（本文作者柏文喜为中国企业资本联盟副理事长） 一、低风险资产：筑牢组合抗跌底线 低风险资产是反脆弱组合的基础支撑，其核心价值在于经济下行与市场震荡阶段保持价值相对稳定，为 整体组合提供安全垫。2026年，具备现金流稳健、需求刚性、防御属性突出的消费、医疗保健、能源等 板块，仍是底仓配置的重点方向。 二、聚焦价值验证：2026年核心资产布局方向 （一）远离纯概念炒作，拥抱有现金流支撑的AI企业 人工智能仍是中长期产业趋势，但前期缺乏盈利支撑的纯概念标的正面临估值回归。投资应聚焦营收扎 实、盈利路径清晰、商业化落地成熟的优质企业。这类企业的价值已通过营收增长与客户渗透兑现，而 非单纯依赖市场叙事。 （二）布局战略型 IPO，把握未来基础设施机遇 2026年IPO市场的核心机会，集中在处于产业链关键节点、承担底层基础设施功能的战略型企业。这类 公司与全球产业趋势、长期科技格局高度绑定，具备较强的不可替代性。 2023至2025 年全球资产价格上行，本质是流动性宽松与技术叙事的双重驱动。美联储低利率环境推动 资金集中流向高成长赛道，人工智能、加密资产等领域凭借"颠覆性创新"标签，获得市场对其未来成长 空间的持续溢价。 ...

Core Viewpoint - The investment philosophy emphasizes building a "anti-fragile" portfolio for long-term stability and value creation, rather than focusing on short-term high performance [1][2]. Group 1: Investment Philosophy - The manager, Zhang Teng, has a background in energy and mining, which aligns with his role as a fund manager [2]. - Initially, the focus was on bottom-up stock selection, but after experiencing a market downturn, the approach shifted to include macroeconomic and fixed income research, leading to the development of an "anti-fragile" investment strategy [2][3]. - The "anti-fragile" investment strategy involves diversification, risk control, and avoiding significant exposure to any single industry [2][3]. Group 2: Performance Metrics - As of August 15, 2025, the Silver Hua Ruihe Flexible Allocation Mixed Fund (005544) achieved a net value growth rate of 29.69% year-to-date, compared to a benchmark of 3.96% [4]. - Over the past year, the fund's net value growth rate was 45.77%, significantly outperforming the benchmark of 15.23%, ranking 84 out of 415 in its category [4]. Group 3: Market Insights - The "anti-involution" policy is expected to have a profound impact on various industries, with a focus on sectors like nonferrous metals and chemicals that have potential for growth and elasticity [4][5]. - Zhang Teng identifies investment opportunities in industries benefiting from the "anti-involution" policy, particularly those with steep supply curves and cost differences [5][6]. - The current economic environment, including the Federal Reserve's interest rate cuts, presents a favorable investment opportunity in industrial metals [6][7].