2026年核心投资主线是什么？多家公募发声

Core Viewpoint - The public fund industry remains optimistic about the economic fundamentals and market trends, highlighting structural opportunities in A-shares driven by multiple favorable factors, particularly in technology growth, energy transition, and consumer recovery [1]. Economic Fundamentals - Economic fundamentals are expected to continue improving, with a solid foundation and resilience in China's economy. The central economic work conference emphasizes "seeking progress while maintaining stability" and aims for stable growth and reasonable price recovery, leading to a good start for the 14th Five-Year Plan [3][4]. - Corporate profit growth is anticipated to stabilize, with ongoing breakthroughs in technological self-reliance and ample liquidity supporting a rational upward revaluation of Chinese assets. A-share valuations are still within a reasonable range, and an increase in dividends is expected to enhance shareholder returns [3]. Capital Market Dynamics - The influx of long-term capital is a core factor for the steady rise of the capital market. The market is expected to exhibit reduced volatility and structural differentiation, with funds concentrating on high-quality assets [7]. - The investor structure is shifting towards long-term and institutional investors, enhancing overall market stability. The "national team" is increasingly engaging in systematic long-term allocations, acting as a stabilizing force for the market [7][8]. Sector-Specific Opportunities - Investment opportunities are emerging in specific sectors, with a focus on technology growth, energy transition, and consumer recovery. The market style is expected to become more balanced, with notable sector rotation and structural rebalancing [10]. - Key areas of interest include: - Chemical and non-ferrous sectors showing positive changes in fundamentals, indicating a long-term upward trend [11]. - The banking sector is viewed as systematically undervalued, with certain quality enterprises offering stable growth attributes [11]. - Non-bank financial sectors with improving ROE trends are also expected to gain market attention [12]. - The Hong Kong stock market is seen as an opportunity for valuation recovery, liquidity improvement, and profit growth, becoming an essential part of risk diversification and income generation for residents [12]. Investment Themes - The investment focus for 2026 includes emerging technology growth and traditional industries, with an emphasis on high-growth sectors, relatively undervalued assets, and areas benefiting from policy dividends [13]. - Specific directions include: - Continued emphasis on technology growth, particularly in AI applications and semiconductors [13]. - Opportunities in cyclical recovery against the backdrop of "anti-involution" and service consumption driving economic growth [13]. - The importance of companies with real competitiveness and growth potential in technology self-reliance, energy transition, and consumer recovery [13].