Looking ahead to 2026, Cheng Zhucheng, fund manager of Huitianfu Fund Asset Allocation Center, said that A-shares are still his most optimistic asset. Cheng Zhucheng analyzed the current investment value of A-shares from the three dimensions of valuation, fundamentals, and capital. He believes that from a valuation perspective, the current A-share equity risk premium is within a reasonable range; from a fundamental point of view, with the implementation of various domestic policies, some economic indicators have clearly increased; from a capital perspective, China's economy continues to recover, has abundant liquidity, and the regulatory authorities continue to push forward capital market reforms, compounded by rising residents' demand for asset allocation. Capital will continue to flow into the stock market, and the current A-share positions of global allocated capital are still relatively low. A further weakening of the US dollar index and the strengthening of the exchange rate will provide the foundation for foreign capital to flow back into A-shares. “Related industries represented by new quality productivity will push A-share valuations to continue to rise. Currently, it is still a good stage to lay out A-shares.” Cheng Zhucheng said that judging from the style, growth began to outperform the value for a year. Combined with the current wave of technology at home and abroad, subsequent growth is expected to continue to outperform value. At the same time, active funds are better at seizing growth opportunities. The excess income of active funds will continue to expand, and they are more optimistic about funds related to new types of productivity.

Looking ahead to 2026, Cheng Zhucheng, fund manager of Huitianfu Fund Asset Allocation Center, said that A-shares are still his most optimistic asset. Cheng Zhucheng analyzed the current investment value of A-shares from the three dimensions of valuation, fundamentals, and capital. He believes that from a valuation perspective, the current A-share equity risk premium is within a reasonable range; from a fundamental point of view, with the implementation of various domestic policies, some economic indicators have clearly increased; from a capital perspective, China's economy continues to recover, has abundant liquidity, and the regulatory authorities continue to push forward capital market reforms, compounded by rising residents' demand for asset allocation. Capital will continue to flow into the stock market, and the current A-share positions of global allocated capital are still relatively low. A further weakening of the US dollar index and the strengthening of the exchange rate will provide the foundation for foreign capital to flow back into A-shares. “Related industries represented by new quality productivity will push A-share valuations to continue to rise. Currently, it is still a good stage to lay out A-shares.” Cheng Zhucheng said that judging from the style, growth began to outperform the value for a year. Combined with the current wave of technology at home and abroad, subsequent growth is expected to continue to outperform value. At the same time, active funds are better at seizing growth opportunities. The excess income of active funds will continue to expand, and they are more optimistic about funds related to new types of productivity.