Recently, a number of public offering institutions such as Huaan Fund, Wells Fargo Fund, Great Wall Fund, and Suzaku Fund held an annual strategy meeting to discuss how to invest in 2026, focusing on three issues:
Will the market style change? Is technology and AI worth investing in? What happens next for the bond market?
Their consensus is that in 2026, the stock market will be more driven by corporate earnings rather than concept speculation; The market style may usher in a rebalancing - for example, sectors that have risen a lot in the past may take a break, and other sectors may have the opportunity to make up for it; Hard technology and artificial intelligence (AI) are still key directions, and investment opportunities are still prominent.
In 2026, A-shares will rely on "real money" to support the market
A number of public funds agreed at recent strategy meetings that in 2026, A-shares will shift from "relying on funds to push up" to "driven by corporate profits" - that is, whether the market can rise depends on whether the company can really make money.
Huaan Fund: Profit improvement is the main line
Weng Qisen, deputy general manager of Huaan Fund, said that in 2026, the market will gradually shift from "liquidity-driven" (that is, relying on capital inflows to push up stock prices) to "profit-driven". The earnings of all A-shares (excluding finance) are expected to continue to improve; TMT (technology, media, communications) and high-end manufacturing will continue to maintain high growth; Profits in cyclical (such as raw materials, industrial) and consumer sectors are also expected to gradually recover.
Suzaku Fund: The market ecology has changed, and the rise is more sustainable
Liang Yuejun, general manager of Suzaku Fund, pointed out that this round of A-share rise is not short-term speculation, but because the underlying logic of the market is getting better: the positioning of the capital market is clearer (serving the real economy and supporting innovation); optimization of capital structure (increase in long-term funds); Support for scientific and technological and industrial upgrading has increased.
These changes have brought about an earlier valuation fix and a liquidity-driven rally. But for the market to continue to strengthen, the next step must rely on real growth in corporate earnings - and this is the key to 2026.
Great Wall Fund: The inflection point of profitability has appeared, and 2026 is a critical year
Su Junyan, fund manager of Great Wall Fund, believes that A-share earnings have bottomed out and stabilized in 2025; On the one hand, the expansion of enterprises has slowed down (supply-side pressure has decreased), and on the other hand, government fiscal expenditure has strengthened (demand side has picked up); Therefore, 2026 is likely to usher in an inflection point in earnings growth, and the trend will be more pronounced in 2027.
He stressed that the future market rise will no longer be "only relying on valuation improvement", but profit + valuation two-wheel drive, and the growth momentum will also shift from "relying on exports" to "domestic demand + external demand working together".
How to invest in 2026? Public fund suggestion: diversification + rebalancing
In the face of a complex economic environment, public funds generally believe that investment in 2026 should focus on two things: more diversified asset allocation (diversification) and adjustment of position structure (rebalancing).
Diversification: Don't put your eggs in one basket
Experts suggest that investors should diversify their funds into different types of assets, such as stocks, bonds, gold, etc., to reduce risks:
Gold: Xu Zhiyan of Huaan Fund believes that gold is still worth paying attention to in 2026 and is an important hedging and value preservation tool. Stock direction: In addition to gold, you can also pay attention to opportunities such as the ChiNext 50 Index and the high-dividend stocks of Hong Kong Stock Connect central enterprises. Bonds: Zou Weina of Huaan Fund pointed out that the current bond market environment is mild, interest rates will not rise sharply, and bonds still have good allocation value, which is suitable for stable investors.
Rebalancing: Adjusting strategies based on market changes
The style of the stock market may change, and investors should adjust their positions in time. Great Wall Fund believes that the main line of investment in the future will revolve around three directions: scientific and technological independence (such as domestic chips and AI).
Domestic demand recovery (consumption and service recovery), high-dividend assets (blue chips with stable dividends).
Wan Jianjun of Huaan Fund added that in 2026, the market may shift from "looking at valuation" to "looking at profit", that is, companies that can really make money will be more favored. He is optimistic about the following opportunities: manufacturing to go overseas: such as China's advantageous enterprises in the field of energy storage and artificial intelligence; Upstream price increase opportunities: such as lithium battery materials, memory chips required for AI, etc., may increase prices due to increased demand; New consumption: including innovative drugs, pharmaceutical research and development outsourcing (CXO) and other emerging health fields.
In 2026, investment should not only "cast a wide net" (diversified allocation) but also "adjust the direction" (rebalance according to market changes). Gold and bonds are the bottom, technology, manufacturing, high dividends, new consumption and other directions are worth paying attention to, and seeking progress while maintaining stability is the key.
Technology investment 2026: continue to be optimistic, but pay more attention to "balance"
Looking forward to 2026, public funds generally believe that hard technology and artificial intelligence (AI) are still the main lines of investment, but the market will shift from "standing alone" to "multi-point flowering", which is more balanced.
Why is technology worth investing in?
Zhao Fengfei and You Guoliang of Great Wall Fund pointed out that the sharp rise in technology stocks in 2025 is mainly due to two major driving forces: the rapid breakthrough of global AI technology and the accelerated improvement of China's scientific and technological strength. This momentum will continue in 2026, but it will no longer be concentrated in a few popular stocks, but will spread to more segments.
Which scientific and technological directions are worth paying attention to?
Hu Yibin of Huaan Fund focuses on the following categories:
Overseas computing power related: such as PCB circuit boards and optical communication equipment used for AI servers; Domestic substitution: including domestic chips, domestic software and applications; AI landing applications: such as industry-specific AI assistants (Agents), robots, autonomous driving, and multi-modal AI software; Innovative drugs: especially those that are still in the clinical stage, have not yet been marketed, but have a pipeline of new drugs with great potential. Is there a "bubble" in AI?
This is the question that everyone is most concerned about. A number of fund managers have given clear views:
Zhang Fusheng of Wells Fargo Fund believes that the AI industry is still in the "first half", and the real outbreak may be in the second half - such as after the popularization of terminal products such as smartphones, smart cars, and household robots.
Chen Fei of Suzaku Fund emphasized that AI is not a pure concept, but a "real" industry that requires a lot of capital, talent and data support. The key to success lies in whether application scenarios, user data, and AI models can form a virtuous circle (aka the "flywheel effect").
Han Lin and Liu Jiang of Great Wall Fund directly responded to the "bubble theory": the current valuation of AI core companies is about 35 times (and will be lower next year), and GPU giants, cloud computing giants, etc. have really made money and have cash flow. This shows that AI is still in its early stages of growth, not a bubble.
Jingtai view: In 2025, the market will rebound in "hope"; In 2026, the market will move forward in "facts". The public offering no longer talks about the "sea of stars", but turns the first page of the financial report: how much income does it make? How much profit is there? Is cash flow stable? This may be less passionate, but more down-to-earth.
For investors, the biggest opportunity is not to seize the next outlet, but to find those "money printing machines" that can really cross the cycle in the new era driven by profits.
