面对市场在上半年一度出现的大幅波动，国泰海通首席策略分析师方奕是各券商策略分析师中坚定看多 者之一。那么，2026年A股大势有望如何演绎？行情可能呈现出哪些结构特征？"存款搬家"的趋势是否 还能延续？近日，带着这些投资者关注的问题，《每日经济新闻》记者（以下简称NBD）对方奕进行 了专访。 展望2026年市场，方奕继续坚定看好A股，认为"转型牛"远未结束，2026年有望挑战十年前高位。至于 2026年的市场风格，方奕认为，"哑铃型"行情逐渐失效，将向质量成长切换。关于投资方向，方奕指 出，新兴科技为主线，周期消费看转型，大金融板块因业绩改善、估值偏低值得看好。 展望："转型牛"将会延续 2025年，是"9·24"行情启动后的首个完整年份。在"科技牛"的带动下，A股市场继续走强，上证指数时 隔10年一度重返4000点上方。 市场风格已经在切换，2026年我认为科技和非科技都有机会，权重和小市值也有机会，但"哑铃策略"会 继续向质量成长切换。至于投资方向，新兴科技是主线，周期消费看转型，继续看好大金融。自2024 年"9·24"宏观政策积极介入后，经济尾部风险大幅降低。2025年随着DeepSeek（深度求索）、 ...

周期开启跨年行情 20251221 摘要 股市短期或加速上涨，科技和非银板块仍被看好，周期和消费品中的转 型机会值得关注。机构保收益和降仓位对市场冲击已基本消化，创业板 表现强劲，科技行情远未结束。 中央经济工作会议强调推动投资止跌回稳及房地产去库存，旨在应对投 资增速和外商直接投资转负的局面，预计明年 3 月将公布大型基建项目， 财政和货币政策或将做出相应调整。 2026 年市场风格预计将倾向于质量成长或基本面策略回归，科技与非 科技、权重与小市值均有机会，但防守型策略资产可能面临挑战，重点 关注科技成长和周期成长方向。 航空业未来两年投资逻辑基于油价、汇率利好及国家提振消费政策，客 座率创新高后转向票价提升，供需关系改善将推动票价和盈利上升，建 议积极布局相关标的。 油运行业基本面稳健，原油轮运价维持高位，预计四季度及全年盈利将 创十年新高。合规市场供需关系持续向好，一年期期租价格上涨反映乐 观预期，春节前后运价回落时可逆向布局。 Q&A 对未来一段时间的市场行情有何看法？ 我们对未来市场行情持乐观态度。首先，政策预期有望上修，市场交投也将更 为活跃。在长时间的横盘震荡后，我们预计指数将逐步上升，并在春节 ...

Core Viewpoint - The article highlights the positive shift in market confidence and the increasing interest in equity funds, particularly those managed by skilled fund managers, indicating a potential investment opportunity in the current market environment [2][3]. Fund Issuance and Market Sentiment - As of October 22, over 6 equity funds have announced early closure of fundraising, including several actively managed funds led by high-performing managers [2]. - The newly launched floating fee rate fund, Jiashi Growth Sharing Mixed Fund, has seen strong subscription since its launch on October 20 [2]. Talent Development and Investment Strategy - Jiashi Fund employs a "3-3-3 growth path" for its investment research talent, emphasizing at least 3 years of industry research, followed by comparative studies across multiple industries, and finally transitioning to investment management [3][4]. - The article discusses the importance of a structured talent development mechanism, which allows for the integration of experienced and new managers, fostering a competitive edge in the market [9][15]. Performance of Fund Managers - Meng Xia, a representative fund manager, has shown a solid investment style focused on "quality growth," emphasizing the importance of companies with strong fundamentals and significant growth potential [4][5]. - Meng Xia's managed funds, such as Jiashi Advantage Growth and Jiashi Manufacturing Upgrade, have demonstrated impressive returns, with Jiashi Manufacturing Upgrade achieving a return of 132.53% since September 24, 2022 [6][10]. Broader Market Insights - The article notes that the current A-share market remains within a reasonable valuation range, suggesting that recent adjustments may present good investment opportunities [8]. - Meng Xia expresses optimism about investment opportunities in high-end manufacturing and technology sectors, as well as a reversal in domestic demand [7][8]. Team Structure and Collaboration - Jiashi Fund's investment team includes a mix of experienced and emerging managers, fostering a collaborative environment that enhances investment strategies [9][13]. - The article highlights various fund managers within Jiashi, each with distinct investment styles and successful track records, contributing to the firm's overall performance [11][12].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - This week, the A-share market rebounded strongly, with the Shanghai Composite Index breaking through the year's high. The average daily trading volume increased by 22.36% week-on-week. The market risk appetite increased due to the easing geopolitical situation and the introduction of domestic growth-stabilizing policies [1][10]. - The financial technology sector led the rise this week, with both financial and growth styles performing well. The growth style index rose 5.21% this week, and its trading volume accounted for 54.20% of the total, reaching a four-week high [14]. - Looking ahead, the market is expected to maintain a steady upward trend. In July, the market is expected to see an orderly rotation of hot sectors. However, investors should remain cautious before the uncertainties of Sino-US tariff negotiations and the Fed's interest rate decision are eliminated [15]. 3. Summary According to the Directory 3.1 This Week's Market Review 3.1.1 Industry Index - The comprehensive finance, computer, comprehensive, national defense and military industry, and non-bank finance sectors led the gains this week. The trading volume of non-bank finance and bank sectors increased significantly compared to last week, while the trading activity of media, petroleum and petrochemical, medicine, food and beverage, and agriculture, forestry, animal husbandry, and fishery sectors decreased significantly [10]. - COMEX gold fell 2.94%, and the Chinese bond market maintained a narrow range of fluctuations. The basis of stock index futures contracts increased overall, and the net value of stock hedging strategies continued to decline. The average and median returns of neutral hedging funds this week were -0.10% and -0.03% respectively [1][10]. 3.1.2 Market Style - The financial technology sector led the rise this week, driving the market index higher. The growth style index rose 5.21% this week, and its trading volume accounted for 54.20% of the total, reaching a four-week high. The consumer style index rose 1.46%, and its trading volume accounted for 10.93% of the total, reaching a four-week low [14]. - The financial style index rose 3.41%, and its trading volume accounted for 10.07% of the total, reaching a four-week high. The stable style index rose only 0.78%, and its trading volume accounted for 3.45% of the total, reaching a four-week low [14]. - The cyclical style index rose 3.02%, and its trading volume accounted for 21.35% of the total, reaching a four-week low. The CSI 2000 index rose 5.55% this week, but its trading volume accounted for 28.89% of the total, reaching a four-week low [14]. 3.2 Active Equity Funds 3.2.1 Funds with Excellent Performance in Different Theme Tracks This Week - In the single-track fund category, the top five funds in terms of performance this week were Dongcai Value Qihang A, Taixin Development Theme, Chang'an Yusheng A, Huashang Upstream Industry A, and Huitianfu Consumption Upgrade A [20]. - In the double-track fund category, the top five funds in terms of performance this week were China Merchants Securities Technology Theme 6-Month Holding A, Yin Hua Multi-Power, Yongying High-End Equipment Smart Selection A, Huashang Computer Industry Quantitative A, and Hongtu Innovation Selection LOF [20]. 3.2.2 Funds with Excellent Performance in Different Strategy Categories - In the deep undervaluation strategy, the top three funds were Orient Internet Jia, Qianhai Kaiyuan Event-Driven A, and GF Shanghai-Hong Kong-Shenzhen Value Growth A [2][22]. - In the high-growth strategy, the top three funds were China Europe Prosperity Outlook One-Year Holding A, Yuanxin Yongfeng High-End Manufacturing, and Huafu Guotai Min'an A [2][22]. - In the high-quality strategy, the top three funds were Furong Fujin A, Great Wall Jiuxin A, and E Fund New Normal [2][22]. - In the quality undervaluation strategy, the top three funds were Tongtai Financial Selection A, Qianhai Kaiyuan Shengxin A, and Wells Fargo Financial Real Estate Industry A [2][22]. - In the quality growth strategy, the top three funds were AVIC New Takeoff A, SDIC UBS New Energy A, and E Fund National Defense and Military Industry A [2][22]. - In the GARP strategy, the top three funds were Guoshou Anbao Target Strategy A, Guotai Dazhizao Two-Year Holding, and China AMC Panyi One-Year Fixed Open [2][22]. - In the balanced cost-performance strategy, the top three funds were Hongtu Innovation Selection LOF, Chang Sheng State-Owned Enterprise Reform Theme, and Taixin Development Theme [2][22]. 3.3 Index Enhanced Funds 3.3.1 This Week's Excess Return Distribution of Index Enhanced Funds - The average and median excess returns of CSI 300 index enhanced funds were 0.06% and 0.10% respectively [25]. - The average and median excess returns of CSI 500 index enhanced funds were -0.35% and -0.37% respectively [25]. - The average and median excess returns of CSI 1000 index enhanced funds were -0.20% and -0.22% respectively [25]. - The average and median excess returns of CSI 2000 index enhanced funds were -0.04% and -0.06% respectively [25]. - The average and median excess returns of CSI A500 index enhanced funds were 0.11% and 0.13% respectively [25]. - The average and median excess returns of ChiNext index enhanced funds were -0.20% and -0.17% respectively [25]. - The average and median excess returns of STAR Market and ChiNext 50 index enhanced funds were -0.11% and -0.14% respectively [26]. 3.4 This Issue's Bond Fund Selections - The report screened out the medium- and long-term bond fund pool and the short-term bond fund pool based on indicators such as fund size, performance risk indicators, the latest fund size, Wind Fund secondary classification, three-year rolling returns, and three-year maximum drawdowns [42]. 3.5 This Week's High-Frequency Fund Position Detection - Active equity funds significantly increased their positions in the petroleum and petrochemical (0.18%), coal (0.09%), and comprehensive (0.08%) industries this week; they significantly reduced their positions in the machinery (0.19%), automobile (0.13%), and commercial and retail (0.08%) industries [3]. - From a one-month perspective, the position of the pharmaceutical industry increased significantly by 0.71%, while the positions of the machinery and automobile industries decreased significantly by 0.64% and 0.65% respectively [3]. 3.6 This Week's Weekly Tracking of US Dollar Bond Funds - Not provided in the content