又到了辞旧迎新的节点。经过2025年的结构牛分化行情后，越来越多的投资者开始为新年"投"等大事排 兵布阵。考虑到2026年是"十五五"规划开局之年，也将是资本市场改革深化、功能升级的关键之年，政 策的释放力度与基本面复苏叠加产业升级，或将共同作用持续提振投资情绪。 从目前中外金融机构发布的2026年投资展望看，中国资产正凭借"估值优势+增长动能"的双重吸引力， 从资产配置的"可选项"变为"必答题"。多家机构预测，2026年将是"中国资产重估"的延续之年，A股市 场与人民币资产有望迎来国内外增量资金的持续流入。驱动中国股票市场上涨的核心动力，正从2025年 的"估值修复"转向2026年的"盈利成长"，市场风格有望从单一赛道极致分化走向多元均衡。 有鉴于此，在基金的选择与配置层面，"核心—卫星"策略日益成为优选项。其中核心资产类似于组合的 地基，旨在控制基金组合的风险，获取相对较稳健的收益；而卫星资产相对灵活性较高，通常投资于相 对高风险、高弹性的基金资产，以期提升整体投资组合的收益潜力。该策略通过分散配置不同风险收益 特征的基金，避免在单一资产和单一风格的过高暴露，同时保持组合的多样性。聚焦到当下，中信证券 认 ...

Market Overview - The A-share market has shown a strong performance, with major indices rising, including the Shanghai Composite Index surpassing 3900 points and the ChiNext Index increasing by 2.92% [3] - Despite the index gains, trading volume has significantly decreased by 19.5%, indicating a "shrinking rally" pattern [4] Capital Flow Dynamics - There is a disconnect between rising indices and the reluctance of new capital to enter the market, suggesting a cautious approach from investors [5] - Recent developments, such as the resumption of Sino-U.S. trade talks and the approval of the "14th Five-Year Plan," have positively influenced market sentiment [6] Policy and Investment Focus - The "14th Five-Year Plan" emphasizes investment in technology, particularly in artificial intelligence and critical areas like quantum technology and solid-state batteries [7] - The policy direction aims to enhance technological independence and resource security, which could lead to significant investment opportunities in these sectors [7] Stock Performance and Investor Sentiment - The market is experiencing a stark divergence in stock performance, with certain sectors like telecommunications and non-ferrous metals seeing gains over 25%, while financials and real estate lag behind [9] - The volatility in technology stocks indicates a short-term speculative environment, with significant capital inflows and outflows observed [9] Investment Strategies - With over 5000 stocks available, identifying reliable investment opportunities is challenging, leading to a preference for index funds [10] - As of the end of Q1 2025, the scale of passive index funds has surpassed 3.26 trillion yuan, accounting for 51.11% of A-share market capitalization [10] Foreign Investment Trends - Foreign capital inflows into the Chinese stock market have rebounded, with a net inflow of 4.6 billion USD in September 2025, marking the highest monthly figure since November 2024 [12] - Projections indicate a potential 30% upside for A-shares by the end of 2027, driven by earnings growth and valuation re-rating [12]