【导读】主动权益类基金纷纷"开门迎客" 中国基金报记者 曹雯璟 2026年伊始，A股市场重回4000点，并创出近10年新高，与此同时，一些限购的主动权益基金纷纷恢复大额申购。短短 4 个交易日，华 夏、中欧、信达澳亚、国泰、景顺长城、西部利得、华富、新华、金鹰等 基金公司 旗下多只主动权益类基金"开门迎客"，其中不乏绩优基 金。 主动权益类基金纷纷"开门迎客" 沪上一位公募人士表示，年初A股迎来 " 开门红 " 与此同时，多只绩优基金、新基金集中恢复申购 。 这 一方面 体现了机构对今年行情的 乐观 预期 ，通过快速打开申购，可及时布局机会、吸引增量资金 ； 另一方面也 顺应了机构资金的配置节奏 。 短期 来 看，保险年终结 算完成，开始重新配置权益资产， 基金 开放日常申购便于吸纳年初回流的部分机构资金。 沪上一位基金行业分析师认为，除了看好市场走势、资金吸纳等常见因素外，年初渠道方推动"开门红"营销活动的需求，也成为部分基金 选择开放日常申购的动因。年初银行通常会全面推广各类金融产品，待一季度市场方向更为明朗后，再集中资源进行重点布局。 2026年A股整体有望继续走强 结合宏观经济、股市估值以及流动性 等 ...

展望2026年，财通基金副总经理、权益投资总监金梓才认为，A股市场有望步入整体环境更优、结构性 特征深化的发展阶段，核心驱动力源于全球流动性环境的进一步改善，以及以AI为代表的产业趋势进 入加速兑现期，整体投资环境具备较强支撑性。 宏观层面，金梓才认为，全球与国内流动性环境预计同步向好，为市场奠定坚实基础。外部来看，美联 储2026年降息节奏或加快，A股面临的外部约束大幅减弱，海外资金环境更趋友好；内部而言，国内货 币政策将持续为经济高质量发展与产业升级提供支持，维持流动性合理充裕。 产业维度，金梓才认为，以人工智能为首的科技成长方向增长动能将持续强化。AI产业正从2025年的 高速渗透，迈向2026年进一步业绩兑现与深度影响阶段，现有迹象表明，其后续增长势头非但不会放 缓，反而可能加快，对企业生产效率和商业模式的变革将更为深刻。 综合来看，金梓才对2026年A股市场持积极看法，市场将在更友好的流动性环境中，围绕AI等具备加速 兑现能力的产业趋势展开。他认为，2026年投资的关键在于精准识别并聚焦产业地位稳固、增长持续性 强且估值合理的优质龙头企业，把握结构性行情中的核心机遇。 "2026年A股市场或将呈现显 ...

展望2026年，财通基金副总经理、权益投资总监金梓才认为，A股市场有望步入整体环境更优、结构性 特征深化的发展阶段，核心驱动力源于全球流动性环境的进一步改善，以及以AI为代表的产业趋势进 入加速兑现期，整体投资环境具备较强支撑性。 宏观层面，金梓才认为，全球与国内流动性环境预计同步向好，为市场奠定坚实基础。外部来看，美联 储2026年降息节奏或加快，A股面临的外部约束大幅减弱，海外资金环境更趋友好；内部而言，国内货 币政策将持续为经济高质量发展与产业升级提供支持，维持流动性合理充裕。 产业维度，金梓才认为，以人工智能为首的科技成长方向增长动能将持续强化。AI产业正从2025年的 高速渗透，迈向2026年进一步业绩兑现与深度影响阶段，现有迹象表明，其后续增长势头非但不会放 缓，反而可能加快，对企业生产效率和商业模式的变革将更为深刻。 "2026年A股市场或将呈现显著的龙头集中与基本面驱动的结构性特征。"金梓才表示，具体体现为三方 面：第一，行情高度结构化，能够持续获得市场青睐的公司，将高度集中在少数具备真实、持续业绩兑 现能力的科技成长龙头身上；第二，龙头壁垒深厚且增长持续性强，部分龙头作为全球AI产业核心供 ...

中金公司表示，鲍威尔的表态并不强硬，加之美联储宣布将启动短期国库券购买操作，帮助缓和了 市场的担忧。展望未来，鉴于经济与就业仍面临下行压力，预计美联储将在2026年继续降息，下一次降 息可能在3月。 美联储连续降息为全球流动性改善提供确定信号，有望提振市场表现，投资者可借道核心大盘宽基 指数捕捉潜在增配机会。中证A500指数由各行业市值较大、流动性较好的500只股票组成，选样时注重 行业均衡与优选龙头，通信服务等新兴产业占比较高；创业板指数则由创业板中市值大、流动性好的 100只股票组成，战略性新兴产业占比超90%。 A500ETF易方达（159361）、创业板ETF（159915）分别跟踪以上指数，且均实行ETF中最低一档 0.15%/年的管理费率，为投资者一键打包A股优质龙头公司提供了低成本工具。 今早开盘30分钟，A股市场走势分化，贵金属、新能源方向领涨，昨日表现较好的零售、房地产、 海南自贸区等板块回调。截至9:58，中证A500指数上涨0.4%，创业板指数上涨0.9%，相关ETF交投活 跃，A500ETF易方达（159361）、创业板ETF（159915）盘中成交额均超过10亿元。 每日经济新闻 消 ...

Group 1 - The report anticipates increased market volatility due to uncertainties surrounding US-China negotiations, suggesting a focus on controlling positions and highlighting the strong support level at 3700 points for the Shanghai Composite Index [3][6][12] - The report emphasizes that the A-share market is expected to remain bullish in the fourth quarter, driven by policies against "involution," increased household savings entering the market, potential Fed rate cuts, and a reversal in technical trends [3][6][12] - Key investment directions to watch include the "15th Five-Year Plan" focusing on clean energy, environmental protection, and aging population issues, as well as high-dividend sectors like banking and utilities [3][12][13] Group 2 - The report notes that the A-share market experienced significant fluctuations recently, with major indices like the Shanghai Composite Index and Shenzhen Component Index declining by 1.47% and 4.99% respectively [13] - It highlights that the average daily trading volume in the A-share market has decreased to around 2 trillion yuan, indicating increased cautiousness among investors [6][13] - The report also points out that the upcoming macroeconomic data releases and the 20th Central Committee meeting are expected to influence market trends significantly [7][12][13] Group 3 - The report indicates that the September consumer price index (CPI) showed a year-on-year decline of 0.30%, with food prices being a major contributor to this drop [7][8] - It mentions that the total social financing (TSF) in September was 35,296 billion yuan, exceeding expectations, but the structure of financing still requires improvement [8][9] - The report observes a rebound in exports in September, with a year-on-year growth of 8.30%, although future trends remain uncertain due to potential tariff impacts [10][12]

Group 1 - The core viewpoint is that the US dollar is expected to weaken significantly over the next 5-7 years due to worsening fiscal and trade deficits, while gold has transitioned into a true safe-haven asset, driven by the weaponization of the dollar and global skepticism about its credibility [1][9][21] - Gold and silver have shown substantial price increases, with gold rising approximately sevenfold and silver over fourfold since 2005 [2][8] - The technical analysis indicates that both gold and silver are forming a "cup and handle" pattern, suggesting that future price increases may exceed market consensus expectations [4][5][49] Group 2 - The US fiscal deficit and trade imbalance are severe, leading to a depreciation of the dollar's value over the next several years [10][12][50] - The relationship between the dollar's cycle and the US current account deficit is closely aligned, indicating a long-term downtrend for the dollar [15][18] - The transition of gold into a genuine safe-haven asset is attributed to the changes in the dollar's credibility, particularly following the US's actions during the Russia-Ukraine conflict [26][27] Group 3 - China's central bank has significantly increased its gold holdings to diversify foreign exchange reserve risks, a trend that is being mirrored by other central banks globally [28][32] - The demand for US Treasury bonds is decreasing as central banks seek to mitigate losses, leading to a shift towards gold [30][32] - The growth of gold ETFs is not keeping pace with the rising gold prices, indicating a strong bullish sentiment for gold [33][35] Group 4 - Global liquidity conditions are improving, which is expected to continue driving gold prices upward [36][40] - The return rates for gold have been notably high, with a 40% increase this year and over 30% last year, suggesting a potential doubling of value since early 2024 [43][44] - Silver is anticipated to continue reaching new highs, following similar trends as gold [48]