（来源：经济参考报） 刚刚过去的一年，公募自购非货类产品"热情高涨"。截至2025年12月31日，2025年全年共有118家基金 公司合计自购7000余次。其中，公募对于非货类产品自购尤为踊跃，金额已达87亿元。从不同品类来 看，债券型基金自购规模大幅增长超200%，混合型基金实现净申购"逆转"，股票型基金自购规模也整 体保持稳健。 展望2026年，公募把脉市场整体偏乐观，企业盈利和流动性驱动迎来共振，市场风格面临进一步均衡。 与此同时，伴随着公募评价体系的变化，或将有更多基金管理人实施自购行为。 指数型产品成"香饽饽" 2025年，A股呈"先抑后扬再震荡"的W型走势，总体表现亮眼。Wind数据显示，截至2025年12月31日收 盘，上证指数、深证成指、创业板指年内分别上涨18.41%、29.87%、49.57%。在此背景下，公募自购 热情有所升温，以"真金白银"表达对资本市场长期向好发展的支持。 Wind数据显示，截至2025年12月31日，2025年全年共有118家基金公司合计实施自购7491次，合计交易 份额共736.83亿份，合计交易金额共3375.10亿元。2024年全年，公募合计实施自购9612次 ...

Core Viewpoint - Fund managers are generally optimistic about the market outlook for 2026, focusing more on corporate profitability as a key driver for stock price movements [1][2][3]. Group 1: Corporate Profitability - Corporate profitability is expected to become the core consideration for investment decisions, with a shift from liquidity-driven to profitability-driven market dynamics anticipated [2][3]. - The overall profitability growth in the A-share market is expected to improve, particularly in the TMT and manufacturing sectors, while cyclical and consumer sectors are projected to gradually recover [2][5]. Group 2: Investment Opportunities - Fund managers are optimistic about structural opportunities in the market, particularly in growth sectors such as PCB, optical communication, and AI applications, as well as in consumer and cyclical sectors [4][5]. - Specific investment opportunities in the consumer sector include Z-generation new consumption, affordable consumption, and areas like education, gaming, and e-commerce [4]. Group 3: AI Investment Landscape - The AI sector presents both opportunities and challenges, with a consensus on the high demand for upstream computing power and the potential for explosive growth in related companies [6][7]. - Investment focus areas in AI include consumer entertainment, internal business optimization, and advancements in humanoid robots and smart driving technologies [7].

Core Viewpoint - Fund managers are generally optimistic about the market outlook for 2026, focusing more on corporate profitability as a key driver for stock price movements [2][3][4]. Group 1: Corporate Profitability - Corporate profitability is expected to become the core consideration for investment decisions, with a shift from liquidity-driven to profitability-driven market dynamics anticipated [3][4]. - The overall profitability growth in the non-financial sector is expected to improve, with high growth projected in TMT (Technology, Media, and Telecommunications) and manufacturing sectors, while cyclical and consumer sectors are expected to gradually recover [3][4]. Group 2: Investment Opportunities - Fund managers are optimistic about structural opportunities in the market, particularly in growth sectors such as PCB, optical communication, domestic computing, robotics, and autonomous driving, as well as innovative pharmaceutical companies [6][7]. - Consumer and cyclical sectors are also highlighted, focusing on price-elastic "anti-involution" products, monopolistic cyclical products with dividend protection, and non-bank financial sectors [6][7]. Group 3: AI Investment Landscape - The AI sector presents both opportunities and challenges, with strong demand leading to explosive growth in related companies, although some segments may face supply constraints [8][9]. - Investment in AI applications is expected to expand, particularly in consumer entertainment, operational optimization for businesses, and humanoid robots and smart driving technologies [8][9].