又到了辞旧迎新的节点。经过2025年的结构牛分化行情后，越来越多的投资者开始为新年"投"等大事排 兵布阵。考虑到2026年是"十五五"规划开局之年，也将是资本市场改革深化、功能升级的关键之年，政 策的释放力度与基本面复苏叠加产业升级，或将共同作用持续提振投资情绪。 从目前中外金融机构发布的2026年投资展望看，中国资产正凭借"估值优势+增长动能"的双重吸引力， 从资产配置的"可选项"变为"必答题"。多家机构预测，2026年将是"中国资产重估"的延续之年，A股市 场与人民币资产有望迎来国内外增量资金的持续流入。驱动中国股票市场上涨的核心动力，正从2025年 的"估值修复"转向2026年的"盈利成长"，市场风格有望从单一赛道极致分化走向多元均衡。 有鉴于此，在基金的选择与配置层面，"核心—卫星"策略日益成为优选项。其中核心资产类似于组合的 地基，旨在控制基金组合的风险，获取相对较稳健的收益；而卫星资产相对灵活性较高，通常投资于相 对高风险、高弹性的基金资产，以期提升整体投资组合的收益潜力。该策略通过分散配置不同风险收益 特征的基金，避免在单一资产和单一风格的过高暴露，同时保持组合的多样性。聚焦到当下，中信证券 认 ...

Core Viewpoint - The A-share market is likely to show a consolidation trend in the short term under moderate liquidity and valuation conditions, while the long-term outlook for the large technology manufacturing sector is expected to improve, presenting structural investment opportunities in specific areas [1] Group 1: Market Liquidity and Valuation - Short-term stock price fluctuations are primarily related to liquidity, while medium to long-term trends depend on industry dynamics and economic conditions [2] - The average daily trading volume of the A-share market has exceeded 1 trillion yuan, with several days surpassing 2 trillion yuan, indicating sustained market liquidity and improved investor sentiment [2] - Despite significant valuation differentiation among sectors, the overall valuation scores of strong-performing sectors remain reasonable, with no signs of overheating [2] Group 2: Industry Trends and Opportunities - The artificial intelligence (AI) industry is expected to experience positive marginal changes in the coming years, with the large technology manufacturing sector having a long development cycle and performance drivers [2] - Investment focus should be on three key elements of AI: computing power, storage, and connectivity, with significant opportunities anticipated in the storage sector due to a large expectation gap [3] - The power supply sector, which supports the AI industry's rapid growth, presents structural opportunities as domestic power equipment companies expand their capacity [3] Group 3: Emerging Directions in Investment - Humanoid robots are expected to cross the critical threshold from concept to implementation, transitioning from theme-driven to information-driven performance cycles [4] - Solid-state batteries are anticipated to achieve industrialization as technology matures, presenting further investment opportunities [4] - Overall, investment opportunities in 2026 are expected to be broader, particularly in AI-related fields, although the potential for profit may decrease, suggesting a need for investors to lower return expectations [4]

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]

单柏霖管理的汇安成长优选混合型基金聚焦科技成长全链条，力争捕捉产业趋势驱动下的动态阿尔法。 单柏霖认为科技成长股具备更乐观的投资回报空间，核心逻辑在于业绩增长与估值提升的双重驱动力仍 在。目前汇安成长优选混合重点关注人工智能板块。Wind数据统计，截至2025年9月16日，汇安成长优 选混合A(005550)今年来收益率116.26%，在同期可比的2303只灵活配置型基金中高居第4名(4/2303)；成 立来累计回报率123.22%，相较同期30.14%的业绩比较基准，超越基准回报93.08%。 单柏霖判断，以AI为代表的新兴科技创新当前依旧处于高速发展阶段。随着海内外更多优质产品应用 的涌现，产品的供给将持续创造并推动需求，预计未来产业发展趋势会得以加速。"当前市场的关注点 已从通用硬件逐步迁移至算力基础设施及垂直应用场景。我们将尊重产业发展趋势，聚焦那些能够将技 术优势转化为实实在在业绩增长的优质公司，在市场出现分歧时，积极寻求优质资产的安全边际"。 在多年的投研实战中，单柏霖日益形成了理性务实的投资性格，致力于"量化身边的世界"，没有执念， 保持动态观测与理解，同时不追求极致，但求在不同资产间保持客观。 ...

Core Insights - The article highlights the rising value of smaller funds in the current market, particularly in the context of the AI-driven technology sector, where smaller funds can adapt more quickly to market changes [2] - The Hui'an Growth Preferred Mixed Fund, managed by Dan Bailin, has shown exceptional performance, with a year-to-date return of 99.48% and a one-year return of 167.96%, ranking among the top five in its category [3][11] Fund Performance - As of June 30, 2023, the Hui'an Growth Preferred Mixed Fund had a total asset size of less than 300 million yuan, yet it achieved significant returns across various time frames: - 1-month return: 25.02% - 3-month return: 70.49% - 1-year return: 167.96% - Since inception return: 105.90% [2][11] Manager's Background - Dan Bailin, the fund manager, has a unique background as a former systems development engineer, which provides him with a distinct perspective on technology investments [4] - His engineering mindset allows him to analyze industries from a technical and data-driven perspective, focusing on the core drivers of growth [4][9] Investment Strategy - Bailin categorizes industry growth into three phases, focusing primarily on the "replacement growth" phase, which is characterized by performance-driven opportunities [7] - Since taking over the fund on June 19, 2023, Bailin has achieved a return of 58.98%, outperforming the benchmark return of 46.30% during the same period [4][7] Portfolio Composition - The fund maintains a concentrated portfolio, with over 60% of its net asset value in the top ten holdings, primarily in sectors like communication equipment and semiconductors [9][11] - As of mid-2025, the fund held only 22 stocks, reflecting a strategy of concentrating resources on high-potential investments [11][12] Institutional Interest - The Hui'an Growth Preferred Fund has attracted institutional investors, with their holdings increasing from 0% at the end of the previous year to 30.42% by mid-2025 [13]

Core Viewpoint - The Shanghai Composite Index has reached a 10-year high, closing at 3825.76 points on August 22, raising concerns about market overheating and sustainability of the rally [1] Group 1: Market Trends - The insurance capital has been actively increasing its stake in the market, with nearly 30 instances of stake increases recorded in 2025, the highest in four years [1] - The focus of these investments is primarily on low-valuation, high-dividend sectors such as banking, public utilities, and energy [1] - The ongoing low interest rate environment and "asset shortage" are driving funds towards high-dividend stocks, particularly in the banking sector [1] Group 2: Investment Strategies - A "barbell" investment strategy is recommended for ordinary investors, balancing low-volatility, high-dividend sectors with high-growth technology sectors [2] - The Huian Zhongzheng Dividend Low Volatility 100 Index Fund is being launched, which tracks a diversified index focused on low volatility and high dividend yield [2] - The index includes stocks from 23 primary industries, mainly concentrated in banking, transportation, and coal, providing a solid equity base for investors [2] Group 3: Fund Performance - Huian Fund offers several high-performing products to help investors capitalize on market trends, including funds focused on AI and technology micro-cap stocks [3] - The Huian Growth Preferred Mixed Fund has received five-star ratings from both China Merchants Securities and Guotai Junan Securities, focusing on AI-related assets [4] - The Huian Multi-Factor Mixed Fund utilizes a quantitative investment approach combined with active equity research to adapt to current market styles and future industry trends [4]

Group 1 - Nvidia's resumption of H20 chip exports to China is expected to alleviate domestic inference computing power shortages, benefiting related industries such as server manufacturing, liquid cooling technology, cloud computing, software ecosystems, and industry applications [1] - Multiple AI industry chain companies have reported significant year-on-year growth in sales revenue and net profit for the first half of 2025, driven by sustained investments in AI-related computing power [1] - The AI industry chain has seen a surge in the capital market, with AI-focused funds performing exceptionally well, such as the Hui'an Growth Preferred Mixed Fund, which has achieved over 50% annual return as of July 17, 2025 [1] Group 2 - With the expansion of global customer demand and the positive outlook for the AI industry, Chinese manufacturers are expected to share in the global AI development dividends, with the AI computing power sector being revalued by the market [2] - Institutions predict that the global semiconductor market will reach $1 trillion by 2030, with AI semiconductors being a major growth driver [2] - Given the high technical and investment barriers in the AI industry, investors lacking time and expertise may benefit from professional fund products like the Hui'an Growth Preferred Mixed Fund, utilizing dollar-cost averaging strategies [2] Group 3 - The manager of the Hui'an Growth Preferred Mixed Fund, Shan Bailin, has a strong academic and professional background in integrated circuit engineering and technology sector research, and believes the AI industry is entering a golden development period [3] - Key investment areas include domestic computing power providers with independent controllability, AI companies with industry data barriers, and precision manufacturing leaders benefiting from global supply chain restructuring [3]

Group 1 - The core viewpoint of the articles highlights the robust growth of China's AI industry, with leading companies reporting triple-digit revenue growth for AI-related products over seven consecutive quarters, indicating a high level of industry prosperity [1] - The recent release of 15 policy measures by multiple government departments aims to support technological innovation through comprehensive financial services, prompting brokerages to advise investors to focus on opportunities within the technology sector [1] - The technology sector is expected to regain momentum as market conditions improve, with a shift towards mid- to long-term investment logic driven by favorable industry trends and capital expenditure plans from leading internet firms [1][3] Group 2 - The AI field presents high technical and professional investment barriers, leading to a recommendation for investors to consider systematic investment plans in related public funds to mitigate risks and manage costs effectively [2] - The Hui'an Growth Preferred Mixed Fund is identified as a product with significant AI exposure, actively investing in assets related to AI computing power, algorithms, and applications [2] - The fund manager emphasizes a positive outlook on the technology sector, particularly in AI and robotics, with expectations of product innovation cycles and improved industry demand in the coming months [3]

Group 1 - The "April Decision" period is approaching, which is a significant investment time for many investors, as it marks a transition from a policy-intensive and earnings vacuum period to a phase where macro and micro data provide clearer guidance for market direction [1] - Current market conditions show a correction in the technology sector, with investors taking profits and a rise in cautious sentiment, leading to fluctuations in the A-share market; however, this short-term risk aversion does not indicate the end of the market trend, as technology growth may still be the main theme for the year [1][2] - The recent market pullback is attributed to the upcoming tariff disturbance and earnings release period, with some technology stocks failing to rise despite exceeding earnings expectations, reflecting a cautious approach due to high valuations and lower-than-expected capital expenditures [1] Group 2 - In the medium to long term, the technology sector is experiencing high levels of prosperity, although relative valuations within sub-sectors are unbalanced; performance-driven factors will become the main concern in the technology sector [2] - To navigate uncertain market directions, investors are encouraged to remain engaged in the market through methods like fund dollar-cost averaging or phased buying, which may increase the chances of investment success [2] - The fund managed by the company, which has a high AI component, is actively investing in assets related to artificial intelligence, providing opportunities for investors to enter the market at lower levels during recent adjustments [2][3] Group 3 - Future investment strategies may focus on two main lines: the technology benefit chain and the scenario implementation chain; the current performance of computing power is in an explosive cycle, with demand for computing power expected to accelerate [3] - For the scenario implementation chain, it is recommended to pay attention to vertical industry applications, particularly in AI+ manufacturing, AI+ finance, and AI+ content [3]