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: Forum Overview - The 12th Fortune Forum was held in Suzhou on May 23, 2025, focusing on fixed income investment strategies in a low-interest-rate environment [1] - Over 300 participants from banks, securities firms, insurance, and wealth management gathered to discuss new paths for fixed income investment [1] - The forum featured discussions on macroeconomic outlook, short-term bond strategies, and the "fixed income +" strategy [1] Group 2: Key Insights from Speakers - Zhang Yuhao highlighted that the macroeconomic performance in the first half of 2025 is expected to be good, with GDP growth likely meeting targets, while risks mainly stem from overseas factors [2] - Wu Lvzong emphasized the importance of flexibility and yield exploration in short-term bond investments, suggesting a focus on short-duration credit assets [3][4] - Li Jinliu discussed the need for a flexible duration strategy in the current uncertain market environment, balancing safety and capital gain opportunities [4] - Liu Xingwang proposed an "barbell strategy" for fixed income investments, indicating that traditional strategies may no longer meet investor yield expectations [5][6] - Wang Renzeng noted the rapid development of bond index products, emphasizing their role in optimizing asset allocation and risk diversification [7][8] Group 3: Market Trends and Future Outlook - The low-interest-rate environment necessitates a shift from single-holding strategies to diversified collaborative strategies in fixed income investments [8] - The China Securities Regulatory Commission has introduced measures to support the development of low-volatility and asset allocation products, which may benefit fixed income and "fixed income +" strategies [8] - As of March 31, 2025, Fortune Fund's bond investment yield over the past 12 years reached 71.87%, indicating strong performance in the industry [8]