Market Overview - The A-share market has experienced increased volatility since the beginning of the year, leading fund managers to adjust their strategies to seek "safe havens" for investment [1][2] - The performance of major indices has been lackluster, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index all showing a maximum increase of only 5.03% in January, while the CSI 300 Index had a monthly gain of just 1.65% [2] Investment Strategies - Fund managers are focusing on bottom-up stock selection, dynamic asset allocation, and position adjustments to manage volatility and preserve returns [3] - Some managers are avoiding hot sectors and instead investing in undervalued quality stocks, particularly in traditional industries like liquor and real estate [3] - Small-cap stocks are viewed as potential "safe havens" due to their lower trading heat compared to large-cap stocks, which are currently crowded with funds [3] Sector Focus - The focus for 2026 is on equity assets, with a particular emphasis on sectors such as AI, advanced manufacturing, and consumer goods [4][5] - The renewable energy sector, especially in energy storage and AIDC electrical equipment, is expected to see significant growth, with solid-state batteries and commercialized space photovoltaic applications being key areas of interest [3] Market Sentiment - Fund managers express a cautious yet optimistic outlook for the equity market in 2026, anticipating a significant shift in market style and structure, with increased volatility expected [5]

Group 1: Medical Industry - The brain-computer interface (BCI) has emerged as a significant theme in 2026, with potential for growth in the medical device sector [2] - The domestic payment system for non-invasive and invasive BCI technologies is becoming clearer, with quantifiable prices and quantities [2] - The valuation of innovative drugs has seen some recovery, and there is anticipation for other pharmaceutical sub-sectors to gradually increase in valuation due to predictable catalytic events [2] Group 2: Cyclical Industry - The precious and non-ferrous metals market remains strong, supported by three main factors: global de-dollarization, de-globalization, and AI industry trends [3] - The core logic behind the current gold market is the continuous purchasing of gold by multiple central banks, indicating that bullish sentiment may persist despite high prices [3] - The chemical sector is currently at historical low price indices, and any confirmation of an upward trend in chemical prices could attract market attention [3] Group 3: Energy Sector - The energy sector is a focal point for capital markets, with space-based solar power identified as a potential breakthrough in the renewable energy sector [4] - The lithium battery and energy storage industry is at a turning point, primarily driven by increased storage demand [4] Group 4: Media Industry - The application of AI is expected to see significant advancements this year, driven by improvements in large model capabilities and the commercial pressures faced by major internet companies [5] - The market is focusing on the commercialization of AI applications, particularly in advertising and content generation, such as short dramas and realistic dramas [5] Group 5: AI Industry - The robotics sector is experiencing growth, with a major electric vehicle and energy company planning to deploy thousands of robots this year [6] - The AI industry is viewed as a long-term growth direction, with expectations for rapid monetization from hardware to software, although there may be interim waiting periods for breakthroughs [6] - The application and robotics sectors are anticipated to present broader development opportunities as the market seeks tangible returns from AI investments [6]

银河核心优势混合基金2024年报显示，2024 年新能源行业仍承受明显的压力，行业整体表现弱于市场，一方面是对需求的担心，比如对新能源车渗透率过 高的担心、对光伏装机可持续高增的担心，另一方面有对产能过剩的担心。该基金积极应对调整，目前配置较多的光伏、锂电、储能、自动化在内的周期成 长型行业的优质企业，选择上述板块中竞争力强、治理优秀的公司进行配置，对后续能源转型的投资机会仍保持乐观态度。 近期，银河基金旗下的银河核心优势混合基金的表现引起市场关注。 银河核心优势混合基金成立于2022年7月22日，截至2025年6月12日，A类份额成立以来的单位净值下跌42.43%，近1年的单位净值下跌9.86%，近3个月的单 位净值下跌18.92%。 | 银河核心优势混合A(011629) | | | | --- | --- | --- | | 单位净值(2025-06-12) | 累计净值 | | | 0.5757 1.07% | 0.5757 | | | 近1月: -4.05% | 近3月 : -18.92% | 近6月: -15.86% | | 近1年 : - 9.86% | 近3年:-- | 成立来:-42.43% ...