本报记者 昌校宇 2025年的A股市场即将在结构性行情中收官，AI、大宗商品和出口成为贯穿全年的主线。面对当前估值抬升与盈利分化的 市场环境，相聚资本管理有限公司（以下简称"相聚资本"）总经理梁辉在接受《证券日报》记者专访时表示，2026年市场投资 机会仍将围绕产业趋势与技术进步展开。未来，单纯依赖单一资产或风格的策略将难以持续，作为一家以绝对回报为目标的私 募机构，相聚资本正通过多资产多策略体系，在复杂市场中探索更可持续的收益路径。 AI、大宗商品与出口 仍是2026年主线 回顾2025年，梁辉认为市场呈现出明显的结构性特征。AI、大宗商品和出口成为全年表现突出的三大方向。他分析 道："AI融入产业链带来高利润率，大宗商品中的铜、黄金表现强势，出口则展现出超预期的韧性。但是由产业趋势和全球经 济环境共同驱动的结构性行情。" 梁辉认为，2025年的上涨主要来自企业估值提升，盈利改善贡献相对滞后。"2026年估值提升空间预计收窄，盈利增长若 与2025年保持一致，整体收益可能较2025年温和。" 尽管预期收敛，梁辉仍看好2026年的结构性机会，并表示将继续围绕AI、大宗商品和出口这三条主线展开，同时会更注重 节 ...

Core Insights - The "Investment for Good" seminar held by Fudan University and Xingsheng ESG focused on the collaboration between asset management and university foundations to achieve sustainable investment returns [1][3]. Group 1: Company Strategy - Xingsheng Global Fund emphasizes risk control, long-term investment, and value investment principles while expanding its active management capabilities [3]. - The company has launched a series of social responsibility products since 2016, which allocate part of the investment returns to support university public welfare projects [3]. Group 2: Market Environment - The Chinese economy demonstrates strong resilience amid challenges such as trade friction, with government initiatives aimed at stimulating consumption and promoting infrastructure projects [3]. - In a low-interest-rate environment, equity assets remain attractive, and focusing on companies with core competitiveness is seen as an effective way to achieve excess returns [3]. Group 3: Asset Management Trends - The seminar discussed the complexities of the current investment environment, emphasizing the importance of multi-asset strategies and large asset allocation [4]. - Xingsheng Global Fund aims to enhance understanding and cooperation between university foundations and asset management institutions for mutual growth and value creation [4].