（原标题：摩根资产管理中国总经理王琼慧：马跃新程，万象更新） 马跃新程，万象更新。值此新春佳节到来之际，我谨代表摩根资产管理，向您和家人致以最诚挚的祝 福！ 进入2026年，科技浪潮奔涌向前，人工智能持续激发产业活力。而全球格局的新变化，也带来诸多挑 战。在变化之中，我们更需以国际视野布局，融合多元视角，构建更强的投资组合。 值得关注的是，在全球格局深刻演进的背景下，中国所展现的稳定性尤为可贵。过去一年，中国经济与 资本市场在波动中彰显出强大韧性。与此同时，随着中国产业竞争力不断增强，国际投资者正重新审视 中国资产的配置价值。中国资产的价值重估，依然在路上。 2025年，中国证监会发布《推动公募基金高质量发展行动方案》，标志着行业迈入新的发展阶段。在此 背景下，我们坚持初心，恪守信托责任，以专业和专注追求卓越——这也是摩根资产管理赢得客户信 赖、创造持续稳健业绩的根本。 阖家安康，新春快乐！ 作为以主动管理为立身之本的资管机构，摩根资产管理在全球被动化浪潮中专注深耕主动投资能力，持 续加大研究投入，力争获取长期超额回报。在中国市场，公司主动股票投资管理能力在近1年、2年、3 年及20年均位居行业前十（截至20 ...

Group 1 - The core message emphasizes the importance of adapting to global changes while leveraging technological advancements, particularly in artificial intelligence, to enhance industry vitality [1][2] - Morgan Asset Management highlights the increasing competitiveness of Chinese industries, leading international investors to reassess the value of Chinese assets, indicating a potential revaluation in the market [1][2] - The firm advocates for a proactive investment approach amidst a global trend towards passive investing, aiming to create a robust research and investment platform that integrates local and global perspectives [1][2] Group 2 - The company maintains a commitment to long-term investment culture, driven by research, with a focus on rigorous risk management to provide high-quality products and services [1][2] - The message conveys well wishes for prosperity and health in the new year, reflecting a positive outlook for investors [1][2]

Core Viewpoint - The A-share market is experiencing an upward trend with record trading volumes, while international gold and silver prices are reaching new highs, prompting attention from the market [1][8]. Group 1: Fund Performance and Adjustments - Public fund scale reached a new high of 37.71 trillion yuan by the end of 2025, marking a 2.65% increase from the previous quarter [2]. - The scale of mixed and stock funds increased to 3.68 trillion yuan and 6.05 trillion yuan respectively, showing growth from 3.51 trillion yuan and 4.45 trillion yuan at the end of 2024 [2]. - The top three holdings of public funds as of Q4 2025 were Ningde Times, Zhongji Xuchuang, and Xinyi Sheng, with total holdings valued at 181.83 billion yuan, 162.14 billion yuan, and 124.58 billion yuan respectively [2][3]. Group 2: Investment Strategies and Market Outlook - Fund managers are maintaining a long-term focus on certain sectors while adjusting specific stock holdings based on market conditions [7]. - The performance of active equity funds has been strong, with several funds achieving over 50% returns early in 2026, particularly those investing in gold stocks [4]. - The market outlook for 2026 is optimistic, with expectations of a comprehensive value reassessment of Chinese assets, driven by technological innovation and economic transformation [8][9]. Group 3: Gold Market Insights - Fund managers express confidence in the long-term upward trend of gold prices, influenced by factors such as the weakening of the US dollar and the pursuit of internationalization of the Chinese yuan [9]. - Recommendations for investors include adopting a dollar-cost averaging strategy to smooth investment costs in gold [9].

Core Insights - The report emphasizes the significant potential for asset value re-evaluation in China, predicting a slow bull market in the stock market by 2025 as a reflection of this process [3] - The report highlights the ongoing transformation of China's economy towards high-value service industries, with a notable shift from traditional manufacturing to technology-driven sectors [3] - The anticipated liquidity support for the stock market is expected to facilitate the return of overseas capital and encourage domestic investment in equities [4] - The report forecasts a recovery in corporate earnings and valuation expansion, suggesting a transition from valuation-driven growth to earnings-driven growth in the A-share market [5] - The report identifies favorable factors for economic recovery, including the implementation of the "14th Five-Year Plan" and a shift from passive to active inventory replenishment [6][7] - Investment styles are expected to shift towards a more balanced approach, with growth and cyclical sectors outperforming others as consumer recovery becomes more likely [8] Company Recommendations - Torch Electronics (603678.SH): The company is experiencing improved industry conditions, with significant growth in its three main business segments, achieving a revenue of 1.772 billion yuan in the first half of 2025, a 24.20% year-on-year increase [15] - Guoli Electronics (688103.SH): A leading player in vacuum devices, the company has seen rapid revenue growth, reaching 569 million yuan in the first half of 2025, a 70.49% increase year-on-year, driven by demand in the semiconductor and new energy sectors [20] - Huace Navigation (300627.SZ): The company is positioned to benefit from the North Star initiative, with a revenue of 3.251 billion yuan in 2024, reflecting a 21.38% year-on-year growth [23] - Kingsoft Office (688111.SH): The company reported a revenue of 4.178 billion yuan in the first three quarters of 2025, a 15.21% increase year-on-year, driven by strong growth in its WPS software business [30] - Zhejiang Xiantong (603239.SH): The company has established itself as a leader in the automotive sealing strip industry, benefiting from the rising demand for high-end automotive products [33] - Zhongke Haixun (300810.SZ): The company is developing comprehensive deep-sea technology solutions, positioning itself as a leader in underwater acoustics [10] - Jinyinhe (300619.SZ): The company is the largest producer of rubidium and cesium salts globally, with a strong growth outlook as it reaches full production capacity [10] - Anji Food (603345.SH): The company has quickly adapted to market changes, demonstrating clear growth potential [10]

Core Viewpoint - The A-share market is expected to continue its upward trend in 2026, with a focus on technology growth, resource sectors, and cyclical opportunities, while high-dividend stocks remain a stable investment choice [3][5][11]. Group 1: Market Outlook - The overall A-share market is anticipated to remain strong in 2026, reflecting investor confidence in the economy [5][12]. - The market dynamics are expected to shift from being driven by liquidity and policy to a focus on fundamentals and profit recovery [6][12]. - Structural opportunities and challenges will coexist, with a notable increase in market complexity [4][12]. Group 2: Investment Themes - Key investment themes for 2026 include technology, resource sectors, and cyclical stocks, with a particular emphasis on AI, semiconductors, and renewable energy [19][22]. - The focus on AI is expected to drive significant growth, with specific attention to areas such as optical communication, storage chips, and AI applications [19][22]. - The "反内卷" (anti-involution) policy is seen as a pathway for industries to move away from price competition towards high-value technology and services [21]. Group 3: Sector-Specific Insights - The manufacturing sector is projected to continue its upward trajectory, supported by domestic demand and technological advancements [13]. - The healthcare and biotechnology sectors are expected to benefit from ongoing support for innovative drugs and technologies [20][29]. - The resource sector, particularly industrial metals and precious metals, is anticipated to perform well due to global supply chain dynamics and demand from AI applications [23][29]. Group 4: Hong Kong Market Outlook - The Hong Kong market is expected to experience a new phase driven by valuation recovery, profit growth, and a return to AI as a central theme [25][29]. - Key investment opportunities in Hong Kong are likely to focus on technology, resources, and healthcare sectors, with a strong emphasis on high-dividend stocks [28][29]. - The influx of capital from mainland China is expected to continue supporting the Hong Kong market, enhancing liquidity and investment potential [26][27].

Core Viewpoint - The A-share market is expected to continue its upward trend in 2026, with a focus on technology growth, resource sectors, and high-dividend stocks as key investment themes [2][10][18]. Group 1: Market Outlook for 2026 - The overall A-share market is anticipated to remain strong, with a shift from a policy-driven to a fundamentals-driven growth narrative [12][20]. - The global monetary environment is expected to be supportive, with the U.S. in a rate-cutting cycle, providing liquidity for the market [19]. - Structural opportunities and upward pressures will coexist, with challenges increasing in complexity [8][19]. Group 2: Investment Strategies - A balanced allocation between value and growth stocks, as well as large-cap and small-cap stocks, is recommended for 2026 [14][25]. - The focus on technology growth remains strong, particularly in AI, semiconductors, and new energy sectors, benefiting from global capital expenditure expansion and domestic policy support [20][30]. - High-dividend stocks are seen as stabilizers in the investment portfolio, especially in a low-interest-rate environment [30][21]. Group 3: Key Sectors to Watch - AI is expected to remain a primary growth driver, with specific attention to areas such as optical communication, storage chips, and domestic computing power breakthroughs [27][30]. - The innovation drug sector is highlighted as a long-term focus, supported by domestic healthcare policies [28]. - Resource sectors, including industrial metals and precious metals, are projected to benefit from supply chain restructuring and AI demand [30][21]. Group 4: Hong Kong Market Outlook - The Hong Kong market is expected to experience a new trend driven by valuation recovery, profit growth, and a return to AI as a main theme [32][34]. - Key investment opportunities in Hong Kong are anticipated in technology, resources, and healthcare sectors, with a focus on high-dividend stocks [36][37]. - The influx of capital from mainland China is expected to continue supporting the Hong Kong market [33][34].

Core Insights - In 2025, the Hong Kong IPO market has significantly rebounded, reclaiming the top position globally in fundraising, driven by the increasing allocation of international capital to Chinese assets and the enhanced international service capabilities of Chinese investment banks [1][7] Group 1: Market Performance - The Hong Kong market completed 117 IPOs in 2025, with China International Capital Corporation (CICC) participating in 53, achieving a market coverage rate of 45%, a substantial increase from 17% in 2019 [1] - CICC sponsored 33 companies for listing, maintaining the number one market share for four consecutive years, with a sponsorship market share of 36% [1][2] Group 2: Underwriting Scale - CICC's total underwriting scale exceeded $10 billion, with a market share of nearly 30%, nearly doubling from about 15% in 2019 [2] - The shift in market dynamics reflects CICC's enhanced ability to cover global investors and its growing dominance in key underwriting processes [2] Group 3: Leading Projects - CICC's involvement in head projects increased from 4 in 2019 to 10 in 2025, representing 50% of the total head projects, with 8 projects having an underwriting share exceeding 45% [3] - This change highlights CICC's professional capabilities in leading organization and communication with global investors [3] Group 4: Internationalization and Capital Access - CICC has successfully attracted top-tier sovereign funds and long-term institutional investors for various IPOs, providing crucial funding for companies [4] - Notable IPOs include CATL's $5.25 billion listing, which set multiple records, and Chery Automobile's $1.34 billion IPO, marking the largest financing scale for a comprehensive automotive company in nearly a decade [5][6] Group 5: Strategic Innovations - The listing of Jaxin International Resources marked a significant milestone as the first dual listing project in Hong Kong and Astana, showcasing innovative trading structures and the internationalization of the RMB [6] - CICC's role in these projects has established a strong market pricing foundation for emerging international mining enterprises [6] Group 6: Overall Impact - From 2019 to 2025, CICC has transitioned from a significant participant to a leader in the Hong Kong IPO market, enhancing its influence and establishing a more robust pricing foundation for Chinese assets in the global capital market [7]

Core Insights - The conference "Reform and Restructuring - 2025 Public Fund High-Quality Development Conference and the 22nd Fund Industry Golden Bull Award Ceremony" was held in Shanghai, highlighting the importance of high-quality development in the public fund industry [1] - Xu Lirong, General Manager and Chief Investment Officer of Guohai Franklin Fund, emphasized the company's extensive experience in cross-border investment services, having served international sovereign funds and institutional investors for over thirteen years [1] - The current phase of systematic and deep value reassessment of Chinese assets, including A-shares and H-shares, is driven by China's irreplaceable position as a global growth engine and innovation source [1] Group 1 - Xu Lirong noted that the allocation weight of Chinese equity assets in global investment portfolios is significantly mismatched with China's share of the global economy [2] - Key trends in foreign capital "increasing allocation" include a systematic return to reasonable allocation levels, a new funding structure characterized by "solid foundations and continuous inflow," and the strategic value enhancement of Chinese assets due to RMB internationalization [2] - The valuation recovery path for Chinese assets is ongoing, supported by the continuous improvement of the domestic economy, coordinated macro policies, steady capital market reforms, and the increasing quality and investment value of listed companies [2]

Group 1 - The core viewpoint presented by Xu Lirong is that Chinese assets, including A-shares and Hong Kong stocks, are undergoing a systematic and deep value reassessment, making them a "must-have" in global investment portfolios [1][2] - Guohai Franklin Templeton Fund has over 13 years of experience in cross-border investment services, with a client network covering markets in Hong Kong, the Middle East, Europe, and Southeast Asia [1] - The company leverages its foreign shareholder, Franklin Templeton Investment Group, to maintain frequent and in-depth communication with global research teams [1] Group 2 - Xu Lirong highlights a significant mismatch between the allocation weight of Chinese equity assets in global investment portfolios and China's share of the global economy [2] - Key trends for foreign capital "increasing allocation" to Chinese assets include a systematic return to reasonable allocation levels, a new funding structure characterized by stability and continuous inflow, and the strategic value enhancement of Chinese assets due to the internationalization of the Renminbi [2] - The ongoing recovery of the domestic economy, coordinated macro policies, steady capital market reforms, and the increasing quality and investment value of listed companies indicate that the valuation recovery path for Chinese assets is continuing and is expected to enter a more stable and sustainable new phase [2]

Group 1 - The core viewpoint of the articles emphasizes the ongoing systematic and deep value reassessment of Chinese assets, including A-shares and Hong Kong stocks, driven by China's irreplaceable position as a global growth engine and innovation source [1][2] - Guohai Franklin Fund has over 13 years of experience in cross-border investment services, catering to long-term institutional investors such as sovereign funds, with a client network spanning Hong Kong, the Middle East, Europe, and Southeast Asia [1] - The company maintains frequent and in-depth communication with global investment teams, leveraging the global network of its foreign shareholder, Franklin Templeton Investments [1] Group 2 - There is a significant mismatch between the allocation weight of Chinese equity assets in global investment portfolios and China's share of the global economy, indicating a potential for increased foreign investment allocation [2] - Key trends for future foreign capital allocation include a systematic return to reasonable allocation levels, a new funding structure characterized by stability and continuous inflow, and the strategic value enhancement of Chinese assets due to the internationalization of the Renminbi [2] - The valuation recovery of Chinese assets is expected to continue, supported by the ongoing improvement of the domestic economy, coordinated macro policies, steady capital market reforms, and the increasing quality and investment value of listed companies [2]