On December 25, Guojin Asset Management released the 2026 multi-asset outlook. On the bond market side, looking ahead to next year, active fiscal policies may continue to gain strength, inflation expectations may gradually heat up, disturbances in institutional behavior will intensify, and there may be room for decline in interest rates in the bond market. However, there is still some downward pressure on fundamentals. The central bank's liquidity may remain loose to match the implementation of fiscal policies, there is still some room in the policy toolbox, and bond market yields may continue to fluctuate widely in 2026. In terms of the stock market, investment opportunities in the equity market may be broader and deeper. The current liquidity environment and policy supervision environment continue to improve, and long-term capital inflows are showing a continuous trend. Continued technological breakthroughs and structural economic highlights are expected to bring structural opportunities to improve the fundamentals of some industries.

On December 25, Guojin Asset Management released the 2026 multi-asset outlook. On the bond market side, looking ahead to next year, active fiscal policies may continue to gain strength, inflation expectations may gradually heat up, disturbances in institutional behavior will intensify, and there may be room for decline in interest rates in the bond market. However, there is still some downward pressure on fundamentals. The central bank's liquidity may remain loose to match the implementation of fiscal policies, there is still some room in the policy toolbox, and bond market yields may continue to fluctuate widely in 2026. In terms of the stock market, investment opportunities in the equity market may be broader and deeper. The current liquidity environment and policy supervision environment continue to improve, and long-term capital inflows are showing a continuous trend. Continued technological breakthroughs and structural economic highlights are expected to bring structural opportunities to improve the fundamentals of some industries.