中证报中证网讯（记者 赵中昊) 2026年1月7日，"踏浪前行 做多中国——全球重构下的中国资产机遇"华 西证券（002926）2026年资本市场投资与产业年会在成都召开，华西证券总裁杨炯洋致开幕辞，华西证 券多位在蓉高管共同出席本次会议。 华西证券研究所副所长、策略首席分析师李立峰表示，2026年是"十五五"规划的第一年，宏观政策周期 遇最强预期引擎，企业盈利进入温和复苏通道，"新兴成长"与"反内卷"主线逐渐清晰。经过"十四五"培 育，人工智能、高端制造、商业航天等产业预计在2026年进入更明确的产业化、商业化阶段。权益资产 的逻辑在"反内卷"政策推动下，将从2025年"政策博弈"和"流动性宽松"转向2026年的"分子端盈利改 善"。因此，站在当前时点，2026年是多个正面因素叠加的"大年"，站在人民币资产慢牛长牛的新起 点，布局"春季行情"正当时。 华西证券研究所大类资产首席分析师孙付展望2026年大类资产时表示，人民币在跨境贸易金融交易中占 比快速上升、出口商品表现出的较强竞争力，将使得人民币呈现"稳中偏强"。货币政策延续宽松，短端 利率保持平稳；物价企稳改善，长债利率易上难下。在人民币有所升值、名义G ...

半玉 蛋 wabao WP Fund 【 】 【 】 【 】 【 】 】 【 】 】 2026年01月 ll 3A系列ETF当日场内行情 ■ 中证A100ETF基金 A50ETF华宝 A500ETF华宝 159596 562000 563500 +0.0% -0.15% -0.45% 数据来源:沪深交易所等,行情数据截至 TF华宝于2024.3.18上市,中证A100ETF基金于2022.8.1上 市,A500ETF华宝于2024.12.2上市 当日大市行情 na +0.05% +0.31% +0.06% 创业板指 上证指数 深证成指 两市成交额2.85万亿元 较上一日+476亿元 全市场个股涨跌数 3190只 2173 层 107只 at 上涨 == 持平 " 下跌 资金净流入TOP3行业(申万一级) +0.05% +0.06% +0.31% 创业板指 上证指数 深证成指 两市成交额2.85万亿元 较上一日+476亿元 全市场个股涨跌数 3190只 2173 및 107只 =1 上涨 === 持平 "| 下跌 资金净流入TOP3行业(申万一级) 银行 煤炭 通信 +9.03亿元 +28.14亿元 +12.4 ...

今日早盘，科技成长板块集体走强，截至午间收盘，国证成长100指数上涨2.4%，国证自由现金流指数上涨0.6%，国证价值100指数上涨0.3%。 华西证券表示，2026年是多个正面因素叠加的"大年"，牛市基础仍扎实，且春季躁动已提前演绎，关注新兴成长和反内卷周期机遇。 成长ETF易方达 跟踪国证成长100指数 该指数E 该指数由A股成长风格突出的 截至午间收盘 该指数 该指数涨跌 滚动市盈率 发布以来 100只股票组成,信息技术、 原材料行业的占比合计超65%, 2. 4% 54. 1倍 74 其中信息技术占比较高 价值ETF易方达 核心风格因子指数基本情况跟踪 (2026年1月5日) 跟踪国证价值100指数 | 该指数A股价值风格突出的100 | | 截至午间收盘 | 该指数 | 该指数 | | --- | --- | --- | --- | --- | | 只股票组成,可选消费、金融、 | | 该指数涨跌 | 滚动市盈率 | 发布以来 | | 工业行业的占比合计超65%, | 其中可选消费占比较高 | 0. 3% | 9.5倍 | | 自由现金流ETF易方达 The First 跟踪国证自由现金流指数 | ...

Core Viewpoint - The current market has weak expectations for automotive stimulus policies and overall production and sales volume for next year, indicating a weakening of the automotive cyclical attributes. The core focus is shifting towards technology attributes and emerging growth directions [1] Group 1: Market Expectations - The market's anticipation for automotive stimulus policies and production/sales volume for next year is low [1] - The cyclical nature of the automotive industry is diminishing, leading to a focus on technology and growth sectors [1] Group 2: Future Trends - The year 2026 is highlighted as a significant year for new vehicles from Huawei, which is worth monitoring [1] - Companies like Xiaopeng, GAC, and Changan showcased self-developed robotic products during the auto show, indicating a shift towards integrating robotics in the automotive sector [1] - The upcoming technological iterations and mass production of Tesla's FSD V14, Robotaxi, and Optimus in 2026 are expected to create a turning point in the industry, with automotive and robotics as key applications of physical AI [1] - The technological attributes of automotive stocks may undergo a re-evaluation as these trends develop [1]

近日A股市场出现盘整。个股赚钱效应与市场人气同步减弱的背后，是内外因素交织下的资金集体避险 行为。面对这场调整，一线私募机构展现出了截然不同的应对之策。在11月中旬股票私募平均仓位创下 近112周新高的背景下，有的机构选择高仓位坚守，有的则通过衍生品进行风险对冲，有的机构积极调 整结构，为下一轮行情布局。 ● 本报记者王辉 多因素共振引发市场调整 止于至善则采用了更为精细的风险对冲手段。何理透露："我们在市场处于高位时，会购买一些虚值看 跌期权来保护组合不发生极端回撤。" 涌津投资董事长谢小勇则更关注资金面因素，他认为"海外流动性再收紧"是重要诱因。10月末以来，美 联储态度转鹰，美元指数冲高导致外资资金短期净流出，对A股高估值科技板块形成直接压力。同时， 近期题材炒作监控趋严，两融与游资活跃度快速下降，短线资金被迫降杠杆，形成了"多头回吐"的局 面。 从资金行为角度来看，百亿级私募勤辰资产表示，临近年末，机构资金兑现浮盈等防守性行为自然会导 致市场出现短期波动。这一判断与涌津投资观察到的"年内最活跃的资金在11月集中兑现收益"现象不谋 而合。 另一家百亿级私募淡水泉则从更底层的市场逻辑出发，认为市场定价正从 ...

Core Insights - The article highlights the investment strategy of Chen Yunzong, a fund manager at GF Fund, focusing on identifying growth stocks and their growth stages through a dual-track approach of "traditional growth" and "emerging growth" [1][2]. Investment Strategy - Chen emphasizes a systematic approach to understanding industry attributes, industry cycle stages, and long-term trends before selecting quality growth stocks [1][2]. - The investment framework is centered around capturing excess returns from diverse growth directions, including technology and manufacturing sectors [2][3]. Performance Metrics - As of October 31, the GF Growth Initiation A fund managed by Chen achieved a one-year return of 88.81%, ranking in the top 3 out of 1,876 similar funds [1]. Fund Launch - A new fund, GF Innovation Growth, is set to launch on November 17, which will dynamically adjust the allocation between traditional and emerging growth to capture excess returns while maintaining industry balance [1][6]. Growth Categories - Growth stocks are categorized into "traditional growth" (e.g., new energy, semiconductors, military industry) and "emerging growth" (e.g., robotics, embodied intelligence, satellite internet) [2][5]. - Traditional growth strategies focus on cyclical growth, while emerging growth serves as an offensive tool for capturing future trends [2][3]. Dynamic Allocation - The allocation between traditional and emerging growth is adjusted based on market liquidity and risk appetite, enhancing both offensive and defensive capabilities of the portfolio [3][4]. Industry Rotation - Chen's investment approach involves a systematic method of industry rotation based on industry cycles, focusing on "industry position" and "valuation margins" rather than merely chasing market trends [4][5]. Future Focus Areas - Key sectors of interest include computing power, storage, edge innovation, brand globalization, robotics, satellite internet, and solid-state batteries [6][7]. - The computing power sector is particularly emphasized, with expectations of significant capital expenditure increases from domestic cloud service providers in the upcoming quarters [6][7]. Specific Sector Insights - The military industry is highlighted as a high-value sector, while the robotics sector is seen as a major application terminal for AI [7]. - Solid-state batteries and low-altitude economy are also critical areas of focus, with expectations of early breakthroughs in these technologies [7].

Core Insights - The article highlights the investment strategy of Chen Yunzong, a fund manager at GF Fund, focusing on growth stocks through a dual-track approach of "traditional growth" and "emerging growth" [1][2]. Investment Strategy - Chen emphasizes the importance of understanding industry cycles and long-term trends before selecting quality growth stocks, aiming to optimize buying and selling timing based on industry cycles [1][2]. - The investment framework includes a focus on diverse growth sectors such as technology and manufacturing, moving beyond just TMT (Technology, Media, and Telecommunications) to include areas like military and energy [2]. Growth Categories - Growth stocks are categorized into "traditional growth" (e.g., new energy, semiconductors, military) and "emerging growth," with differentiated strategies for each [2][3]. - Traditional growth is approached with a "cyclical growth" mindset, focusing on sectors undergoing industrial changes, while emerging growth serves as an "offensive lever" targeting future trends like robotics and quantum computing [2][5]. Dynamic Portfolio Management - The portfolio management strategy involves dynamically adjusting the allocation between traditional and emerging growth based on market liquidity and risk appetite [3]. - When market conditions are favorable, the allocation to emerging growth increases; conversely, it shifts towards traditional growth during risk-averse periods [3]. Industry Rotation Approach - Chen's investment approach to industry rotation is systematic, focusing on the balance between "industry position" and "valuation margins," rather than merely chasing market trends [4]. - A significant portion of research efforts is dedicated to tracking emerging growth sectors, leveraging insights from industry leaders and global comparisons [4][5]. Forward-Looking Investment Areas - The new fund, GF Innovation Growth, will adopt a balanced growth-oriented strategy, targeting sectors like computing power, storage, and robotics [6]. - Chen identifies opportunities in domestic computing power, which is expected to see increased capital expenditure from cloud service providers, and anticipates a positive cycle in the storage sector [6][7]. Specific Sector Focus - The military sector is highlighted as a key area for investment, with a favorable risk-reward profile [7]. - The robotics sector is viewed as a significant application of AI, with the domestic industry yet to be fully valued [7]. - Solid-state batteries and low-altitude economy are also critical areas of focus, with expectations for early breakthroughs in solid-state battery applications [7].

Core Insights - The article highlights the investment strategy of Chen Yunzong, a fund manager at GF Fund, focusing on identifying growth stocks and their respective growth stages through a dual-track approach of "traditional growth" and "emerging growth" [1][2] Investment Strategy - Chen Yunzong emphasizes a systematic approach to understanding industry attributes, clarifying industry cycle stages and medium to long-term trends before selecting quality growth stocks [1][2] - The investment framework is centered around capturing excess returns from diverse growth directions, including technology and manufacturing sectors, while also expanding research beyond TMT (Technology, Media, Telecommunications) to include military and energy sectors [2] Growth Categories - Growth stocks are categorized into "traditional growth" and "emerging growth," with differentiated strategies for each. Traditional growth includes sectors like new energy, semiconductors, and military, where a cyclical growth mindset is applied [2] - Emerging growth serves as an "offensive lever" in the portfolio, focusing on sectors like robotics, embodied intelligence, satellite internet, quantum computing, and solid-state batteries, which are expected to represent future trends [2][3] Dynamic Allocation - The allocation between traditional and emerging growth is dynamically adjusted based on market liquidity and risk appetite, enhancing the portfolio's offensive capabilities in bull markets and defensive strength in volatile markets [2][3] Industry Rotation - Chen Yunzong's investment approach involves industry rotation based on a systematic method rather than merely chasing market trends, focusing on the balance between "industry position" and "valuation margins" [3] - A significant portion of research efforts is dedicated to tracking emerging growth directions, involving visits to industry leaders and studying cutting-edge trends globally [3] Future Growth Areas - The new fund, GF Innovation Growth, will adopt a balanced growth-oriented strategy, targeting sectors such as computing power, storage, edge innovation, brand globalization, robotics, satellite internet, and solid-state batteries [4] - The computing power sector is highlighted as a key focus, with expectations of significant capital expenditure increases from domestic cloud service providers in the upcoming quarters [5] Market Outlook - The storage sector is anticipated to enter an upward cycle, with NAND flash memory prices beginning to rise since September, expected to maintain favorable industry conditions for one to two more quarters [5] - The military sector is viewed as having high cost-effectiveness, while the robotics sector is seen as a major application terminal for AI, with the domestic robotics supply chain not yet fully priced [5]

Core Insights - The article highlights the investment strategy of Chen Yunzong, a fund manager at GF Fund, focusing on the dual-track approach of "traditional growth" and "emerging growth" in identifying investment opportunities in growth stocks [1][2]. Investment Strategy - Chen Yunzong emphasizes a systematic approach to understanding industry attributes, identifying industry cycle stages, and selecting quality growth stocks [1][2]. - The investment framework includes a focus on both traditional growth sectors (like new energy, semiconductors, and military industry) and emerging growth sectors (such as robotics, embodied intelligence, and quantum computing) [2][5]. - The strategy involves dynamic adjustment of the allocation between traditional and emerging growth based on market liquidity and risk appetite [3][4]. Performance Metrics - As of October 31, the GF Growth Initiation A fund managed by Chen Yunzong achieved a one-year return of 88.81%, ranking in the top 3 out of 1,876 similar funds [1]. Sector Focus - Key sectors of interest include computing power, storage, edge innovation, brand globalization, robotics, satellite internet, and solid-state batteries [6][7]. - The computing power sector is particularly highlighted, with a focus on both overseas and domestic opportunities, as domestic cloud service providers are expected to significantly increase capital expenditures [6]. Emerging Trends - The article discusses the importance of understanding the lifecycle of growth assets, which typically transition from thematic phases to technological implementation and then to scale expansion [5]. - Solid-state batteries are identified as a critical component for the development of robotics and drones, with expectations for early breakthroughs in this area [7].

Group 1 - The stock market has experienced increased volatility since late October, but growth-style assets remain a key focus for capital, influenced by the Federal Reserve's second interest rate cut of the year and China's "14th Five-Year Plan" emphasizing support for emerging technology sectors [1] - The market is characterized by a structural differentiation, with funds shifting towards specific segments like storage and energy, while previously popular sectors like optical modules are in a consolidation phase [1] - The growth style is overall dominant this year, but leading sub-industries vary at different stages, with technology and energy sectors taking turns in leading performance [1] Group 2 - Chen Yunzhong, a mid-career fund manager with nearly 10 years in the securities industry and over 4 years of investment experience, has achieved significant returns, including a 46.82% return in the Guangfa Small Cap Select A fund, surpassing the benchmark by 36 percentage points [2] - His management strategy involves dividing growth tracks into traditional and emerging growth, focusing on sectors with strong certainty and leveraging top companies to capture industry beta and stock alpha [2] - Traditional growth sectors include "new semi-military" areas such as new energy, semiconductors, and military industry, characterized by mature industry development and specific cycles [2] Group 3 - Emerging growth sectors are in the early stages of industrialization, focusing on technologies like embodied intelligence, new storage and computing, satellite internet, quantum computing, and solid-state batteries, which are also highlighted in the national technology plan [3] - Chen Yunzhong emphasizes the need for tactical trading in these volatile assets, successfully timing entry and exit points to capture upward trends while avoiding significant downturns [3] - Current promising growth directions include computing power, storage, edge innovation, brand internationalization, robotics, satellite internet, and solid-state batteries, with a particular focus on domestic cloud service providers expected to increase capital expenditures significantly in the coming months [3]