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：中欧基金 2026年悄然降临，我们习惯在岁末回望总结，也渴望站在又一年的起点找寻新认知。过去一年，市场情 绪高昂，资金热衷成长风格，然而正如每次成长风格占据上风，价值投资是否失效的质疑不绝于耳。也 有人好奇，'价值派'的投资人是如何在喧嚣中捕捉决策的信号？ 今天，我们邀请到中欧基金价值组负责人蓝小康，对话《华尔街见闻》常务副总编辑周宏。两人从当下 市场常见的困惑切入：为何二级市场水温与经济水温之间似乎存在着'温差'？ 在将近两小时的对谈中，他们很少从短期市场出发，而是把视角放在更宏大的尺度上：中国经济新旧动 能的转换、美元信用的下降、全球共同面对的分配极化难题……蓝小康反复强调着，'先活下来'比短期 获胜更重要，并鲜明地表达了自己的偏好——在所有的价值观中，他最追求'共赢'的价值。 值此辞旧迎新之际，希望这场静下来的对谈，能为大家的投资带来更多思考启发。 聊天的人 蓝小康，中欧基金价值组负责人 周宏，《华尔街见闻》常务副总编辑 时间轴 Part 1：为何'看多'中国？ 02：28 市场水温与经济水温之间，为什么存在'温差'？ 03 ...

Core Viewpoint - The transformation of China's economy is entering a new stage, with a shift from old to new economic drivers, which is positively impacting the capital market ecosystem [1][2][7]. Economic Transformation - The transition from old to new economic drivers is seen as a trend, with the old economy's clearance benefiting the bond market and the rise of the new economy favoring the stock market [2]. - The "14th Five-Year Plan" is expected to provide a foundation for long-term development, with nominal GDP growth likely to improve, leading to slight profit growth expectations [2][6]. Liquidity and Investment Trends - The Federal Reserve is expected to cut interest rates twice this year and potentially three more times next year, contributing to a globally loose liquidity environment [2][6]. - There is increasing interest from foreign investors in Chinese assets, while domestic demand for reallocation of funds from maturing deposits and wealth management products is strong, favoring various equity assets [2][6]. Market Strategy and Asset Allocation - A diversified portfolio including technology stocks, resource stocks, gold, and short-term bonds is recommended for risk diversification [3]. - The "anti-involution" theme is prevalent in the market, promoting supply-demand balance and improving the business environment, although the complexity of current supply-demand imbalances is acknowledged [4]. Market Style and Sector Focus - The market is expected to shift from small-cap and dividend stocks in the first half of the year to large-cap growth stocks in the second half, with technology and resource stocks remaining focal points [5]. - The Hong Kong stock market is more sensitive to geopolitical issues, but long-term benefits from liquidity easing due to Fed rate cuts are anticipated [5]. Long-term Market Outlook - The long-term positive outlook for the Chinese capital market is supported by the transition to new economic drivers, increased long-term capital inflows, and the introduction of stabilizing funds to reduce irrational market volatility [6][7].

Core Viewpoint - The report highlights the performance and strategy of the AI Fund, indicating a positive outlook on China's economic transformation and the fund's investment approach focusing on high positions and diversification in sectors like AI, new energy, and military industry [3][4]. Fund Performance - As of the second quarter of 2025, the fund reported a profit of 4.7002 million yuan, with a weighted average profit per share of 0.05 yuan [3]. - The fund's net asset value (NAV) growth rate for the second quarter was 2.73%, and the fund size reached 159 million yuan [3][13]. - The fund's one-year NAV growth rate was 6.87%, ranking it 44 out of 142 comparable funds [4]. Investment Strategy - The fund management believes that the transformation of China's economy is accelerating, despite challenges in traditional sectors like real estate [3]. - The investment strategy involves maintaining a high position and a highly diversified portfolio, primarily focusing on the overall economic development prospects of China [3]. Performance Metrics - The fund's three-year Sharpe ratio was 0.8549, ranking 13 out of 142 comparable funds [7]. - The maximum drawdown over the past three years was 9.56%, with the highest quarterly drawdown occurring in Q2 2025 at 6.84% [9]. - The average stock position over the past three years was 25.55%, significantly higher than the industry average of 18.3% [12]. Top Holdings - As of the end of Q2 2025, the fund's top ten holdings included Kweichow Moutai, CATL, Ping An Insurance, China Merchants Bank, Industrial Bank, Yangtze Power, Midea Group, Industrial and Commercial Bank of China, BYD, and Zijin Mining [16].