来源：嘉实基金HARVEST FUND 2026年是"十五五"规划的开局之年，也是布局中国经济高质量发展红利的关键窗口期。策马新征程，如 何在波动中洞察趋势？如何在纷繁里把握机遇？这些正是很多投资者关切的话题。 1月23日，嘉实基金以"投资好时节"为主题成功举办了2026投资策略峰会，嘉实基金董事长安国勇开场 致辞，资深经济学家、专业投资人、行业意见领袖、投资者朋友以及嘉实基金投研团队齐聚一堂，围绕 宏观政策走向、权益市场布局、ETF配置进化、稳健理财新思路、多策略组合升级、资源周期再平 衡、"科技+AI"产业化与"反内卷+扩内需"结构性机会等焦点议题展开深度对话，不仅回应了投资者关切 的"2026年投什么、怎么投"，也系统性地勾勒出一幅兼顾战略思路和实操价值的2026年投资全景图。 万物有时节，投资也要知时、顺势、明位，这就带大家快速get这场信息含金量拉满的"2026年度投资指 南"精华要点！ 市场展望：固本稳进，布局权益资产结构性机会 回首刚刚过去的2025年，中国经济展现出显著的政策韧性与发展定力：积极财政与稳健货币政策协同发 力，营造出相对宽松的宏观环境，以人工智能、绿色能源为代表的战略性新兴产业加 ...

特朗普引爆地缘"恐慌"之际，达沃斯"秀场"引发全球瞩目。 日前，世界经济论坛 · 达沃斯年会在瑞士启幕，多国政要、商界巨擘齐聚于此。 据说，此次论坛将有400位顶级政治领导人出席，还有约1700位商界领袖参会。 此次行程，特朗普将就格陵兰岛争端与各方举行会谈。 在启程前，他便宣称"夺岛的计划没有回头路可走"，达沃斯之行将会非常有趣。 特朗普执意"夺岛"，跨大西洋同盟正陷入数十年来最严重的危机。 近期，特朗普宣布对欧洲八国家征收10%的关税，对法国葡萄酒和香槟征200%关税… 贸易战的阴云，彻底笼罩了本届达沃斯论坛。 目前，特朗普政府几大关键人物也纷纷就美国经济、贸易关税等问题表态。 美国财长贝森特在达沃斯紧急"灭火"。 全球秩序持续"地震"的当下，地缘政治、贸易关税、科技AI等热议话题成为世界关注的焦点。 迟到的特朗普 处于世界风暴中心的特朗普，姗姗来迟。 据世界经济论坛对外公布的日程，特朗普原将于北京时间21:30在达沃斯发表公开讲话。 但因为总统专机故障导致行程延误，川普将迟到大约3个小时抵达达沃斯。 他呼吁盟友遵守贸易协定，不担忧美债抛售问题，并驳斥欧洲将"清仓"美债报复特朗普为"无稽之谈"。 他还透露 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：基客说 近一周市场主打降温主旋律，不过今天倒是画风突变，电子、有色带头发起反攻模式。 慢牛定调下多空交锋，这个区间大家的投资体验想必也是大有不同； 就拿基金来说，上周我们刚聊过有追涨年初主线的基金，这几天已经调整得肉眼可见； 反观那些策略稳得住的选手，就算市场降温时期，净值依旧表现不错。 比如近期有一批百亿级别的主动权益基金分别在本周19-20日陆续创下了净值新高。 此外如果短期电子的反攻能稳住，有巨无霸基金估计能快速修复最大回撤，冲击历史新高了，这块我们 可以盯着点~ 一批百亿基金创新高 截至1月20日，本周分别有8只百亿规模的主动权益基创下净值新高。 | 基金代码 | 基金名称 | 基金成立以来 最高单位净值日 | 基金规模 (合并) 亿元 | 基金经理 | | --- | --- | --- | --- | --- | | | | | 截至25年Q3 | | | 002943.OF | 广发多因子混合 | 2026/1/20 | 168.64 | 杨冬,唐晓斌 | | 004814.OF | 中欧红利优享灵活配置混合A | ...

1月5日，和讯投顾陈炜表示，开门红啦！大盘重新站上4000点，量能也成功跟上，今天这根K线可不一 般，是跳空向上且带有突破属性的，成功越过了老杨之前提到的3968一线。这意味着，从今天起，咱们 对整个市场又可以看得更高一些了。量能增加，呈现出量价齐升的良好态势，而且各大指数走势并无差 异，无论是上证50、深成指、创业板，还是科创50以及全A指数，全部上涨，这充分证实了此次上涨的 真实性。 同时，大家也注意到一个新方向冲到了前列，那就是人脑工程板块，这个方向更具短线刺激意义，不少 个股大涨。另外，AI医疗方向也有明显的强势特征。由此可见，当下整个市场的核心还是围绕科技AI 展开，包括AI应用、AI医疗等。后续跟AI相关的基础设施、数据等板块可能也会有相应表现。而医药 医疗方向的上涨，短线属性的概率更大。从整体格局来讲，跨年度行情已正式展开。从今天市场表现来 看，大概率还是以ETF资金为主导，因为拉升的全是中大市值且价位偏高的票，这或许会成为接下来的 主要特征，值得朋友们特别注意，后续上涨很可能以中大市值、偏高价的机构重仓股行为为主。 从实际交易准则来看，今天这54个点的涨幅可以作为防守线来操作。只要今天阳线的低 ...

Core Viewpoint - The article emphasizes the strong performance of quality stocks since October, particularly those with low price-to-earnings ratios and attractive dividend yields, suggesting that these stocks will continue to attract attention as the year ends and the new year begins [3]. Group 1: Market Trends - Quality stocks have shown robust performance, with the low price-to-earnings index rising over 8% and the performance index for quality stocks increasing over 6% [3]. - The market is expected to focus on quality stocks, especially those with good dividend yields and trading at lower valuations [3]. Group 2: Investment Recommendations - Tianfeng Securities suggests three main investment themes for the upcoming spring market: 1. Technology AI sector led by DeepSeek breakthroughs and open-source initiatives 2. Economic recovery driven by both domestic and international factors, continuing the "stronger gets stronger" trend in the bull market, with opportunities in cyclical sectors 3. The ongoing rise of undervalued dividend stocks [4]. Group 3: Notable Stocks - According to statistics, 12 stocks have a dividend yield exceeding 3% and have retraced more than 30% from their yearly highs, excluding ST stocks [4]. - Notable companies include: - Transsion Holdings, valued at nearly 80 billion, is a leader in the African mobile phone market, benefiting from the transition from feature phones to smartphones [4]. - Huali Group, valued at nearly 60 billion, is a leading sports shoe manufacturer, expected to maintain rapid growth through expansion and new client acquisition [4]. - Aima Technology and Lianmei Holdings have shown significant net profit growth in the first three quarters, with Aima's revenue increasing nearly 21% and net profit up nearly 23% year-on-year [4]. Group 4: Institutional Interest - Certain stocks have gained favor among institutional investors, with Transsion Holdings, Huali Group, and Ganyuan Foods seeing significant holdings valued over 100 million as of the end of Q3 [5]. - Companies like Huali Group, Jinyu Medical, and Aima Technology are highlighted as favorites among institutional investors [5]. Group 5: Dividend Performance - Companies such as Ousheng Electric, Transsion Holdings, and Lianmei Holdings have shown substantial cumulative dividend rates exceeding 190% over the past three years [5]. - Ousheng Electric has maintained a dividend rate above 70% for four consecutive years, while Transsion Holdings and Lianmei Holdings have consistently exceeded 50% annually in the last three years [5].

Group 1 - High-quality stocks have shown strong performance since October, with low P/E index rising over 8% and performance stocks index increasing over 6% [1] - Tianfeng Securities suggests focusing on three investment themes for the upcoming spring market: AI technology breakthroughs, economic recovery driven by internal and external resonance, and the rise of undervalued dividend stocks [1] - According to statistics, 12 stocks have a dividend yield exceeding 3% and have retraced over 30% from their yearly highs, excluding ST stocks [1] Group 2 - Aima Technology and Lianmei Holdings have reported significant year-on-year net profit growth in the first three quarters, with Aima's revenue increasing nearly 21% and net profit up nearly 23% [2] - Lianmei Holdings is positioned as a comprehensive energy service provider with significant growth potential, supported by its strategic location and successful investment ventures [2] - Institutions have shown interest in stocks like Transsion Holdings and Huali Group, with insurance funds holding over 100 million yuan in these stocks as of the end of Q3 [2] Group 3 - Companies like Ousheng Electric, Transsion Holdings, and Lianmei Holdings have demonstrated substantial dividend payouts over the past three years, with cumulative dividend rates exceeding 190% [3] - Ousheng Electric has maintained a dividend rate above 70% for four consecutive years, while Transsion Holdings and Lianmei Holdings have consistently exceeded 50% annually [3] - Lianmei Holdings has announced multiple shareholder return plans, highlighting its commitment to investor returns [3] Group 4 - The table lists high dividend yield stocks with significant cumulative dividends over three years, including Ousheng Electric (4.58% yield, 249.05% cumulative dividend), Transsion Holdings (4.46% yield, 214.61% cumulative dividend), and Lianmei Holdings (4.54% yield, 199.10% cumulative dividend) [4] - Other notable stocks include Ganyuan Food (5.02% yield), Huali Group (4.48% yield), and Aima Technology (3.09% yield) [4]

Group 1 - The investment strategy is focused on three main directions: 1) breakthroughs in technology AI led by Deepseek, 2) economic recovery with a "stronger stronger" market style, and 3) the rise of undervalued assets [1] - The top five sectors with net inflows include lithium batteries, new energy vehicles, semiconductors, non-ferrous metals, and PCB boards [1] - The leading concepts with net inflows are solid-state batteries, sodium batteries, lithium iron phosphate, Ningde Times concept stocks, and energy storage [1] Group 2 - The sodium battery industry is entering a "critical window period" with simultaneous technological breakthroughs and commercial applications, although challenges in supply chain and standardization remain [3] - Sodium batteries are expected to target cost-sensitive markets, while lithium batteries will maintain advantages in high energy density and premium applications [3] - The domestic equipment sector is projected to see a rapid increase in localization rates, with a 20-30% growth in orders for leading equipment manufacturers by 2025 [5] Group 3 - The gaming sector is expected to grow steadily, with a focus on companies with strong performance and the potential for new product launches [5] - AI applications are anticipated to accelerate commercialization, particularly in advertising and e-commerce [5] - The film industry is benefiting from policy support and the integration of AI technology in production, leading to rapid commercialization of AI-driven content [5] Group 4 - The Shanghai Composite Index shows a W-bottom pattern indicating potential momentum for January, although low trading volume is a concern [9] - The A-share market is likely to continue a "slow bull" trend in 2026, supported by the implementation of the 14th Five-Year Plan and a relatively stable export outlook [9] - The ChiNext Index has shown strong performance since late December, but many individual stocks have lost their annual gains, indicating challenges in stock performance for 2025 [9]

Core Viewpoint - Recent data indicates an increase in net inflows for dividend-themed ETFs, particularly around December, suggesting a trend of capital allocation towards these assets as the year ends [1][3]. Group 1: ETF Performance and Inflows - The China Securities Dividend ETF (515080) saw monthly net inflows of 745 million yuan in December 2023 and 1.119 billion yuan in December 2024 [3]. - In the first week of December 2023, the China Securities Dividend ETF (515080) recorded a cumulative net inflow of approximately 22 million yuan, with a total of 271 million yuan over the past 10 days [3]. Group 2: Regulatory Changes and Market Impact - On December 5, the National Financial Regulatory Administration announced a reduction in risk factors for insurance companies holding certain stocks, which is expected to enhance their solvency ratios and encourage long-term investments [3]. - The adjustment in risk factors could potentially increase the stock investment scale by approximately 150 billion yuan, raising the anticipated insurance capital inflow to the equity market to around 2.15 trillion yuan by 2026 [4]. Group 3: Market Trends and Predictions - Analysts suggest that the recent policy changes will favor indices like the CSI 300 and the China Securities Dividend Low Volatility 100, contributing to a "slow bull" market in 2026 [4]. - The insurance sector is expected to continue providing incremental capital to the equity market, with a long-term strategy of allocating about 30% of new premiums to A-shares [6]. - The end of the year is traditionally a significant period for insurance capital allocation, with expectations for renewed interest in dividend stocks [6]. Group 4: Investment Strategies and Sector Focus - Investment strategies are shifting towards low-valuation cyclical stocks and dividend assets, with a balanced market style anticipated as policy expectations rise and A-share earnings accelerate [5]. - Analysts recommend focusing on innovative sectors such as AI applications and high-dividend stocks, particularly as market conditions improve and liquidity increases [6][7].

近期部分红利主题ETF资金净流入增多。事实上，Wind数据显示，从中证红利指数挂钩ETF资金申赎数 据看，自2023年以来每到12月该指数均有较为明显的资金增仓动作。 数据来自Wind 以中证红利ETF（515080）为例，Wind数据显示，2023年和2024年的12月，该ETF月度净流入额分别为 7.45亿元、11.19亿元。今年12月第一周，中证红利ETF（515080）区间累计净流入额近0.22亿元；拉长 周期看，近10日该ETF区间累计净流入额达2.71亿元。 消息面上，12月5日，国家金融监管总局发布《关于调整保险公司相关业务风险因子的通知》（下称 《通知》）。其中提到，保险公司持仓时间超过三年的沪深300指数成分股、中证红利低波动100指数成 分股的风险因子从0.3下调至0.27；保险公司持仓时间超过两年的科创板上市普通股的风险因子从0.4下 调至0.36。 据经济参考报，进入岁末年初，A股市场震荡有所加剧，板块轮动提速，市场风格切换也较为明显，资 金开始从高估值成长股流向低估值周期股及红利资产。谈及"跨年行情"，多家券商机构近期发布策略表 示，在政策预期升温、A股盈利增长加速等积极背景下，市场 ...

Core Insights - The China Galaxy Securities 2026 Strategy Conference focused on macroeconomic trends and industry transformation opportunities, emphasizing the importance of capital markets in the "14th Five-Year Plan" [1][2] Group 1: Economic Outlook - The global economy is expected to experience a "new pattern, new cycle," while China will see a "new blueprint, new starting point, new quality productivity" in 2026 [2] - China Galaxy Securities anticipates that macroeconomic policies will maintain continuity and stability, with a focus on domestic circulation, a deficit rate of 4%, and a moderately loose monetary policy [2] Group 2: Market Valuation and Investment Strategy - Current A-share valuations are considered relatively reasonable, with earnings expected to become the focal point for the market in 2026 [3] - The company suggests focusing on two main lines and two auxiliary lines for investment, particularly in new quality productivity and the recovery paths of manufacturing and resource sectors [3] Group 3: Consumer Market Insights - In 2026, consumer policies are expected to bolster domestic demand, with government subsidies likely to exceed market expectations [3] - The technology and new consumption sectors, along with competitive overseas business opportunities, are highlighted as key areas for investment [3]