核心看点： 01 迎创未来 向新而立 - 东海证券2026年度投资策略会（资产配置专场） 13:30-16:30 2026年资产配置迎来新机遇！东海证券资深分析师团队重磅解读：宏观经济"宏图新启，升维致 远"，银行业在红利韧性中捕捉周期弹性，证券行业掘金财富管理与国际业务，能源及有色行业看好 商品顺周期与科技主线需求共振。四大核心板块深度剖析，把握2026年投资主线。 嘉宾： 刘思佳丨东海证券宏观策略资深高级分析师 扫码预约 02 ESG研究丨国信王开：重塑ESG投资新范式【首席开麦2025】 15:00-16:00 王鸿行丨东海证券银行业资深高级分析师 陶圣禹丨东海证券非银金融行业首席分析师 张季恺丨东海证券周期行业资深高级分析师 核心看点： 嘉宾： 王开丨国信证券首席资产配置研究员 扫码预约 03 【热点聚焦】长江建筑张弛：攻守之道——建筑行业2026年度投资策略 15:30-16:30 核心看点： 回顾2025，固投全面回落，基建投资承压；展望2026，关注积极财政带动投资止跌回稳，重视建 筑板块的结构性机会，关注三条投资主线：西部基建、工程出海、科技基建。此外，传统需求层面 关注顺周期龙头经营拐点，以 ...

■ 李 文 12月26日，全市场ETF总规模历史性突破6万亿元大关。事实上，自2024年起，ETF市场就开始了爆发 式扩容，2024年全年规模增长1.68万亿元，2025年8月份总规模突破5万亿元，而从5万亿元到6万亿元的 跨越仅用时约4个月。 笔者认为，中国ETF市场的迅速发展，标志着一个更理性、更高效、更富韧性的投资时代的开启，可以 从三个角度来观察。 第一，ETF"量质齐升"，产品结构优化。 截至12月26日，中国ETF市场产品数量达到1391只，总规模达到6.03万亿元，双双创下历史新高。但比 数字更值得关注的是产品结构的优化。 ETF市场正在经历从"股票独大"到"多元均衡"的转型。债券型ETF和商品型ETF成为新的增长极。债券 型ETF总规模从2024年底的1739.13亿元增至当前的8045.64亿元，增幅高达362.62%；商品型ETF总规模 增幅达239.72%。股票型ETF的市场份额则略有下降。 由此可见，投资者更注重资产配置的稳健性与多元化。如今，ETF逐渐演变为覆盖权益、固收、商品等 资产的综合配置"工具箱"。 从行业生态来看，跻身ETF管理规模"千亿元级俱乐部"的基金公司已从2024年 ...

Core Viewpoint - The total scale of the ETF market in China has historically surpassed 6 trillion yuan, marking a significant expansion and indicating the onset of a more rational, efficient, and resilient investment era [1] Group 1: Market Growth and Product Structure - As of December 26, the number of ETFs in China reached 1,391, with a total scale of 6.03 trillion yuan, both hitting historical highs [1] - The ETF market is transitioning from a dominance of stock ETFs to a more balanced structure, with bond ETFs and commodity ETFs emerging as new growth drivers. Bond ETFs grew from 173.91 billion yuan at the end of 2024 to 804.56 billion yuan, a 362.62% increase, while commodity ETFs saw a growth of 239.72% [1] Group 2: Role in Capital Markets - ETFs are evolving from mere investment tools to becoming "new infrastructure" in capital markets, effectively connecting funds with the market [2][3] - Under policy guidance, long-term funds such as insurance and corporate pensions are increasingly using public ETFs to invest in index products, enhancing market efficiency [3] Group 3: Alignment with National Strategy - The ETF market is expanding while aligning with national strategic needs, serving as a crucial vehicle for optimizing resource allocation and supporting the real economy [4] - As of December 25, the total scale of ETFs tracking the CSI A500 index surpassed 290 billion yuan, with a net inflow of 88.65 billion yuan in December alone, directing funds towards technology innovation, green development, and high-end manufacturing [4] Group 4: Industry Dynamics - The number of fund companies managing over 100 billion yuan in ETF assets has increased from 12 at the end of 2024 to 16 currently, indicating rising industry concentration while smaller firms seek differentiation in niche areas [4] - Fund companies are innovating in service offerings, enhancing product names, investor services, and technological advancements, marking the beginning of a refined operational era in the ETF market [4] Group 5: Future Outlook - At the new milestone of 6 trillion yuan, ETFs are expected to play a vital role in preserving and increasing residents' wealth, optimizing financing structures, and enhancing market efficiency for high-quality economic development [5] - The continued diversification of ETF products and improved investment convenience will solidify ETFs' foundational role in capital markets as "new infrastructure" [5]

Core Insights - Banks are increasingly targeting year-end bonus markets with specialized financial products, reflecting a shift in marketing strategies to enhance customer-centric services [1][2] Group 1: Bank Initiatives - Several banks have launched year-end bonus exclusive financial activities through online channels, including products across deposits, wealth management, funds, precious metals, and insurance [1] - Bank of Communications introduced a campaign that emphasizes low-risk investment options with annualized returns exceeding 4.6% for certain products [1] - Postal Savings Bank has showcased specific products with an annualized return of 4.76%, targeting year-end bonuses through its mobile banking app [1] Group 2: Financial Planning and Customer Engagement - Banks are focusing on wealth preservation and growth strategies for year-end bonuses, offering tailored financial planning guides that consider different risk preferences [1][2] - The financial planning guides suggest various investment strategies based on the duration of fund usage, recommending liquid products for short-term needs and equity assets for long-term growth [1][3] - The shift in marketing strategies allows banks to expand their asset management scale and enhance customer loyalty by addressing diverse financial needs [2] Group 3: Investor Guidance - Investors are advised to rationally plan their expenditures and diversify their investments across different financial products based on their risk tolerance [2][3] - It is recommended that investors clarify the purpose of their funds and choose products that align with their liquidity and risk profiles, avoiding over-concentration in single products [3] - Investors should carefully read product descriptions to understand the investment direction, risk levels, and fee structures to avoid being misled by high-yield promotions [3]

Core Insights - THPX has launched the XAG/BTC analysis tool, focusing on the value fluctuation relationship between silver (XAG) and Bitcoin (BTC), providing a structured data model for market dynamics interpretation [1] - The tool does not offer specific action directives but presents an objective multi-dimensional market indicator analysis framework to help participants identify relative value changes between assets [1] Group 1: Tool Functionality - The XAG/BTC analysis tool aims to establish a standardized interpretation method by integrating macroeconomic conditions, technical trends, and cross-market capital behaviors [1][3] - It reveals the inherent volatility logic between silver and Bitcoin, indicating that silver tends to show more stability during increased market risk aversion, while Bitcoin's volatility may amplify during expectations of liquidity easing [3] Group 2: Strategic Application - The tool is designed to validate personal judgments, allowing investors to combine their macro views and technical analysis with key indicators such as silver-to-Bitcoin price changes and volatility differentials [5] - Understanding the logic behind the indicators is crucial, as it helps determine whether a breakout from long-term channels reflects market structure changes rather than merely acting on signal triggers [5] Group 3: Decision-Making Efficiency - The primary value of the tool lies in its efficient structuring of information, significantly reducing the decision-maker's information filtering costs by presenting complex dual-asset interactions as readable key indicators [7] - This enables market participants to focus on strategy logic and risk management, fostering a habit of discerning value from volatility rather than being swayed by short-term emotions [7] - The XAG/BTC analysis tool serves as a window to understand the interaction between special assets, enhancing market analysis efficiency and guiding the establishment of a rational cycle of observation, validation, and adjustment [7]

Core Viewpoint - The general manager of Xiangju Capital, Liang Hui, expresses a cautiously optimistic outlook for the A-share market in 2026, anticipating a generally loose macro environment and limited risks of significant market corrections, with structural opportunities remaining the main focus [1][2]. Group 1: Market Outlook - The macro environment for 2026 is expected to be overall loose, with external fluctuations smaller than in 2025, influenced by the U.S. midterm elections and Federal Reserve leadership changes [2][3]. - A-share valuations are currently around the 75th percentile historically, with expected returns from valuations in 2026 likely to be significantly lower than in 2025, while overall profit growth is expected to moderate [2][3]. - Structural opportunities are anticipated to be the main focus in 2026, despite overall returns potentially being lower than in the current year [2][3]. Group 2: Investment Directions - The three main investment directions identified are: 1. The development of the AI industry, with expected growth of 40%-50% in 2026, following a doubling of returns in 2025 [2][3]. 2. The overall value of commodities, particularly copper, which is expected to benefit from increased demand driven by AI and new energy sectors [3]. 3. The export sector, which has strong competitive advantages, although it faces risks from overseas tariff policies and internal competition [3]. Group 3: Investment Strategy - Xiangju Capital is optimizing its investment portfolio by diversifying across multiple directions, focusing on AI, commodities, and exports, while concentrating on individual stock selection [3][4]. - The company emphasizes the importance of asset allocation as a "free lunch" in investment markets, aiming to smooth volatility through a combination of low-correlation assets and strategies [4][5]. - The long-term goal is to achieve absolute returns by integrating active investment experience with quantitative strategies, covering core asset categories including stocks, bonds, and commodities [5][6].

Group 1 - Gold is regaining its core position in the commodity market amid increasing global asset volatility, with macroeconomic conditions and capital flows favoring its performance [1] - Mhmarkets indicates that if private investors outside of central banks further engage in asset diversification, there is potential for upward movement in gold prices [1] - The overall commodity market performance has been driven primarily by industrial and precious metals, which attract capital inflows during a loosening interest rate environment [3] Group 2 - The resilience of the global economy provides a foundational condition for commodity demand, with structural factors influencing commodity trends over the next year [3] - The competition for technological, resource, and industrial chain dominance keeps key commodities strategically relevant, while supply changes in the energy sector continue to impact price levels [3] - Gold remains one of the most certain allocation directions, supported by sustained central bank purchases and a demand foundation that exceeds historical averages [3][4] Group 3 - Changes in private investor behavior are noteworthy, as gold's allocation in some mature markets remains low, suggesting that even slight increases in allocation could significantly impact gold prices [4] - Commodities offer unique defensive value in the current environment, serving as a risk buffer amid concentrated supply and rising uncertainty [4] - Despite potential short-term corrections in gold prices, the long-term trend remains strong due to ongoing central bank demand, investor allocation potential, and supportive macroeconomic conditions [4]

Group 1 - The core viewpoint indicates that the equity market has shown strong performance with multiple hotspots driving the market upward, as evidenced by the Shanghai Composite Index achieving an eight-day winning streak, which has boosted investor confidence and mitigated pre-holiday risk aversion [2][3][8] - The report highlights that the market's trading volume has slightly increased, approaching 2 trillion, reflecting optimistic expectations for the post-holiday market [2][8] - The appreciation of the RMB against the USD has enhanced the domestic market's attractiveness to foreign capital, while macro policy has more operational space, contributing to positive news across various sectors such as commercial aviation, 6G, small metals, and batteries [2][8] Group 2 - The report emphasizes that the A-share market's performance is critical post-holiday, with the current market showing signs of recovery, although trading volume remains below August highs, and some funds are still in a wait-and-see mode [3][10] - It suggests that the market's ability to break through previous highs after the New Year will be a key focus, with ongoing policy support expected to favor the equity market [10][12] - The report recommends a "barbell strategy" for A-share allocation, suggesting that investors should follow hot sectors like telecommunications, batteries, and commercial aviation while maintaining some cash reserves to wait for post-holiday trends [13] Group 3 - The bond market has shown a rare independent upward trend, with expectations of continued volatility, as the report notes that the bond market is in a phase of downward support but upward resistance [4][38] - It indicates that without significant positive news, the bond market is likely to remain in a range-bound state for the foreseeable future [5][38] Group 4 - The commodity market has experienced an upward trend, particularly in precious metals, with silver prices reaching new highs and gold prices also increasing, which is expected to continue in the medium to long term due to the decoupling from the USD [46][47] - The report suggests maintaining positions in gold as it is anticipated to lead the commodity market's strength [47]

责任编辑：陈平 12月29日，在全球大宗商品板块中，Mhmarkets迈汇认为，黄金在未来一年仍具备最清晰的配置价值。 随着央行持续推进储备多元化，以及私人资本逐步参与其中，黄金的长期需求基础正在被不断夯实。若 这一趋势延续，金价运行中枢有望继续抬升，突破阶段性高点并非不可预期。 从宏观环境来看，全球经济保持温和增长，同时主要经济体货币政策逐步转向宽松，将为大宗商品提供 良好的外部条件。Mhmarkets迈汇认为，历史经验表明，在降息周期中，工业金属与贵金属往往表现占 优，其正向收益足以对冲能源等板块的波动，使整体商品指数维持强势。 进一步来看，影响2026年商品走势的核心仍集中在两条主线：一是全球范围内围绕科技与资源展开的竞 争，使关键商品持续处于战略位置；二是能源领域自2025年以来形成的供应变化，对价格结构产生深远 影响。这种"宏观竞争 + 微观供给"的组合，使商品市场波动中蕴含趋势性机会。 在具体品种上，Mhmarkets迈汇认为黄金依然是最具确定性的多头资产之一。央行层面的持续购金，为 市场提供了稳定且可预期的需求来源。相关数据表明，央行月度购金规模远高于历史均值，且黄金在部 分新兴市场储备中的占比 ...

Core Viewpoint - The rising gold prices have led domestic asset management institutions to increasingly recognize gold's unique value in asset allocation, with a significant price increase of approximately 27% in 2024 and over 70% since 2025, outperforming most mainstream assets [1] Group 1: Reasons for Gold as a Strategic Asset - Gold's negative correlation with traditional financial assets like stocks and bonds, its ability to hedge against inflation and currency devaluation, and its function as a "cash substitute" during liquidity crises are the three main reasons for its inclusion in asset allocation [3][4] - Gold's long-term inflation resistance is emphasized, particularly in the context of high global debt and challenges to the dollar's credibility, making it a valuable non-sovereign credit asset [3] - The liquidity management aspect of gold allows asset managers to quickly convert it into cash during market stress, thus stabilizing the overall investment portfolio [4] Group 2: Market Outlook and Strategic Positioning - Despite concerns about potential price corrections due to recent highs, asset managers maintain that gold's strategic value in portfolios remains intact, supported by ongoing central bank purchases and geopolitical risks [5][6] - The long-term support for gold prices is attributed to continuous central bank buying, the trend of "de-dollarization," and the macroeconomic environment of declining real interest rates [5][6] - Asset managers are advised to maintain a stable core position in gold while tactically adjusting based on market conditions, focusing on risk hedging and long-term returns rather than short-term speculation [5][6] Group 3: Growth Potential of Gold in Asset Management - The domestic gold ETF market, currently around 240 tons with a market value close to 240 billion yuan, has significant room for growth compared to the 150 trillion yuan asset management market [7] - The "golden+" product strategy is seen as having immense potential in the domestic market, driven by a strong consumer base, low interest rates, and the influx of new capital from insurance and pension funds [7][8] - International experiences indicate that gold is increasingly viewed as a strategic core asset in portfolios, with successful strategies involving a mix of long-term holdings and tactical adjustments [8][9]