出品｜中访网 审核｜李晓燕 岁序更替，2026年作为"十五五"规划开局之年正式启幕。回望2025年，A股沪指刷新十年新高，美联储 降息落地释放充足流动性，多个板块走出结构性行情；展望新一年，权益市场运行逻辑、大类资产配置 方向、行业轮动主线成为市场核心关切。1月9日，富国基金2026年度投资策略会以"十五五新征程，投 资新机遇"为主题圆满落幕，十余位核心投研人士齐聚，从A股整体策略、大类资产配置到行业风格选 择，全方位解码2026年投资机遇与挑战。 本次策略会明确，2026年A股核心逻辑在于传统行业盈利复苏与风险偏好提升的双重共振。富国基金权 益研究部总经理陈杰指出，过往基于增量经济的美林投资时钟、存量经济的三维分析框架已遇瓶颈，新 一年需抓准主要矛盾——沉寂多年的传统行业将迎"王者归来"，A股已具备"天时"与"人和"。从盈利端 看，2025年三季报显示中游制造、科技服务、非银金融率先见底，景气恶化行业下行动能趋弱，地产链 利润挤压处于非常态，其修复将成为A股盈利上行的关键变量，2025年四季度盈利加速后，2026年向上 弹性将进一步释放。利率层面，中枢下移过程中或迎阶段性反弹，债市已提前反映经济复苏预期，而 ...

Group 1 - The A-share index has been rising, leading to a significant increase in the net value of public funds, with over 2000 funds reaching historical highs from August 11 to August 15 [1] - Many funds have surpassed the "1 yuan" net value mark, with over 200 funds entering the "2 yuan" club, and more than 50 funds exceeding "10 yuan" [2] - The innovative drug-themed funds have shown outstanding performance, with several funds primarily investing in this sector ranking among the top ten in returns this year [2][3] Group 2 - Market optimism has increased, with trading volumes exceeding 20 billion yuan for three consecutive days from August 13 to August 15, and over a hundred public funds achieving returns above 10% [3] - Institutions express a positive outlook for future investments, particularly in technology, pharmaceuticals, and large financial sectors, anticipating a positive cycle of capital inflow and market growth [3][4] - Long-term strategies suggest focusing on "big technology + big finance" and sectors like AI, innovative drugs, non-ferrous metals, and military [4]

Core Insights - The article emphasizes the importance of investing in industries that are in an upward trend or full of opportunities, particularly in the innovative pharmaceutical sector [1] - It highlights that innovative drug research must be based on solid data, as high-quality data ultimately translates into significant commercial value [2] - The selection criteria for innovative drugs focus on whether the product has global competitiveness and addresses unmet clinical needs [3] Investment Performance - The Fuqun Pharmaceutical Innovation Fund, managed by Wang Chao, has shown remarkable performance, ranking second among its peers within a year of its establishment [2] - As of June 30, 2025, the fund has achieved a nearly 30% increase in the Hong Kong Innovative Drug Index and a 17% rise in the Innovative Drug Industry Index [1] Investment Philosophy - Wang Chao's investment strategy is characterized by a concentrated portfolio, with the top ten holdings accounting for 60%-70% of the fund [3] - The investment approach is driven by deep research and focuses on identifying high-value long-term holdings [3] Background of the Fund Manager - Wang Chao has over a decade of experience in the pharmaceutical industry, transitioning from research and consulting to investment [5][6] - His background in drug development has provided him with a unique advantage in understanding the critical factors that drive value in innovative drug investments [6][7] Methodology for Investment - The investment philosophy includes three main principles: selecting the right direction, targeting unmet clinical needs, and ensuring global competitiveness [11][13] - Wang Chao emphasizes the importance of rigorous data tracking and analysis in the investment process, believing that excellent data will eventually yield productivity [10] Future Outlook - Wang Chao expresses confidence in the future of China's innovative drug industry, noting that it is at a turning point from quantitative to qualitative change [20] - He identifies three key areas for future breakthroughs: combination innovation, small molecule drugs, and new modalities such as small nucleic acid drugs and cell therapies [21]