上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 春节期间，有券商策略团队连续7天路演，也有基金经理"下乡"实地调研。节后买什么、怎么投是他们最 关注的问题。 事实上，记者采访获知，在今年1-2月波动的市场环境中，除了高度关注以AI为代表的新质生产力产业链 进程之外，不少基金经理也将目光投向了内需领域。 基金经理关注内需大方向 早在年初举办的嘉实基金2026投资策略会上，嘉实基金股票策略研究总监方晗就公开表示，对2026年权 益市场持理性偏乐观态度，但市场风格与结构或出现较大切换，他强调说，可重点关注"反内卷"背景下利 润回升企业及受益于扩大内需举措的标的，这类板块或决定全年指数高度。 嘉实基金大消费研究总监吴越也表示，消费行业已步入关键转折点，伴随居民财富效应释放推动高端消费 与服务消费需求升级，2026年有望重现消费投资机遇，市场情绪低迷"人迹罕至"之时，或许正是布局窗 口期。 "权益资产经过过去一年半的上涨，估值水平已经有明显提升，基本面缓慢改善，但基本面跟上估值还需 要一定的时间，在这种情况下，波动难以避免。"沪上一家中大型基金公司资产配置负责人告诉上证报记 ...

Core Viewpoint - Fund managers are focusing on domestic demand and AI-driven sectors as key investment opportunities in the current market environment, with a particular emphasis on consumer sectors and technology applications [1][2][4]. Group 1: Domestic Demand Focus - Fund managers are optimistic about the domestic consumption sector, highlighting a potential turning point driven by the release of household wealth and an upgrade in high-end consumption and service demand [2][7]. - The investment strategy emphasizes identifying companies benefiting from domestic demand expansion and those showing profit recovery amid a "de-involution" backdrop, which could significantly influence market indices [2][7]. - Traditional industries, such as liquor and real estate, are being closely monitored for potential investment opportunities, especially as some real estate companies show signs of recovery [2][7][8]. Group 2: New Consumption Trends - The recovery and expansion of offline commercial sectors are seen as critical investment themes, supported by a stable online-to-offline market transition and lower commercial real estate rents [3][8]. - High-end consumer goods, particularly in outdoor sports and cosmetics, are gaining traction, with domestic brands showing competitive advantages through innovation and market understanding [3][8]. - The international expansion of Chinese consumer brands is shifting from price competitiveness to cultural and service-based differentiation, enhancing their global appeal [3][8]. Group 3: AI and Technology Sector - AI remains a crucial structural investment direction, with expectations for significant applications in hardware and software, particularly in consumer electronics and robotics [4][9]. - The ongoing technological advancements and increased capital expenditure from major players are expected to sustain the momentum in the tech sector through 2026 [4][9]. - Investment opportunities in AI applications, smart driving, and semiconductors are anticipated to grow, despite potential market fluctuations [4][9].

Core Points - The Beijing Stock Exchange (BSE) experienced a significant increase in the North Star 50 Index, rising by 8.41%, marking the third-largest single-day gain of the year, with a trading volume of 34.9 billion yuan, the highest since September 9 [1] - Positive policy signals were released during the Financial Street Forum, particularly regarding the anticipated North Star 50 ETF, which is expected to attract more active trading funds to the BSE [1][3] - The recent surge in the North Star 50 Index is attributed to two main factors: favorable policy news and a rebound in sentiment after a period of underperformance compared to the Shanghai and Shenzhen A-shares [1] Market Developments - The BSE has fully transitioned all existing company codes to the 920 series, and the launch of new specialized index funds is expected to accelerate [2] - The China Securities Regulatory Commission (CSRC) emphasized the importance of the BSE in supporting innovative small and medium-sized enterprises (SMEs) and enhancing the quality of listed companies [3] - New policies aimed at promoting long-term capital inflow into the market were introduced, including mechanisms for commercial insurance funds and encouraging share buybacks by qualified companies [3][4] Industry Outlook - The BSE currently has 280 listed companies, with over 80% being SMEs and nearly 90% being private enterprises, including a significant number of national-level "specialized and innovative" small giants [6] - The "14th Five-Year Plan" highlights the strategic importance of the BSE as a hub for innovative SMEs, with expectations for more companies focusing on core technologies to seek financing through the BSE [5][6] - The BSE's index system is set to be optimized, with plans to introduce the North Star 50 ETF and improve trading convenience [3]