2026开年以来，基金投顾调仓节奏明显加快。统计数据显示，今年1月，近650个基金投顾组合中，有 178个进行调仓，增配低估值价值型基金成为共识，永赢融安、华泰柏瑞红利低波ETF联接等产品获基 金投顾增配比例最高。在大类资产配置层面，基金投顾组合普遍提升了A股及债券仓位，同步减配现金 资产、美股及港股持仓；行业维度则增配有色金属、电子、通信，减配生物医药、汽车及银行。 展望后市，部分投顾机构建议围绕"出海+科技"两条主线布局，亦有观点认为港股估值安全边际显现， 布局窗口正在打开。 增配低估值价值型基金 开源证券对天天基金、且慢及雪球上总计近650个基金投顾组合进行分析后发布数据称，2026年1月总计 有178个基金投顾组合发生了调仓行为。 在基金调仓方面，低估值价值型基金增幅比例较大。永赢融安、景顺长城景颐双利、华泰柏瑞红利低波 ETF联接、中金沪深300指数增强、富国中证价值ETF联接等被基金投顾增配的比例最高。 ● 本报记者 张凌之 对于市场关注的科技板块，1月7日，富国基金旗下的富国带你投数字经济组合更新的调仓动态透露了其 在科技板块的配置思路。本次调仓在行业配置上向业绩基准适当收敛，优化配置，增加了通 ...

Core Insights - The market is entering the year-end phase, with fund managers preparing for 2026 through systematic adjustments and strategic asset allocation [1][2] - The focus has shifted from simple "stock-bond diversification" to a more scientific and dynamic asset allocation approach that emphasizes risk parity and global perspectives [1][5] - Fund managers are concentrating on three main investment themes: "technological innovation," "anti-involution dividends," and "new consumption recovery" [7][8] Year-End Rebalancing - Fund managers are engaged in structural optimization of investment portfolios, with a focus on long-term strategies rather than short-term rankings [2][3] - Specific actions include increasing exposure to traditional industries at low valuation levels and optimizing fund holdings based on performance and market conditions [2][3] Forward-Looking Strategies - Some institutions are adopting proactive strategies for left-side positioning in anticipation of economic recovery and favorable policies [3][4] - The emphasis is on reducing defensive asset allocations while increasing exposure to innovative technology and strategic assets [3] Dynamic Asset Allocation - The concept of dynamic asset allocation is gaining traction, moving beyond simple diversification to a more nuanced approach that considers macroeconomic cycles and risk management [5][6] - Institutions are developing all-weather strategies tailored to client risk preferences, emphasizing risk parity and multi-asset tactical adjustments [5][6] Investment Themes for 2026 - The investment landscape for 2026 is characterized by a cautious yet optimistic outlook, focusing on technological innovation, cyclical recovery, and consumer spending [7][8] - Specific sectors of interest include AI hardware, semiconductor equipment, and traditional industries benefiting from policy support [7][8] Core-Satellite Strategy - The "core-satellite" strategy is widely adopted among fund managers, with variations in execution based on individual institutional preferences [9] - Emphasis is placed on selecting core funds with strong long-term performance and using satellite funds to enhance returns while managing volatility [9]

Core Insights - The market is entering a critical phase for fund managers as they prepare for 2026, focusing on systematic adjustments and strategic asset allocation [1][2] - The approach to asset allocation is evolving, moving away from simple stock-bond diversification to a more scientific and dynamic configuration that emphasizes risk parity and global perspectives [1][5] Tactical Adjustments - Fund managers are engaged in structural optimization of their portfolios, with a focus on sectors that are undervalued or cyclical, such as real estate and traditional industries [2][3] - Specific adjustments include increasing exposure to traditional sectors while balancing the portfolio to avoid over-reliance on technology stocks [2][3] Forward-Looking Strategies - Some institutions are adopting a proactive stance, aiming for left-side positioning in anticipation of economic recovery and favorable policies, with a focus on innovative technology and strategic assets [3][4] - The emphasis is on dynamic optimization of portfolios, ensuring core holdings are robust while adjusting satellite positions to capture cyclical opportunities [3][4] Asset Allocation Evolution - The concept of asset allocation is shifting from mere diversification to a more nuanced approach that considers macroeconomic cycles and risk management [5][6] - Institutions are developing all-weather strategies that cater to varying risk appetites, emphasizing a dynamic framework for asset allocation [5][6] Investment Themes for 2026 - Three main investment themes have emerged: technological innovation, "anti-involution" benefits, and the recovery of new consumption [7][8] - Institutions are focusing on specific sectors within these themes, such as AI hardware, renewable energy, and consumer services, anticipating a shift in market dynamics [7][8] Core-Satellite Strategy - The "core-satellite" strategy is widely adopted among fund managers, with variations in execution based on individual institutional preferences [9] - Emphasis is placed on selecting core funds with strong long-term performance while using satellite funds to enhance returns and manage volatility [9]

Core Insights - The market is entering the year-end phase, with fund managers preparing for the "sowing season" of 2026, focusing on systematic engineering for future investments [1] - Tactical adjustments are being made, reflecting a profound evolution in asset allocation philosophy, moving away from simple "stock-bond diversification" to a more scientific and dynamic allocation system [1][6] - Fund managers are focusing on three main investment themes: "technological innovation," "anti-involution dividends," and "new consumption recovery," employing a "core-satellite" strategy for asset allocation [1][7] Tactical Adjustments - Fund managers are engaged in structural optimization rather than short-term ranking pursuits, with strategies like increasing exposure to traditional industries at low valuation levels [2] - Specific adjustments include increasing positions in cyclical sectors and optimizing portfolios to enhance balance and reduce risk [2][3] - Some institutions view year-end adjustments as a systematic "health check" and renewal process, focusing on dynamic optimization and risk management [3] Dynamic Asset Allocation - The concept of asset allocation has evolved from simple diversification to a dynamic management framework that emphasizes risk parity and tactical adjustments [6] - Institutions are developing all-weather strategies tailored to client risk preferences, focusing on macroeconomic cycles and industry rotations [6][7] - The emphasis is on a dual approach: maintaining diversified asset allocation while deepening granularity to identify opportunities in undervalued traditional sectors [6] Investment Themes for 2026 - The investment outlook for 2026 is characterized by a cautious yet optimistic approach, with a focus on "technological innovation," "anti-involution," and "new consumption recovery" [7][8] - Specific sectors of interest include AI hardware, semiconductor equipment, and traditional industries benefiting from policy support [7] - The consumer sector, particularly in services and new consumption trends, is expected to see a rebound, with potential for significant investment opportunities [8] Core-Satellite Strategy Implementation - The "core-satellite" strategy is widely adopted, with variations in execution among institutions, focusing on long-term performance and risk management [9] - Institutions emphasize the importance of selecting core funds based on comprehensive assessments of fund managers and their investment frameworks [9] - The approach includes balancing growth and value-oriented funds to enhance returns while managing volatility [9]

Core Insights - The article emphasizes that professional fund managers are proactively preparing for investment opportunities in 2026 by focusing on strategic adjustments, planning, and direction selection [1][3] Group 1: Investment Strategies - Fund managers are moving away from simple "stock-bond pairing" to embrace a more diversified, dynamic, and global asset allocation strategy [1][7] - The focus is on three main themes: "technology, cycles, and consumption," with a "core-satellite" strategy being employed to optimize portfolios [1][9] - The approach to year-end adjustments is characterized as a structural optimization aimed at long-term gains rather than short-term rankings [3][4] Group 2: Specific Adjustments and Trends - Recent adjustments include increasing exposure to traditional industries that are undervalued and cyclical, such as real estate, while reducing positions in high-performing tech stocks [3][4] - Some institutions are adopting a more aggressive stance by increasing allocations to innovative technology and pharmaceuticals, focusing on "computing power + application" as key areas for future performance [4][9] - The adjustments are seen as a systematic "check-up" process, ensuring core holdings are robust while optimizing satellite positions to benefit from global recovery and domestic policy support [4][5] Group 3: Market Outlook for 2026 - The investment outlook for 2026 is cautious yet optimistic, with expectations of a shift from liquidity-driven markets to a focus on fundamental performance [9] - Key investment opportunities are identified in technology innovation, "anti-involution" policies, and the recovery of consumer spending, particularly in sectors like travel, healthcare, and new consumption trends [9][10] - The anticipated recovery in upstream resource products is linked to "anti-involution" policies, which are expected to improve supply-demand dynamics and profitability in various sectors [10]

Group 1 - Multiple public fund advisory products have initiated a new round of portfolio adjustments, with some increasing positions in growth sectors like technology and healthcare, while others adopt a more conservative strategy by slightly reducing equity positions and increasing fixed-income assets [1][2] - The market environment shows favorable indicators for equity assets, including valuation, risk premium, and new fund issuance, alongside supportive policies aimed at expanding domestic demand and reducing competition, which are expected to benefit the A-share market [1] - Several advisory products have favored growth-oriented funds, particularly in technology and healthcare sectors, with specific funds being added to portfolios, such as those focused on AI and innovative medical solutions [1][2] Group 2 - Some advisory products have taken a defensive approach by slightly reducing equity positions due to increased volatility in the stock and gold markets, while enhancing bond allocations [3] - Recent market adjustments have led to a rebound, with expectations of further positive developments in technology sectors, although market participants remain cautious about domestic policy and external economic conditions [3][4] - The overall market is experiencing a structural rebalancing, with many funds suggesting that the current valuation levels are attractive, particularly in low-valuation sectors like real estate and cyclical industries [2][4] Group 3 - Investment strategies recommended by various advisory firms include focusing on sectors with potential for valuation recovery, such as agriculture and brokerage, while also considering long-term investments in technology [5] - The technology sector is viewed as having a solid long-term investment rationale, despite short-term trading congestion and a lack of positive catalysts, indicating a period of adjustment [4][5]

Core Viewpoint - Multiple public fund institutions are adjusting their investment portfolios in response to the changing market environment, with a focus on balancing asset allocation between equity and fixed-income funds [1][2][6]. Group 1: Portfolio Adjustments - The "招商灵活进取" fund has significantly reduced its allocation to mixed funds and increased its investment in cross-border fixed-income QDII funds, with these new QDII funds accounting for approximately 20% of the portfolio [2]. - The "中欧超级股票全明星" fund has increased its exposure to Hong Kong internet theme products and medical theme funds, benefiting from the Federal Reserve's interest rate cuts [2][3]. - The "博时价值精选" fund has replaced underperforming funds with higher-quality balanced funds to enhance portfolio stability [3]. Group 2: Market Sentiment and Strategy - The frequent "发车" (launch) actions by various investment advisory products are seen as a positive market signal, indicating active management in response to market conditions [4]. - Year-to-date returns for several equity advisory products have been strong, with "中欧超级股票全明星" achieving a return of 35.66%, outperforming its benchmark by approximately 6 percentage points [5]. - Despite short-term market volatility, long-term prospects for the A-share market remain positive, supported by low interest rates, long-term capital inflows, and favorable policies [6][7]. Group 3: Investment Recommendations - Investment advisors recommend maintaining a balanced portfolio and avoiding impulsive trading in hot sectors, as the market is currently in a consolidation phase [6][7]. - The technology sector, while previously a leading investment theme, is experiencing increased volatility, suggesting a need for careful selection of investments based on supply-demand dynamics and reasonable valuations [6].

Group 1 - Multiple public fund institutions have initiated a new round of portfolio adjustments to respond to the changing market environment, with some reducing equity fund positions and increasing allocations to fixed-income funds [1][2] - The adjustments include a significant reduction in mixed fund positions and an increase in cross-border fixed-income QDII funds, with specific funds accounting for approximately 20% of the portfolio [1] - The market sentiment remains optimistic about the long-term upward trend of the equity market despite short-term fluctuations, encouraging a balanced asset allocation approach [1][3] Group 2 - The "launch" function of investment advisory products has been frequently utilized, indicating a potentially positive market signal as multiple products announce new plans [2][3] - Year-to-date returns for several equity advisory products have been strong, with notable performances exceeding benchmarks, such as the China Europe Super Stock All-Star achieving a return of 35.66% [3] - The current market is experiencing significant volatility, with a recommendation against chasing hot sectors, suggesting a focus on maintaining a balanced portfolio and flexible asset allocation [4][5]

在加仓成长类资产的同时，多个投顾组合借道港股基金捕捉港股市场投资机会。7月29日，工银瑞信指数PLUS策 略组合将天弘恒生科技指数C新增到投资组合中。工银瑞信基金投顾指出，"我们本次调仓增加了恒生科技的配 置，作为看好港股和成长风格的进攻品种。" 而嘉实财富权益甄选组合也于近期增加了对成长风格产品的配置。7月21日，该组合增持广发中小盘精选混合C、 招商中证800指数增强A等产品。嘉实投顾团队称，组合在风格均衡基础上，小幅增加相对低位的成长方向，同时 对同风格基金内部做优化，调出管理人有变动的基金。此外，7月底，工银瑞信指数PLUS策略组合加仓工银创新 动力股票、嘉实互融精选股票C等成长风格产品。 【环球网财经综合报道】随着股市回暖，多个基金投顾组合于近期密集调仓，其中成长风格基金受到青睐。 进一步来讲，8月4日，富国满天星追求收益组合展开调整，加仓华夏价值精选混合、富国稳健增长混合A、金鹰 科技创新股票C等基金，同时减持前海开源金银珠宝混合C、宝盈消费主题混合等基金。此次调仓旨在加仓成长风 格产品以增加组合锐度。 再者，7月28日，银华天玑 - 奔跑狮子座组合大幅增持摩根标普港股通低波红利指数A，持仓比例从 ...

Core Viewpoint - Fund advisory products are accelerating their portfolio adjustments as they prepare for the second half of 2025, with several fund companies, including China Securities and Central European Fund, updating their strategies and releasing adjustment reports [1] Group 1: Fund Adjustments - Many fund advisory combinations are actively updating their portfolio strategies in response to market challenges, with a focus on increasing exposure to growth-style funds [1][2] - The China Securities Fund's "Jiaoyin All-Star" has adjusted its portfolio by reducing value-weighted funds and increasing aggressive growth positions to enhance yield [2] - The "Jiaoyin Winning Investment" combination has also shifted towards growth sectors, adding technology and pharmaceutical theme funds while reducing dividend funds [2][3] Group 2: Market Outlook - Analysts expect that the internal growth momentum of China's economy will continue to recover, providing new investment opportunities, particularly in technology growth and consumer sectors [1][4] - The "发车" (launch) plans from various fund combinations indicate a positive market signal, with expectations of a supportive liquidity environment due to potential monetary easing [3][4] - The outlook for the second half of the year suggests that core assets and small-cap stocks may present good opportunities, with a focus on growth rather than defensive strategies [4][5] Group 3: Sector Focus - The TMT sector is currently at a historical valuation midpoint, with internal valuation disparities that may lead to short-term volatility [5] - The AI sector is still in its early development stages, and high valuations may be justified if performance expectations are met [5]