海外方面，汇安基金建议关注美联储与日本央行议息会议。其中美联储12月降息25BP的概率较高，并 且有望在2026年初停止缩表；日银加息是否对市场造成短期扰动，则需要跟踪关注。 从利好的产业方向看，会议明确指出做好明年经济工作的"八个坚持"，也为新年投资布局提供了指引。 有机构表示，会议强调"坚持创新驱动，加紧培育壮大新动能"，从表述上来讲"加紧"是关键词，凸显了 科技突破的决心和紧迫性。同时会议继续强调"因地制宜发展新质生产力"，可能指向科技创新带动传统 行业产业升级。与此相关的新质生产力相关的行业可能受益。 在业界看来，此次会议定调短期可能进一步强化春季行情开启，长期可能进一步夯实A股慢牛逻辑。虽 然长期向好，但短期波动难免。对于想要把握春季行情的投资者来说，在资产配置中，采取攻守兼备的 哑铃策略依然适用。一方面或可增配更具表征意义的宽基类产品，如力争青出于蓝而胜于蓝的汇安沪深 300指数增强基金来筑牢组合压舱石；另一方面把握短期回调窗口，用分批买入或者定投的方式，来布 局更具发展潜力的科技方向基金以争取向上空间，典型如聚焦科技成长全链条的汇安成长优选混合型基 金、采取科创板创业板微盘策略的汇安多策略混合型 ...

Group 1 - Foreign institutions are optimistic about the long-term value of the Chinese stock market, particularly in the technology sector, expecting another "bumper year" in 2026 [1] - Goldman Sachs believes the Chinese market is transitioning from volatility to a stable slow growth phase, supported by policies, growth, valuations, and capital flows [1] - UBS highlights investment opportunities in strategic emerging industries such as artificial intelligence, semiconductors, and new energy, which benefit from national policy support and represent future technological development directions [1] Group 2 - Recent foreign investment research trends indicate a growing interest in the AI industry chain, with around 100 foreign institutions conducting research on leading companies in industrial automation and machine vision [1] - Huian Fund is optimistic about structural opportunities in the technology growth sector and has launched differentiated products to meet investor needs, focusing on the entire technology growth chain [2] - The product matrix of Huian Fund covers various dimensions such as growth elasticity, stable value, and quantitative diversification, aiming to help investors capture investment opportunities in the technology growth wave [2] Group 3 - Huian Fund's integrated investment research team has seen success in its technology-focused product matrix, with the Huian Growth Preferred Mixed Fund achieving a 118.26% return in the first 11 months of 2025, ranking 4th among 2282 comparable flexible allocation funds [3] - The fund's strategy includes a focus on overseas computing power industry chain companies and an increase in semiconductor company weights to capture high-profit potential and technological barriers [3] - The fund maintains a cautious approach towards stocks with high short-term valuations or uncertain performance to avoid excessive exposure to market volatility [3]

Core Viewpoint - The recent performance of A-shares has shown an upward trend, driven by easing overseas tariffs and accelerated domestic capital market reforms, leading to a historical high in the micro-cap stock index and a recovery in some actively managed equity funds [1] Group 1: Fund Performance - The Hui'an Multi-Strategy Mixed Fund (Class A 005109, Class C 005110) has reached a new high in cumulative unit net value, with values of 1.5452 yuan and 1.4937 yuan respectively as of May 20, 2025, marking a significant increase in returns of 15.04% and 14.83% year-to-date, placing it in the top 5% of its category [1] - The fund's portfolio is notably diversified with a low concentration, where the top ten holdings account for only 14.22% of the total, significantly lower than the average of 37.75% for similar funds [1] Group 2: Management Strategy - The fund is managed by Liu Yucai, who has extensive experience in quantitative investment and is adept at combining quantitative methods with active equity research to adapt to current market trends [2] - Liu emphasizes a dynamic monitoring framework that considers macro policies, economic cycles, and market structures to build a risk-diversified portfolio, focusing on technology innovation and market capitalization [2] Group 3: Micro-Cap Strategy - Liu points out that investing in micro-cap stocks requires careful consideration beyond just market capitalization to avoid pitfalls and compliance risks that could negatively impact net value [3] - The strategy involves balancing potential for growth with safety margins and adjusting trading frequency to enhance returns while filtering out financially anomalous micro-cap stocks [3]