新年将至，我也和很多投资者一样，已着手为2026 年做资产配置规划。 对于2026年的投资，我有一个很清晰的认知，明年的投资难度会远超今年。所以，我早早就做了资产拆分。何为资产拆 分？就是把我可投资的资产分散到不同的篮子里。那么，2026年承载金字塔底座的资产， 我更愿意把"安全垫"交给一种确 定性相对更高的资产类型——利率下行周期中的固收+策略。 理由并不是一句"稳健"可以概括，而是基于数据、市场结构与 投资逻辑的综合判断。 过去三年，市场给了我们一个清晰的现实：无论是权益市场还是债券市场， 都已不是处在"轻松赚钱"的阶段。 先看权益： 近年来全球股市几乎都呈现出"高波动、强分化"的结构特征：指数层面并不差，但赚钱却越来越依赖行业与赛道——没有 站在主线上，就是长期跑输。 展望 2026 年，这样的结构很可能进一步强化：大宗商品在 2025 年显著上涨，能源与资源价格传导到企业经营层面的再平 衡仍在进行；全球利率逐步向下但节奏并不线性，叠加地缘与政策博弈，权益更可能走出"结构性行情"，而不是广谱普 涨。 这意味着：想赚高收益，需要承担显著波动；对此，普通投资者更现实的需求，是有一揽子资产能为其托住底部。 再 ...

Core Viewpoint - A-shares experienced a significant afternoon rally, with major indices closing higher, particularly driven by the banking and brokerage sectors, which saw a historic market capitalization surpassing 10 trillion yuan [1][3]. Financial Sector Performance - The banking sector's total market capitalization reached a historic high of over 10 trillion yuan, marking a significant milestone [3]. - The banking index has accumulated a year-to-date increase of over 8%, ranking fifth among the primary industry sectors [6]. - The banking index is now just over 100 points away from its historical peak from 2007, indicating potential for further growth if it rises by approximately 3% [8]. Reasons for Banking Sector Surge - Analysts attribute the surge in the banking sector to several factors: 1. Speculative buying driven by various rumors, including those from foreign media [10]. 2. The revision of the "Insurance Fund Utilization Management Measures," which has relaxed risk factors for equity assets, leading to increased institutional investment in the financial sector [10]. 3. Public fund managers are aligning their asset allocations with performance benchmarks, which may lead to a preference for high-dividend sectors [10]. Long-term Outlook - Long-term prospects for the banking sector are positive, with expectations of stable performance in 2025, including steady growth in revenue and net profit [10]. - Analysts recommend a diversified asset allocation strategy to mitigate risks associated with investing in a single sector [10]. Technology Sector Developments - A new policy initiative from the Ministry of Science and Technology and other departments aims to accelerate the development of a technology finance system, which includes the establishment of a "National Venture Capital Guidance Fund" to support technological innovation [12]. - This initiative is expected to foster the growth of technology-oriented enterprises and promote the transformation of major technological achievements into productive forces [12]. Market Trends and Investment Strategies - The market is transitioning from a phase of stabilization to one where the potential for profit increases, with a focus on maintaining risk preferences [13]. - Analysts suggest that the small-cap growth sector may see enhanced performance due to expected liquidity increases and a focus on new and emerging industries [15]. - A balanced investment approach that includes both small-cap growth and dividend-paying stocks is recommended to optimize returns while managing risk [16][17].