专题：资本市场大咖2026新春献词：骏马踏春来 驭势稳行启新程 专题：资本市场大咖2026新春献词：骏马踏春来 驭势稳行启新程 编者按：辞旧迎新，金马贺岁。值此新春佳节，新浪财经特邀公私募领域数十位领军人物，通过镜头与 文字，为投资者送来马年新春祝福。信心如磐，笃行致远。愿这一声声真挚寄语，伴您策马扬鞭，共赴 投资长路。 摩根士丹利基金权益投资部总监雷志勇送来新春祝福。他表示，AI应用有望迎来估值上行周期，2026 年或将是AI应用爆发的元年。此外，在政策红利和工程师红利的双重驱动下，高端制造产业链的景气 度有望延续，中国企业升级和出海将在2026年继续得到认可，军工如商业、航天、核电、风电、储能等 高端制造细分领域有望诞生一批全球龙头企业。 祝福全文： 各位投资者朋友们，大家新年好，我是摩根士丹利基金权益投资部总监雷志勇。回望2025年，权益市场 在震荡中走强，我们一同见证了泛科技主线的崛起与成长。通过把握人工智能、TMT、高端制造等领 域的机遇，我们的产品获得了不错的表现。大摩数字经济近两年的业绩同类排名第一，大摩科技领先近 两年、近三年、近五年的业绩均排名同类前四分之一，在此也要非常感谢各位投资者朋友的 ...

Core Viewpoint - The article discusses the transition of fund management from veteran manager Lei Zhiyong to the younger manager Li Ziyang at Morgan Stanley's Wan Zhong Innovation Fund, highlighting the trend of established fund managers passing on responsibilities to the new generation within the industry [1][5]. Group 1: Fund Manager Transition - Lei Zhiyong will leave the management of the Wan Zhong Innovation Fund on December 22, 2025, due to internal adjustments, while continuing to manage other funds [2][3]. - Li Ziyang, who has been with Morgan Stanley since 2020, will take over the management of the Wan Zhong Innovation Fund, continuing its investment focus in the defense and military sectors [4][5]. Group 2: Performance and Strategy - In 2024, Lei Zhiyong's fund, the Morgan Stanley Digital Economy Fund, achieved a remarkable 69.23% return, while the Wan Zhong Innovation Fund experienced a loss, highlighting significant performance divergence [6][7]. - The Wan Zhong Innovation Fund has struggled under Lei's management, with a cumulative return of -0.91% over five and a half years, contrasting with the strong performance of other funds he manages [7][8]. Group 3: Industry Trends - The practice of veteran fund managers mentoring younger talent and transitioning fund management responsibilities is becoming common in the industry, helping to alleviate the pressure on senior managers [5][6]. - As of December 23, 2023, there have been 3,920 funds that implemented a dual or multiple fund manager model this year, indicating a shift towards collaborative management structures [5].