14th Five-Year Plan [18]. Group 6: Company Overview - Wind Fund, as an independent sales institution under Wind, ranks among the top 100 sales institutions, with its non-monetary public fund scale among the top 10 independent fund sales institutions as of the second quarter of 2025 [20]. - The company is dedicated to providing off-market fund research and trading management services, creating efficient and convenient one-stop investment research and trading platforms for various financial entities [20].