Market Overview - A-shares showed mixed performance on January 28, with the Shanghai Composite Index and Shenzhen Component Index slightly up, while the ChiNext Index experienced a small decline. The Shanghai Composite Index closed at 4151.24 points, up 0.27%, with a trading volume of 13,655 billion yuan [1] - Resource stocks led the market, particularly gold stocks, with Sichuan Gold achieving four consecutive trading limits, and China National Offshore Oil Corporation rising over 6% to a new high [1] - The total trading volume in the Shanghai and Shenzhen markets reached 29.7 trillion yuan, an increase of 70.4 billion yuan compared to the previous trading day [1] Sector Performance - Key sectors that performed well included precious metals, oil and gas extraction, steel, combustible ice, rare earth permanent magnets, and coal [2] - Conversely, sectors that saw declines included photovoltaic equipment, medical services, education, recombinant proteins, avian influenza, and Sora [2] Institutional Insights - According to Jifeng Investment Advisors, the A-share market is expected to continue a volatile consolidation pattern in February, with support from policies and valuations, while facing pressure from profit verification. They recommend focusing on cyclical sectors, technology growth, and defensive assets [3] - CITIC Construction highlighted the booming commercial aerospace industry, particularly the advancements in reusable rocket technology, which are expected to drive significant growth in the satellite communication market, projected to grow from $25.2 billion in 2025 to $83 billion by 2035, with a compound annual growth rate of approximately 13% [3] Company Updates - Amazon Web Services (AWS) announced a price increase of approximately 15% for its EC2 machine learning capacity blocks, marking the first price hike in about twenty years. This adjustment reflects the high demand for AI computing resources and the increasing scarcity of supply [4] - Haizhou Intelligent, a subsidiary of Suzhou Keda, announced a price adjustment for certain products, with increases ranging from 10% to 30%, effective March 1, 2026. This adjustment affects a range of products including storage series, front-end cameras, and servers [8]

AI基金泓德红利优选混合(LOF)A（501227）披露2025年四季报，第四季度基金利润249.87万元，加权平均基金份额本期利润0.0155元。报告期内，基金净值 增长率为3.66%，截至四季度末，基金规模为2.06亿元。 该基金属于偏股混合型基金。截至1月21日，单位净值为1.075元。基金经理是苏昌景和孙泽宇，目前共同管理3只基金。 截至12月31日，基金成立以来夏普比率为0.1791。 基金管理人在四季报中表示，展望2026年，在科技创新引领以及国家推动中长期资金入市的背景下，A股有望延续结构性较好的表现。市场风格从估值修复 转向盈利驱动，基本面重要性上升，高景气度与业绩改善行业将会有更好的表现，如科技成长、高端制造出海、上游有色金属、中游化工等。本基金将继续 坚持红利风格下的主动量化投资方法，勤勉尽责，力求实现基金资产的长期、稳定增值。 截至1月21日，泓德红利优选混合(LOF)A近三个月复权单位净值增长率为3.30%，位于同类可比基金507/621；近半年复权单位净值增长率为5.90%，位于同 类可比基金563/621。 截至2025年四季度末，基金规模为2.06亿元。 截至1月21日，基金成立 ...

Core Viewpoint - 2025 is expected to be a vibrant year for equity markets driven by policy shifts, ample liquidity, and the global AI wave, leading to a long-awaited valuation recovery and structural market trends [1][21] Group 1: Investment Strategies - Focus on identifying companies that exhibit both performance certainty and growth potential [22] - Emphasis on sectors with high growth prospects, particularly in new consumption and AI industries, while remaining cautious about valuation-driven stocks [23] - Investment in traditional industries like chemicals and aviation is seen as promising due to improved pricing power and demand recovery [22][24] Group 2: Sector Insights - The AI industry is viewed as a major support for the current industrial cycle, with a need to observe the iteration of AI models and their application effects [27][29] - The manufacturing sector's cyclical recovery is crucial for transitioning from valuation-driven to profit-driven market conditions [27][12] - The real estate sector is under scrutiny, with a focus on companies with low debt and high safety margins, while avoiding high-leverage developers [24][28] Group 3: Future Outlook - In 2026, the focus will be on new consumption, AI applications, and the benefits of the "anti-involution" policy, which is expected to enhance corporate profitability [20][35] - The investment landscape will prioritize structural opportunities and systematic allocation, with a shift from valuation recovery to profit growth as the main driver [34][35] - The potential for copper prices to reflect overall manufacturing sentiment is highlighted, alongside the need to monitor risks related to export barriers and domestic competition [36]

Core Viewpoint - In 2026, the investment focus of Yongjin Investment will be at the intersection of asset restructuring and industrial transition, identifying four core investment themes [1] Group 1: Investment Themes - The first theme is the technological revolution driven by the expansion of AI industries towards application endpoints [1] - The second theme involves high-end manufacturing transitioning from "selling products" to "building systems" for overseas markets [1] - The third theme highlights dividend and resource assets that can serve as "important bottom positions" for investors [1] - The fourth theme reflects a shift from "general growth" to "structural differentiation" in consumer upgrades and pharmaceutical advancements [1] Group 2: Market Context - The understanding of dividend and resource assets should evolve from "defensive allocation" to "important bottom positions during the asset restructuring phase" amid increased macro volatility and weakened "old asset anchors" [1] - In the consumer and pharmaceutical sectors, the focus is on "structural upgrades," with opportunities expected to concentrate on "supply sides with greater product strength and efficiency" [1]

Core Viewpoint - The A-share market in 2025 demonstrated a structural trend, with actively managed equity funds achieving significant excess returns due to excellent stock selection and allocation capabilities [1]. Group 1: Fund Performance - As of December 2025, the Wind data shows that the annual return of the Wind Mixed Equity Fund Index was 33.19%, outperforming the CSI 300 Index (17.66%) and the CSI 800 Index (20.89%) [1]. - Morgan Fund, with over 20 years in the Chinese market, ranked in the top ten for active stock investment management across various time frames, achieving a one-year active management return of 58.14% [2]. - Morgan Fund's flagship product, Morgan China Advantage Mixed A, has delivered a cumulative return of 1471.81% since its inception 21 years ago, significantly exceeding the benchmark return of 244.76% [2]. Group 2: Investment Strategy and Market Outlook - Morgan Fund's investment team anticipates a continued long-term value reassessment of Chinese assets in 2026, identifying structural opportunities in sectors such as technology and high-end manufacturing [4]. - The investment team emphasizes the importance of focusing on quality assets with stable cash flows and sustainable growth, particularly in the context of rising global competitiveness of Chinese industries [4]. - The team sees potential in the AI industry, which is expected to expand from computing power to applications and hardware, and in cyclical value sectors like non-ferrous metals, which are showing improved cash flows and dividends [4]. Group 3: Global Asset Management Strength - Morgan Asset Management, a global leader under JPMorgan, manages nearly 30 trillion RMB in assets, with approximately 9 trillion RMB in equity investments as of September 2025 [3]. - The firm has the highest net inflow in active management and active equity globally in 2024, showcasing its strong market position [3]. - The investment team in China has an average experience of over 12 years, integrating global insights with local practices to ensure investment discipline and strategy stability [3].

Group 1 - The core viewpoint of the news is that a series of key reforms in China's capital market are set to accelerate in 2026, focusing on enhancing new productive forces and improving investor protection [1][2][4] - The revised regulations on public fund sales, effective from January 1, 2026, aim to reduce investor costs significantly, with an expected annual savings of approximately 30 billion yuan [2] - The film industry in China is showing signs of recovery, with a total box office of 7.36 billion yuan during the New Year's holiday, indicating a diverse range of new film releases and a positive outlook for 2026 [3] Group 2 - The A-share market is expected to continue its upward trend in 2026, supported by positive market sentiment and improvements in corporate earnings, with the Shanghai Composite Index rising 18.41% in 2025 [5][10] - The commercial real estate REITs pilot program has been launched, emphasizing quality and stability in its initial phase, with a structured policy framework in place [6][7] - The automotive industry is experiencing a competitive landscape, with BYD surpassing Tesla in electric vehicle sales, while traditional automakers are accelerating their transition to new energy vehicles [11]

Core Viewpoint - The article highlights the optimistic outlook for the A-share market in 2026, emphasizing the selection of 26 potential stocks across various categories, driven by favorable earnings expectations and market conditions [2][5][11]. Group 1: Market Outlook - The A-share market is expected to experience a structural bull market in 2026, transitioning from a technology-driven focus to a more balanced growth across sectors [5][6]. - Major indices are projected to see significant gains, with the Shanghai Composite Index expected to rise by 12% by the end of 2026 [7]. - The overall market sentiment is supported by positive macroeconomic policies, improving fundamentals, and a steady influx of capital [6][9]. Group 2: Earnings Growth - Forecasts indicate that the net profit growth rates for the CSI 300 index are expected to reach 9.18% and 9.23% for 2026 and 2027, respectively, while the ChiNext index is projected to grow by 30.52% and 22.98% [9]. - The profitability of non-financial companies in the A-share market is anticipated to stabilize, driven by rising producer prices [9]. - Goldman Sachs predicts a more optimistic profit growth of 14% and 12% for 2026 and 2027, respectively [9]. Group 3: Selected Potential Stocks - Data Treasure has identified 26 potential stocks for 2026, categorized into six cyclical stocks, five AI technology stocks, five undervalued dividend stocks, five domestic recovery stocks, and five overseas chain stocks [2][11]. - The cyclical stocks are expected to benefit from price increases due to the Federal Reserve's interest rate cuts and recovering producer prices [11][13]. - AI technology stocks are selected based on their anticipated strong performance in the TMT sector, with companies like SiTwei-W and Hohhot Information being highlighted [14]. Group 4: Investment Themes - The investment themes for 2026 include AI technology, high-end manufacturing, cyclical recovery, and domestic consumption recovery, with dividend stocks serving as a stable foundation [12][17]. - The focus on dividend stocks is reinforced by their high predicted dividend yields, with companies like Jianghe Group expected to have a dividend yield close to 6% [15]. - The potential stocks exhibit diverse characteristics, balancing growth potential and defensive qualities to navigate market volatility [17].

Core Viewpoint - The 2025 A-share market experienced a bull market driven by "hard technology," characterized by significant structural differentiation and record-breaking performance in various metrics [8][10]. Market Performance Summary - Major indices saw substantial increases, with a typical pattern of "strong innovation, stable main board, and weak value" [9]. - The market scale achieved a historic leap, with active leverage and foreign capital participation, indicating a concentrated performance in high-growth sectors [10]. Leading Sectors - The top-performing sectors averaged a 47.61% increase, with notable performances in: - Non-ferrous metals: +92.64% driven by AI/new energy demand for copper and lithium, alongside gold as a safe haven [11]. - Communications: +87.27% due to the explosion of CPO optical modules and accelerated satellite internet [11]. - Electronics: +49.40% from breakthroughs in domestic AI chips and semiconductor equipment [11]. - A total of 533 stocks doubled in value, with 7 stocks increasing over 500%, and the TMT sector accounting for 33.31% of daily trading volume [12]. 2026 Market Outlook - The 2026 market is expected to shift from liquidity and valuation-driven growth to profit-driven performance, with three core logical drivers: 1. Intensive policy dividends from the "14th Five-Year Plan" and proactive fiscal policies [13]. 2. Continued domestic and international liquidity easing, with anticipated Fed rate cuts [13]. 3. Sustained corporate profit recovery, with nearly 60% of listed companies expecting positive earnings [13]. Core Investment Themes - The main investment themes for 2026 include: 1. Core offensive line: AI full chain and new productivity, driven by policy, technology, and performance [15]. 2. High elasticity line: High-end manufacturing going overseas, benefiting from global energy transition and a strong RMB [16]. 3. Defensive line: Consumption recovery and cyclical rebounds supported by domestic demand policies [19]. Key Industries and Focus Areas - Key industries to watch include: - New energy vehicles, photovoltaic + energy storage, and high-end equipment [20]. - Consumer sectors such as smart cars and high-dividend blue chips in pharmaceuticals [20]. - Industrial metals and energy sectors benefiting from global inventory replenishment [20]. Market Dynamics and Timing - The market is expected to follow a rotational rhythm, with specific focuses for each quarter, including AI computing and applications, overseas expansion, and high-dividend defensive stocks [20][22].

Core Insights - The capital market in 2025 experienced structural fluctuations, with non-ferrous metals, TMT, and power equipment being market highlights, while dividend sectors and real estate faced pressure. As 2026 approaches, structural opportunities are emerging supported by policy stabilization, corporate profit recovery, and liquidity influx [4] Group 1: Global Liquidity Improvement - The global macro environment in 2026 is expected to release positive signals, with the U.S. fiscal and monetary policies likely to trend towards easing. The "Great Beautiful Act" could lead to a long-term tax cut, potentially increasing the federal deficit by approximately $3.4 trillion over the next decade, and the debt ceiling may rise by $5 trillion (a 12% increase) [5] - A low-interest-rate environment is expected to ease global liquidity constraints, alleviating capital outflow pressures in emerging markets and creating a relatively stable external environment for A-shares [5] Group 2: Domestic Economic Recovery - Domestic policies are aligning with micro signals to create a warming effect. The Central Economic Work Conference at the end of 2025 and the 2026 Two Sessions will emphasize "seeking progress while maintaining stability and improving quality and efficiency" [6] - Industrial enterprises are currently at the bottom of the inventory cycle, with a narrowing decline in PPI indicating an approaching replenishment cycle. The cumulative year-on-year growth of net profit excluding non-recurring gains for all A-shares in Q3 2025 was 3.2%, and asset turnover rates are stabilizing [6] - The "anti-involution" policy is expected to drive price recovery, leading to a positive cycle in corporate profits. Institutional investors such as insurance funds and bank wealth management are anticipated to become significant sources of incremental funds in 2026, further solidifying market liquidity [6] Group 3: Key Investment Areas for 2026 - Focus on the AI supercycle, with continued prosperity in domestic and international computing power chains. Attention should be given to new technology iterations and inflation-related sectors, particularly the gaming industry and the gradual development of smart terminals and AI applications [7] - High-end manufacturing going overseas should be monitored, especially in sectors like energy storage-lithium batteries and AI-related high-demand segments. Sustainable growth potential exists in domestic and overseas markets for heavy trucks, passenger vehicles, and construction machinery [8] - Long-term attention should be given to the revaluation of strategic resources, including precious and industrial metals. Energy and lithium carbonate show signs of bottoming out, while the chemical sector's resource products and significantly rebounding blue-chip varieties are also worth investing in [8] - Continuous monitoring of breakthroughs in frontier technologies such as robotics, solid-state batteries, controlled nuclear fusion, aerospace, and quantum computing is recommended [9] - New consumption trends and innovative pharmaceuticals are areas of interest, with solid fundamentals in emotional, service, and technology consumption. The innovative drug sector remains a long-term trend, with improved cost-effectiveness following recent declines [9] Conclusion - The equity market outlook for 2026, while facing challenges, is supported by a "triple support" system of policy stabilization, profit recovery, and liquidity influx, which may solidify the foundation for structural market trends. Investors are encouraged to align with industry trends and core logic while capturing opportunities from a long-term perspective [10]

Core Viewpoint - The market is increasingly focused on investment opportunities for 2026 as the A-share market approaches the end of 2025, with sectors like metals, TMT, and power equipment performing well, while dividend stocks and real estate are under pressure [1] Group 1: Global Economic Environment - The global macroeconomic landscape is expected to show positive changes in 2026, with the U.S. likely to adopt more accommodative fiscal and monetary policies, potentially increasing the federal deficit by approximately $3.4 trillion over the next decade [4] - The anticipated fiscal expansion in the U.S. may require a low-interest-rate environment, which could improve global liquidity and stabilize the external environment for the A-share market [4] Group 2: Domestic Economic Policies - The Central Economic Work Conference at the end of 2025 has set a policy direction of "seeking progress while maintaining stability," indicating a focus on quality and efficiency improvements [5] - Industrial enterprises are at the bottom of the inventory cycle, with a narrowing decline in PPI suggesting an approaching recovery phase for corporate profits, as evidenced by a 3.2% year-on-year growth in net profit for all A-shares in Q3 2025 [5] Group 3: Investment Opportunities for 2026 - The A-share market is expected to remain structurally driven, with five key areas for investors to focus on: 1. AI Super Cycle: Continued growth in domestic and international computing power chains, with a focus on new technology iterations and the gaming industry [9] 2. High-end Manufacturing Overseas: Attention on sectors like energy storage and lithium batteries, as well as heavy-duty vehicles and engineering machinery that offer growth potential [11] 3. Strategic Resource Revaluation: Long-term focus on precious and industrial metals, with particular attention to energy and lithium carbonate showing signs of stabilization [11] 4. Frontier Technology Breakthroughs: Ongoing interest in industries such as robotics, solid-state batteries, and quantum computing [11] 5. New Consumption and Innovative Pharmaceuticals: Focus on sectors with solid fundamentals in consumer and technology spending, as well as innovative medical devices [11] Group 4: Market Liquidity - The degree of asset allocation migration towards equity markets is still in its early stages, with significant room for growth as indicators remain at historical lows [10] - Institutional investors, including insurance funds and bank wealth management products, are expected to become important sources of marginal capital in 2026, further enhancing market liquidity [10]