The capital market is currently undergoing unprecedented transformation and challenges. How to optimize asset allocation with professional investment research capabilities has become a core concern for investors. Against this backdrop, three prominent fund managers shared their latest market insights.

Zhang Yun, Head of the FOF Investment Department at Everbright Prudential Fund, believes the market is at a critical turning point in 2026, characterized by high volatility alongside multiple opportunities. She advocates building an "all-weather navigation" system for FOFs to find profit certainty in volatile markets. In recent years, with the booming demand for wealth management, recognition of FOFs has continuously increased, with management scale reaching new highs for four consecutive quarters. Zhang Yun transitioned from equity investment to the FOF field early in its development in China, witnessing its evolution from a concept requiring explanation to an important market tool.

Her approach involves a three-tiered fund evaluation and selection system. The first tier involves quantitative historical performance scanning using metrics like returns, volatility, maximum drawdown, and Sharpe ratio. The second tier is a five-dimensional capability attribution analysis, dissecting fund returns sources, particularly focusing on stock selection alpha. The third, crucial tier is qualitative due diligence, moving from "looking at performance" to "understanding the investment" itself, examining the fund manager's investment philosophy.

For macro analysis, Zhang Yun employs a four-quadrant framework based on domestic fundamentals/policy expectations and external USD strength. She suggests 2026 might see a shift from the third quadrant (weak domestic fundamentals/policy + weak USD, favoring small-cap tech growth) to the fourth quadrant (strong domestic fundamentals/policy + weak USD, favoring profitable growth stocks and cyclical styles). She also utilizes a "target volatility" strategy as a buffer. For 2026 asset allocation, she recommends focusing on pro-cyclical sectors as markets may shift from liquidity-driven to earnings-driven leadership, with cycles potentially surpassing tech. She is also positive on new energy as a diversifier. Regarding USD and U.S. Treasuries, she advises some defensive assets due to potential USD rebounds and notes the significance of Treasury yields for A-share style rotation. On commodities, while recent gold volatility disrupted short-term trends, the long-term logic remains intact; agricultural products like soybean meal also offer value. She warns of potential "fat-tail risks" from multi-asset correlated declines in 2026 and will monitor option implied volatilities closely.

Chen Yunzhong, Head of the Strategic Emerging Strategy Team at GF Fund, emphasizes a dual-driver approach of "Traditional + Emerging" growth to navigate technology investment cycles. He believes the essence of growth investing lies in identifying and accompanying fundamental forces that drive social progress. He categorizes growth into Traditional Growth (e.g., new energy, semiconductors, defense, with clear earnings paths but cyclical attributes) and Emerging Growth (e.g., humanoid robots, solid-state batteries, commercial space, in early "0 to 1" stages with high volatility). His portfolio management involves balanced, moderately diversified allocations between these two for smoother returns.

Chen focuses on tracking the industry life cycle for emerging growth investments, prioritizing the "1 to 10" commercialization phase for key allocation. Looking ahead, he is optimistic about the共振 development of global AI and China's advanced manufacturing advantages. He believes the AI wave is still early, benefiting computing power, storage, data, and related hardware. Embodied AI is seen as a high-potential application terminal. Solid-state batteries are a key technology for robots and drones, with China leading in industrialization; he expects higher certainty for deployment within 1-2 years. Satellite internet and quantum computing, mentioned in the "15th Five-Year Plan," are also key focuses.

Deng Xiang, Fund Manager at Huafu Fund, focuses on lithium carbonate and the chemical sector amidst accelerating differentiation within upstream resources. He believes marginal changes in supply-demand dynamics are reshaping resource sector allocation logic. Lithium resource expansion cycles are locked, with low industry CAPEX, while energy storage demand is accelerating post-profitability model validation, creating a tight supply-demand basis for lithium carbonate. Consequently, Huafu Strategy Select increased its concentration on lithium carbonate in Q4 2025, viewing it as a core allocation direction based on systematic judgment of structural changes, not short-term trading. He anticipates the supply-demand gap might materialize by 2026, earlier than the consensus 2027 expectation, making this a key observation and configuration window.

Regarding the chemical sector, managed in Huafu Growth Enterprise Select Stock, Deng Xiang sees it entering a repair phase. He emphasizes supply-side marginal changes over short-term demand fluctuations. He notes a significant slowdown in CAPEX growth, even turning negative in some sub-sectors, signaling gradual completion of capacity clearance. He views the current stage as the "initial phase of supply repair," where industry concentration has increased and leading companies are structurally optimized. He believes stock prices often lead substantive price increases in chemicals, and this cycle, driven primarily by supply contraction, could be longer, manifesting as a trend-like recovery with sequential rotations among sub-sectors.

Deng Xiang describes his methodology as not typical "left-side" investing based solely on valuation or price levels, but rather focusing on identifying substantive changes in supply-demand structures. He maintains heightened attention to sectors with medium-to-long-term logic, tracking fundamentals quarterly, and adjusts dynamically when prices deviate or trading becomes crowded. From a macro perspective, he notes relatively loose global liquidity and increased focus on resource security, enhancing commodities' strategic attributes. He expects the new commodity cycle to be structural, with different sub-sectors performing in stages.