知名经济学家刘煜辉表示，本轮AI科创革命成功的关键，是AI后端能否形成强大的产业生态，形成经 济闭环。中国凭借强大的落地能力和完备的产业生态，有望实现这一闭环。面对宏观面的不确定性，他 主张以"哑铃策略"进行有效风控，一端聚焦高股息资产，另一端布局长期结构性增长机会，如循环经 济、新能源产业、深空航天产业等方向。 华夏基金宏观策略研究员祝青从更具操作性的年度视角出发，将宏观线索映射为具体的策略方向。她认 为，2026年的宏观主线或是"行业结构性景气格局延续"与"资金向权益资产的再配置"，一方面，AI是景 气高增的产业方向；另一方面，国内权益资产的估值虽然提升，但内外部依旧存在继续配置权益的动 力。 本报讯(记者王宁)2025年，中国资本市场关于AI的热度持续升温。近日，华夏基金举办的主题为"年度 对话|DeepAlpha：科技引领下的全球多元配置"活动，以期帮助投资者屏蔽市场噪音，捕捉价值赛道机 遇。 祝青认为，2026年市场可能进入"盈利兑现期"，结构性机会大于指数性机会，投资需更聚焦业绩的确定 性与产业逻辑的持续性。除坚守AI高景气主线外，可增配具备股息增长弹性的"类红利"资产作为组合缓 冲垫，并关注港股 ...

Core Viewpoint - The discussion highlights the potential for gold prices to surge due to a crisis of trust in the US dollar and treasury system, with predictions of gold reaching nearly $2000 per ounce in 2025, reflecting a significant shift in global capital dynamics [1][11][12]. Group 1: Investment Strategies and Opportunities - The investment strategy for 2026 is suggested to be based on a "dumbbell strategy," focusing on dividend stocks on one end and investments that bet on national fortunes and growth on the other [6][83][84]. - Specific investment directions include AI edge applications, gold and non-ferrous metals, and opportunities in energy and technology sectors, particularly in response to US-China competition [7][85][68]. Group 2: Economic Context and Market Dynamics - The current economic landscape is characterized by a G2 competition narrative, with the US heavily investing in AI as a means to secure its economic future, which has led to a significant increase in the market capitalization of AI-related companies [13][14][96]. - The US AI sector faces challenges in forming a complete economic loop, as it lacks a robust manufacturing base to support the backend of AI applications, which may hinder its long-term success [3][120][121]. Group 3: Future Projections and Risks - There is a potential scenario where a collapse of the dollar could trigger an unprecedented rise in gold prices, with the possibility of a significant economic shift favoring China as it implements large-scale domestic policies akin to the Marshall Plan [4][82][114][115]. - The discussion emphasizes that the future of AI and its economic implications may ultimately rest with China, which possesses the necessary manufacturing capabilities and ecosystem to create a complete economic loop [38][122][128].

当人工智能的浪潮席卷千行百业，全球科技巨头加速算力布局，资本市场关于AI的热度亦如燎原之火 蔓延。在一片喧嚣之中，华夏基金举办的"年度对话|DeepAlpha：科技引领下的全球多元配置"，正试图 以冷静分析帮助投资者穿透市场噪音，捕捉价值赛道。 本次年度对话汇聚知名经济学家刘煜辉以及华夏基金祝青、顾鑫峰、施知序、郭琨研、孙蒙以及华龙等 主被动、策略、量化等多位嘉宾，围绕市场新格局、新动能与新机遇，从宏观到科技、从全球到配置进 行多维度解读，旨在为投资者在AI浪潮与宏观大势中提供追踪Beta、发现Alpha的思考锚点。 他认为，本轮AI科创革命成功的关键，是AI后端能否形成强大的产业生态，形成经济闭环。我国凭借 强大的落地能力和完备的产业生态，有望实现这一闭环。面对宏观不确定性，他主张以"哑铃策略"进行 有效风控，一端聚焦高股息资产，另一端布局长期结构性增长机会，如循环经济、新能源产业、深空航 天产业等方向。 华夏基金宏观策略研究员祝青则从更具操作性的年度视角出发，将宏观线索映射为具体的策略方向。她 认为，2026年的宏观主线或是"行业结构性景气格局延续"与"资金向权益资产的再配置"，一方面，AI是 景气高增的 ...

面对市场在上半年一度出现的大幅波动，国泰海通首席策略分析师方奕是各券商策略分析师中坚定看多 者之一。那么，2026年A股大势有望如何演绎？行情可能呈现出哪些结构特征？"存款搬家"的趋势是否 还能延续？近日，带着这些投资者关注的问题，《每日经济新闻》记者（以下简称NBD）对方奕进行 了专访。 展望2026年市场，方奕继续坚定看好A股，认为"转型牛"远未结束，2026年有望挑战十年前高位。至于 2026年的市场风格，方奕认为，"哑铃型"行情逐渐失效，将向质量成长切换。关于投资方向，方奕指 出，新兴科技为主线，周期消费看转型，大金融板块因业绩改善、估值偏低值得看好。 展望："转型牛"将会延续 2025年，是"9·24"行情启动后的首个完整年份。在"科技牛"的带动下，A股市场继续走强，上证指数时 隔10年一度重返4000点上方。 市场风格已经在切换，2026年我认为科技和非科技都有机会，权重和小市值也有机会，但"哑铃策略"会 继续向质量成长切换。至于投资方向，新兴科技是主线，周期消费看转型，继续看好大金融。自2024 年"9·24"宏观政策积极介入后，经济尾部风险大幅降低。2025年随着DeepSeek（深度求索）、 ...

Core Insights - The investment strategy of dividend investing is regaining prominence as a stable investment approach in 2025, contrasting with previous years focused on growth and resilience [1] - Dividend funds are highlighted as a key investment tool for 2025, offering steady returns and enhancing overall yield through dividends [1] Group 1: Dividend Fund Performance - Since the beginning of 2025, public funds have distributed over 220 billion yuan in dividends, with a total of 3,492 funds implementing dividend distributions, marking a year-on-year increase of approximately 13.5% [2] - Leading fund companies like E Fund and Huaxia Fund have demonstrated significant dividend capabilities, each surpassing 10 billion yuan in annual dividends [2] - Equity funds are increasingly contributing to the total dividend pool, with their share rising as bond funds' contribution declines, indicating a shift in investor preference [2][3] Group 2: Specific Fund Highlights - The top five funds in terms of dividend payouts in 2025 are all ETFs, with the Huatai-PB CSI 300 ETF leading at 8.39 billion yuan [3] - Funds with a high frequency of dividends, particularly those focused on dividend strategies, have shown strong performance, with some funds achieving over 10 distributions in 2025 [3] - The highest-performing dividend fund in 2025 is E Fund Kexiang, with a return of 66.37%, significantly outperforming others in the same category [3] Group 3: Fee Structure and Growth - Dividend funds are characterized by lower management and custody fees compared to actively managed equity funds, making them more attractive in a low-fee environment [4] - As of mid-2025, the asset management scale of dividend funds reached approximately 240 billion yuan, reflecting a significant increase driven by low fees and improved dividend mechanisms [5] - The growth of dividend funds is attributed to a combination of low-fee environments, enhanced dividend mechanisms, and rising demand for stable returns amid market uncertainties [5] Group 4: Future Outlook - Industry experts believe that dividend funds will continue to be a favored asset class due to ongoing policy support for dividend distributions from both funds and listed companies [6] - Key areas of focus for 2026 include traditional industry leaders with stable earnings and clear dividend policies, as well as emerging dividend stocks with strong payout intentions [7] - The long-term value of Hong Kong dividend assets is also highlighted, particularly for investors seeking cash flow returns in a low-interest-rate environment [7]

Core Viewpoint - The Hong Kong stock market is experiencing a mixed performance, with the high dividend ETF fund (513820) showing resilience and attracting significant capital inflows, indicating strong investor interest in dividend-yielding assets [1][5]. Group 1: Market Performance - The Hong Kong stock market showed a mixed trend in early trading on December 24, with the CSI Hong Kong Stock Connect High Dividend Index down by 0.42% [1]. - The Hong Kong Dividend ETF fund (513820) recorded a slight decline of 0.08%, with a premium widening to 0.73% by the end of the trading session, reflecting active buying interest [1][3]. - The fund has seen a strong inflow of over 600 million yuan for 17 consecutive days, bringing its total size to over 4.3 billion yuan, significantly outperforming other ETFs in the same index [1][5]. Group 2: Fund Composition and Performance - The majority of the constituent stocks of the Hong Kong Dividend ETF fund (513820) experienced declines, with notable exceptions like HSBC Holdings, which rose over 1% [3][4]. - The top ten constituent stocks of the fund include China Pacific Insurance, China Telecom, and Agricultural Bank of China, with varying performance among them [4]. - The fund's index has a dividend yield of 7.25%, which is higher than similar indices in both Hong Kong and A-shares, establishing it as a leading choice for dividend investors [8][9]. Group 3: Investment Strategy and Outlook - Multiple factors are contributing to the opening of a mid-term trading window for Hong Kong stocks, including a market adjustment that has increased safety margins and a continued net inflow of southbound funds [5]. - The current environment suggests a focus on high-quality dividend stocks with sustainable payouts and stable earnings, as the defensive attributes of dividend investments may weaken in a rising interest rate environment [6]. - The Hong Kong Dividend ETF fund (513820) is positioned as a "pure high dividend" strategy, which is expected to perform well in the current market conditions, especially as institutional demand for dividend assets increases [10][11].

公募抢抓布局机遇 12月23日，易方达基金发布旗下易方达中证港股通高股息投资ETF基金合同生效公告。这一基金的成立是近期公募机构加 码布局港股主题基金的一个缩影。 近日，多家公募机构积极申报港股主题基金。《证券日报》记者根据证监会官网信息统计，12月份以来，已有21家公募机 构共计申报28只港股主题基金，投资范围涵盖科技、红利、消费、互联网、医疗等多个领域。 同时，多只港股主题基金选择提前结束募集。例如，鹏扬港股通精选混合自2025年10月20日开始募集，募集截止日从2026 年1月19日提前至2025年12月12日，提前时间超1个月；路博迈港股通科技股票于2025年12月8日开始募集，募集截止日将从 2026年3月6日提前至2025年12月26日。 港股主题新基金成立和建仓节奏也有所加快。例如，易方达中证港股通高股息投资ETF自今年12月8日开始募集，在12月 17日完成募集工作，并在12月23日宣告完成设立工作；鹏扬港股通精选混合已于12月16日成立，即在完成募集工作的一周内就 宣告成立。Wind资讯数据显示，该基金单位净值在12月19日由1元变为1.0054元，净值的波动显示出该基金已开始建仓动作。 深 ...

【导读】12月以来，中证A500ETF强势"吸金"超600亿元，多只单品规模迭创新高 近期，中证A500指数成为最受资金青睐的宽基指数。数据显示，12月以来，A500ETF合计资金净流入已超过600亿元，多只单品规模迭创历史新高。 业内人士分析，中证A500指数独特的编制规则契合当下市场环境或是近期获资金重要布局的主因。 临近年末强势"吸金" 多只A500ETF规模创新高 临近年末，资金加速进场"扫货"股票ETF，A500ETF品种备受青睐。 据统计显示，截至12月22日，全市场A500ETF规模已超过2630亿元。12月以来，资金净流入中证A500ETF合计达到616.77亿元，占同期股票ETF净流入总 额的九成以上。其中，仅上周一周，中证A500ETF净流入资金就高达326亿元，贡献过半资金净流入。 具体而言，A500ETF华泰柏瑞最新规模已接近420亿元，再创历史新高，是首只规模超过400亿元的A500ETF。12月以来，该ETF资金净流入接近153亿 元，而其实现从300亿元级到400亿元级的规模跨越，只用了一周多时间。 | | | | 12月以来 | | | | --- | --- | --- | ...

【导读】 12 月以来，中证 A500ETF 强势 " 吸金 " 超 600 亿元，多只单品规模迭创新高 中国基金报记者 天心 近期，中证 A500 指数成为最受资金青睐的宽基指数。数据显示， 12 月以来， A500ETF 合计资金净流入已超过 600 亿元，多只单品规模迭创历史新高。 业内人士分析，中证 A500 指数独特的编制规则契合当下市场环境或是近期获资金重要布局 的主因。 临近年末强势 " 吸金 " 多只 A500ETF 规模创新高 临近年末，资金加速进场 " 扫货 " 股票 ETF，A500ETF 品种备受青睐。 据 Wind 统计显示，截至 12 月 22 日，全市场 A500ETF 规模已超过 2630 亿元。 12 月 以来，资金净流入中证 A500ETF 合计达到 616.77 亿元，占同期股票 ETF 净流入总额的九 成以上。其中，仅上周一周，中证 A500ETF 净流入资金就高达 326 亿元，贡献过半资金净 流入。 具体而言， A500ETF 华泰柏瑞最新规模已接近 420 亿元，再创历史新高，是首只规模超过 400 亿元的 A500ETF 。 12 月以来，该 ETF 资金净流入 ...

近期A股市场震荡上行，政策预期升温，春季攻势或正徐徐展开。那么，放眼海外市场，我们该如何布 局？对此，长城基金国际业务部副总经理曲少杰在其公司近日举办的2026年度策略会上表示，哑铃策略 或是更优解。 三是红利资产的股价表现与利率走势整体呈负相关性，社会利率水平下行，有利于红利股票行情； 四是相较于A股，港股的红利资产估值相对较低，且股息率水平更高。 免责声明：本通讯所载信息来源于本公司认为可靠的渠道和研究员个人判断，但本公司不对其准确性或 完整性提供直接或隐含的声明或保证。此通讯并非对相关证券或市场的完整表述或概括，任何所表达的 意见可能会更改且不另外通知。此通讯不应被接收者作为对其独立判断的替代或投资决策依据。本公司 或本公司的相关机构、雇员或代理人不对任何人使用此全部或部分内容的行为或由此而引致的任何损失 承担任何责任。未经长城基金管理有限公司事先书面许可，任何人不得将此报告或其任何部分以任何形 式进行派发、复制、转载或发布，且不得对本通讯进行任何有悖原意的删节或修改。基金管理人提醒， 每个公民都有举报洗钱犯罪的义务和权利。每个公民都应严格遵守反洗钱的相关法律、法规。基金有风 险，投资需谨慎。 MACD ...