摩根士丹利基金：2026 年度投资策略会：多元视角，洞察 260128 发言人 05:19 尊敬的各位来宾，亲爱的合作伙伴们，大家下午好。欢迎来到摩根士丹利基金 2026 年度投资策略会， 我是主持人贺梦涵。如果用一个词来形容 2025 年，我想可能是机会。2025 年全球股市普遍上涨，A 股也走出了近几年的一个最强行情，很多人都说这是遍地都是投资机会的一年，所以如何能够抓住机会 就变得非常重要。 发言人 05:44 为了能够帮助我们的客户更好地抓住投资机会，2025 年摩根士丹利基金做了非常多的客户服务活动。 在刚才的开场视频当中其实也有所展示。这一年我们充分联动了摩根士丹利，全球顶尖资源，云集了超 过 60 位大咖，举办了五十多场市场洞察策略会。比如说在三月份的时候，人形机器人大热的时候，我 们就洞悉了客户的需求，通过一场策略会为客户解读了人形机器人的产业趋势。七月份的时候，在债市 经历大幅回调的时候，我们也及时策划为客户提供了债市的应对之法。十五五规划出台之后，我们也在 11 月份举办了策略会，为客户解读十五五规划以及四中全会。除此之外，我们也在持续不断的向客户 输出包括像摩根士丹利试点等在内的热点主题 ...

Core Insights - Foreign-funded public funds in China have gained significant attention due to their strong performance, with over 96% of their products achieving net value growth as of November 5, 2023, and several products exceeding a 50% annual net value growth rate [1] Group 1: Performance of Foreign-Funded Public Funds - As of November 5, 2023, there are 9 foreign-funded public fund companies in China, including BlackRock, Fidelity, and Schroders, with a total of 275 products under management [1] - Among these 275 products, 265 have achieved net value growth this year, representing a 96.36% success rate [1] - Notable funds with over 50% net value growth include Manulife Growth Mixed Fund, Morgan Wealth Vision One-Year Holding Mixed Fund, and Morgan Stanley Digital Economy Mixed Fund [1] Group 2: Investment Strategies and Market Outlook - Foreign-funded public funds leverage their global perspective and investment experience to identify market opportunities, particularly in technology growth sectors [2] - The Manulife Growth Mixed Fund has a net value growth rate of 91.54%, with significant holdings in technology stocks such as NewEase and Zhongji Xuchuang [2] - Morgan Wealth Vision One-Year Holding Mixed Fund has a net value growth rate of 80.50%, focusing on transformative opportunities in AI and maintaining confidence in Chinese equity assets amid global uncertainties [3] - The Morgan Stanley Digital Economy Mixed Fund emphasizes the ongoing tech wave driven by AI, with a positive outlook on high-end manufacturing and AI applications [3]

Group 1 - Morgan Stanley's investment management in Greater China emphasizes the robust growth of China's stock and fixed income markets, positioning it as the second-largest capital market globally [1][14] - The firm aims to leverage its global resources to assist domestic and international investors in seizing investment opportunities in China's technology innovation sector [1][14] - The company has established a strong presence in China, having facilitated $508.5 billion in equity financing and $734.6 billion in debt financing for Chinese enterprises [14] Group 2 - The Chinese public fund industry has been actively promoting high-level openness and expanding cross-border investment products, with several fund companies launching ETFs in international markets [2][3] - Notable fund companies like Huatai-PineBridge and China Southern Asset Management have successfully introduced products in markets such as Brazil and Singapore, attracting foreign capital [2][3] - The increasing interest from foreign investors in Chinese assets is evident, with many institutions expressing a desire to invest in China's technology sector [4][10] Group 3 - Morgan Stanley has been enhancing its investment management capabilities in China, including establishing a wholly-owned RMB private equity business and expanding its fund management scale [17][18] - The firm has increased its registered capital from 250 million RMB to 950 million RMB, reflecting its commitment to the Chinese market [17] - The company has been actively supporting its fund management arm through collaborative efforts in research, client services, and product development [18][19] Group 4 - The firm is focused on creating a differentiated development strategy for its public fund platform, leveraging its global asset allocation capabilities [19][20] - Morgan Stanley aims to develop a multi-asset investment product matrix while deepening its engagement in the domestic market [20] - The company is also exploring opportunities for cross-border investment products to facilitate foreign investment in Chinese assets [12][19]

Core Insights - Morgan Stanley has significantly contributed to China's capital markets, facilitating $508.5 billion in equity financing and $734.6 billion in debt financing, with over $708.5 billion in M&A transactions [1] Group 1: Global Resource Coordination - Morgan Stanley has a global investment research capability and a strong technology investment background, with teams focusing on disruptive technologies for over 20 years [2] - The firm emphasizes the Chinese technology sector as a key investment focus, leveraging global team resources to capture opportunities in technological innovation [2] - Morgan Stanley's fund, which focuses on the digital economy, achieved the highest annual return among public funds in 2024, marking the first time a foreign public fund has won this accolade [2] Group 2: Continued Investment in China - Morgan Stanley is expanding its investment management operations in China, including establishing a wholly foreign-owned enterprise (WFOE) for RMB private equity and fully owning Morgan Stanley Fund [4] - The firm manages over 7.5 billion RMB across three RMB private equity funds, investing in sectors such as new energy, new materials, healthcare, high-end manufacturing, and new consumption [4] - In July 2023, Morgan Stanley Fund became fully owned by Morgan Stanley Investment Management, increasing its registered capital from 250 million RMB to 950 million RMB [4] Group 3: Support for Public Fund Development - Morgan Stanley Investment Management has enhanced support for Morgan Stanley Fund in areas like research collaboration, client services, and compliance [5] - The firm plans to leverage its unique advantages in Shenzhen and global resources to develop differentiated cross-border business strategies [5] - Morgan Stanley Fund aims to create a multi-dimensional product matrix while focusing on local market development and global multi-asset allocation strategies [5]

Group 1 - The core viewpoint is that the A-share market remains optimistic in the medium to long term due to unchanged core logic of policy support, liquidity easing, and industrial upgrades [1] - The technology innovation continues to lead the upward revaluation of Chinese assets, with a focus on the AI industry chain, high-end manufacturing in defense and military, and wind power sectors showing favorable conditions [1][6] - The recent market fluctuations are attributed to a combination of market self-correction and external disturbances, which are expected to dissipate, allowing quality stocks to recover after valuation adjustments [1] Group 2 - The new fund, Morgan Stanley's "景气智选混合", allows investment in Hong Kong stocks, with a maximum allocation of 50% to Hong Kong Stock Connect targets, reflecting a shift in foreign capital allocation towards Chinese assets [2] - The attractiveness of Hong Kong stocks is expected to increase as domestic economic recovery progresses, with potential inflows of overseas funds leading to valuation recovery [2] - Leading technology stocks in the Hong Kong market are currently seen as having attractive valuations, particularly in the AI sector and traditional manufacturing companies with high dividend yields [2] Group 3 - The investment strategy emphasizes a "research and investment integration" model, focusing on sectors with good growth prospects and reasonable valuations, balancing certainty and growth [3][4] - The investment team conducts high-frequency tracking of industry trends and price movements, facilitating timely decision-making based on marginal changes in industries [4] - The investment philosophy prioritizes company quality and reasonable valuations, with a focus on sectors benefiting from global AI innovation and domestic digital economy development [5] Group 4 - The AI industry chain is expected to maintain high prosperity, driven by increased capital expenditure from domestic internet companies and the demand for computing power [6] - The defense and military sector is characterized by high technical barriers and stable performance, with anticipated rapid revenue growth due to previously accumulated orders [6] - The wind power sector is projected to experience significant growth in installed capacity from 2024 to 2026, indicating a potential recovery in the sector's prosperity [6] Group 5 - The domestic AI computing chain is expected to outperform its overseas counterpart, benefiting from the "East Data West Computing" initiative with over 400 billion yuan in planned investments [6] - AI applications are anticipated to evolve gradually, with significant trends including the acceleration of industry-specific large models and the integration of compliance technology with AI [7] - The investment focus will be on companies with competitive advantages that effectively leverage AI to enhance product competitiveness, emphasizing fundamental performance and strategic alignment with AI [7]