A：In 2026, we will continue to monitor changes in global capital expenditures, which will affect the process of old capacity exiting and new capacity upgrading. At the same time, the increase in technological content and the strengthening of export resilience will support the export market, while emerging industry policies represented by technology will have a positive impact on the A-share market. In addition, the narrowing of the drag on the real estate market and changes in overall investment expectations will also have a significant impact on the market.

A：The main theme of the market trend in 2025 mainly includes the conversion of old and new kinetic energy, manifested as a decrease in the volatility of A-share earnings and valuation, as well as the iteration and upgrading of production capacity in the process of high-quality economic development. In addition, the trend of balance sheet decline and the rise and fall of the east and west are also key factors, with the drag of old production capacity in the real estate industry expected to narrow in the second half of the year, while the new momentum brought by the strengthening of the technology and export industry chain will become the market's core focus.

A：Investment sentiment has shown signs of improvement this year, especially in the field of technology. Since the third quarter, the technology market has improved in conjunction with better profit data, indicating the fruition of investment sentiment. For example, the electric power and electrical equipment sectors have benefited from the growing demand in the AI industry chain. The entire investment chain, from application layer to upstream equipment, has shown improvement, indicating good investment opportunities in the future for various technology and AI industry chains.

A：In the past year, the index investment industry has made significant progress. The size of ETFs has rapidly increased, with the total size of ETFs in China surpassing that of Japan, making it the largest ETF market in Asia and increasing its voice in the global market. Favorable policies have been released frequently, and the regulatory authorities' attention and support for the development of ETFs have promoted their innovative development. At the same time, overall index investment fees have decreased, and industry theme and strategy ETFs have been vigorously developed. Fund flows show that investors have increased their allocation to industry themes, Hong Kong stocks, commodity bonds, and other specific areas, reflecting the diversification and maturity of investment tools.

A：This year, the trend in the ETF market is that stock investors are gradually converting into ETF investors. Due to the large fluctuations in individual stocks, many stock investors tend to choose relatively low-volatility ETF products. At the same time, China Investment Corporation, market-oriented institutions, and individual investors are increasing their investments in ETFs, with a significant increase in demand from market-oriented institutions and individual investors, who have their own judgments on asset allocation and market trends. The size of ETF holdings continues to rise, and the number of holders also continues to increase.

A：Among the types of investors, sovereign wealth funds account for more than 30%, market-oriented institutions account for 24%, and individual investors account for 25%. However, when the proportions of market-oriented institutions and individual investors are combined, their total far exceeds that of sovereign wealth funds, indicating that market-oriented institutions and individual investors are the main participants in the market and invest based on asset allocation needs and market trends.

A：In marketized institutions, insurance funds, as a group of investors with large scale and high investment expertise, have seen their proportion of holdings continuously increasing, making them currently the largest type of investor in marketized institutions. Meanwhile, financial holding companies have been the fastest-growing type of institutional investor this year. Individual investors in this year's technology market and market volatility prefer securities with greater flexibility and sharpness, leading to significant changes in holdings and showing a tendency to chase after rising prices and cut losses. However, when it comes to ETF investments, they are gradually shifting towards buying on dips and taking profits on highs. Compared to institutional investors, individual investors still experience higher levels of volatility.

A：Before 2020, the market was mainly dominated by broad-based ETFs, with fewer cross-border and industry-themed ETF products. With the development of market trends, especially between 2020 and 2023, industry-themed ETFs such as Hong Kong stocks, science and technology innovation, and the Growth Enterprise Market saw an increase in segmented products, providing individual investors with more investment options and choices. It is expected that the demand for broad-based and dividend assets from individual investors will increase in the future, especially as market volatility to a certain extent, investors may pay more attention to these asset classes. At the same time, the scale of fund companies will further differentiate, and the phenomenon of the strong becoming stronger will become more obvious. However, small and medium-sized companies in specific categories or segmented tracks will also see a situation of intense competition.

A：It is expected that the PPI will gradually rise and turn positive on a monthly basis by 2026, with a projected 7.9% growth in overall A-share profits. In terms of liquidity on the denominator side, overseas Fed policy will exert some pressure on valuations, but the cessation of balance sheet expansion may herald the arrival of a long period of loose monetary policy. The exchange rate of the Chinese yuan will be a major driver of micro liquidity next year, and changes in policies against internal competition and real estate will also affect industrial investment and external demand pull.

A：Compared to A-shares, Hong Kong stocks have lower valuation elasticity and absolute valuation percentiles, especially in the technology growth sector, the concentration of leading companies in Hong Kong stocks increases the possibility of valuation repair. Therefore, it is expected that the valuation elasticity of Hong Kong stocks may be more prominent next year, but attention should still be paid to the market volatility risks brought about by the concentration of industry leaders.

A：The growth style still has a certain degree of space next year, but the volatility will increase. Currently, growth technology is still the main trend in the market, however, the increase in market volatility is reflected in index points, market developments, and investor fund discrepancies. This increased volatility may have an impact on the investment experience, unlike the comfort of the previous few quarters. Although there is excess space for growth style, due to the valuation reaching a certain level, market volatility may continue and even see a correction next year.

A：Profit realization is a key focus for next year, as there are certain profit expectations in the current market position and valuation. However, it is necessary to see the specific profit data, particularly in the performance of the technology industry and upstream non-ferrous power equipment sector. If these profit data fail to materialize, it could potentially lead to further correction or obstruction to the market trend; however, once the data is realized, it will be beneficial for the further development of the market.

A：While continuing to maintain the growth style, it is recommended to increase the allocation of value styles, especially dividend, high dividend yield sectors, and strategic products, to hedge against the impact of growth and technology styles on the investment portfolio. At the same time, pay attention to the direction of the economy, such as industries related to the AI supply chain and industries that benefit from overseas capital expenditure growth (such as industrial goods, power grid equipment, power facilities, etc.).

A：Consumer stabilization requires residents to increase their willingness to consume in the short term, which is influenced by factors such as economic recovery and improved income expectations. Companies that focus on improving ROE and free cash flow, especially those in the high-tech and broad technology sectors, should be monitored during the process of changing consumption habits.

A：The development space of the ETF industry is promising. There is still room for improvement whether in terms of market value-to-GDP ratio or A-share ratio. In addition, the proportion of institutional investors is relatively low. With the advancement of policies and the entry of insurance funds, ETFs will have greater development potential. At the same time, there is optimism about the inflow of funds from individual investors into the ETF market. As the market matures and individual investors' understanding of ETFs deepens, the activity level of subscription and redemption transactions will increase.

A：The volatility of the technology market has increased, and the rotation speed has accelerated. Broad-based, especially broad-based technology product portfolios, are more favorable. It is recommended to consider the China Next Generation Technology Index product compiled by Huaxia, which can provide a better investment experience, reduce volatility, and possess characteristics of low-volatility long-term investments. In addition, for investors seeking stable income characteristics, dividend assets such as cash flow series, stable series, and multi-asset ETFs are also worth considering.

A：We hope to provide listeners with a reference, basis, and inspiration through this year's review and market analysis, as well as outlook on the future market. At the same time, we will continue to strive to improve product quality, provide investment tools with better risk-return characteristics, and help everyone better seize investment opportunities.

A：The article discusses the theme of "the power of evolution", reviewing the changes and constants in index investments over the past year. Based on this, it proposes how to reconstruct investors' sense of achievement in index investments in the new year.

A：Investor experience not only includes the final profit situation of the account, but also encompasses the experience of obtaining profit, such as timing operations, psychological feelings of achieving profit, and comparing with other investors. We have released the industry's first investor experience evaluation model, which includes five dimensions and sixteen major factors, allowing for a scientific analysis of investors' feelings during the investment process, including profit sources, investment behaviors, painful and joyful experiences, and comparisons with expectations.

A：From 2024 to now, investors' sense of achievement has gradually improved, mainly benefiting from the development of the capital market and the emergence of efficient investment tools. In addition, investor behavior has become more rational, amplifying investment returns through strategies such as pre-positioning, buying at low levels, long-term holding, and setting reasonable profit-taking points.

A：The investment portfolio of high-achieving customers not only includes hot topics, but also covers multiple areas such as mainstream technology, broad-based, Hong Kong stocks, and gold. Their actual return is higher than the fund's net asset value growth rate, indicating that they have adopted an active management strategy in the investment process, such as buying in at low levels, long-term holding, and taking profit reasonably.

A：Investing in the technology sector should follow the principle of "from listening to stories to observing trends". For theme-driven speculative trends, it is advisable to buy at lower levels. However, for sector-focused investments, it is important to follow trends, tolerate fluctuations, and manage profit-taking effectively. For example, when the main market trend adjusts to a certain extent in terms of magnitude or duration, it is important to find an appropriate entry point or use a grid strategy to invest in batches in order to control costs and adapt to market changes.

A：In the current low interest rate environment, investment methods that rely on dividend yield as the basic return and capital gains as a supplement are very viable, both domestically and overseas. Dividend strategies have developed rich specialized versions that can meet the needs of different investors and, with the support of a multi-asset platform, can apply different dividend indexes to different strategic scenarios. For investors seeking relatively low volatility and stable returns, they can choose a low volatility dividend index, which has achieved positive returns in all but a few years over the past decade. For investors seeking high dividends and cash flow satisfaction, they can focus on Hong Kong-listed central enterprises dividend-related indexes, which usually have higher dividend yields. Additionally, investors focusing on free cash flow can use related ETF products to achieve higher growth potential and flexibility, ensuring high dividend protection for the future.

A：Broad-based index products such as A500 have strong predictability and long-term correlation with economic growth, being able to reflect overall market performance and essentially synchronize with the nominal GDP growth rate. Institutions like insurance funds tend to allocate these core assets broad-based indexes, which are more predictable than niche themes and perform well in long-term economic growth.

A：Through a phased analysis of asset price-performance ratios and flexible operations combined with index signal lights or index thermometers, it is possible to appropriately reduce positions when the market is overheated, increase investments when it is suitable for attacking, or diversify purchases through methods such as fixed investment, grid building positions, and pyramid building positions in order to seize investment opportunities during market fluctuations.

A：The Hong Kong stock market has many high-quality assets that A-shares do not have, and it is expected that next year's earnings forecast for Hong Kong stocks will be quite good. The key to increasing the sense of acquisition in Hong Kong stock investment lies in grasping high-quality assets, buying them at a reasonable price, holding them for the long term, and ensuring ownership at a lower cost through methods such as phased purchases (such as fixed investment). It is beneficial to enhance the trading experience by using intelligent trading platforms to set stop-loss and take-profit orders.

A：Compared to single asset allocation, multi-asset allocation will be more valuable and in demand in 2026. By utilizing all-weather strategies, such as the Bridgewater model, dividing the quadrants based on economic growth and inflation, including ETFs of asset categories that perform well within each quadrant in the portfolio can achieve good performance across cycles. At the same time, diversifying different asset categories in an equally weighted manner can balance income and volatility, allowing investments to better serve individual life goals.

A：The essence of investment is to hedge and coexist with personal life experiences. For example, when feeling unable to outperform the times, one can choose to invest in broad-based or global cross-border broad-based indexes, such as the CSI 300 Index. If concerned about health issues, one can purchase indexes related to biopharmaceutical innovation drugs; for those worried about aging and technological development leading to inability to keep pace with younger people, investing in indexes related to cutting-edge technologies such as science and technology innovation and AI cloud computing. In times of escalating inflation, one can consider purchasing indexes related to physical assets such as resource indexes and dividend indexes. This investment approach can make investments interact with career development, family situation, and future concerns, achieving a good state of hedging and coexistence.

A：It is expected that the market will overall trend positively in 2026, but there will still be periods of fluctuation and opportunities. It is advised for investors to anchor themselves, not blindly chase market trends, but rather be the helmsman of their own lives. They should utilize the power of evolution to rebuild the index investment methodology for 2026 and gain a sense of warm and calm investment returns from it.

A：AI is accelerating its penetration into everyday life and is also deeply involved in investment decisions. Against this backdrop, when discussing AI as an investment decision-making tool, some view it as a competitor while others see it as a helper. Blogger Xiaosheng Bibe shared his own experience as an example, discussing the impact of AI on investment decisions, and inviting everyone to pay attention to future discussions and sharing about the relationship between AI and investment decision-making.

A：The social media environment is harsh for most ordinary investors, as it excels at amplifying industry consensus, leading to increased investment risks. When influential individuals report on a certain industry or stock, the price of the asset is often already at a high point, making it easy for ordinary investors to chase highs and sell lows at the consensus peak formed on social media, resulting in losses. In addition, the content production and dissemination mechanisms of social media fail to promptly reflect market changes, which increases the difficulty for ordinary investors to obtain accurate and timely investment information.

A：Buffett's investment logic focuses on the total amount of free cash flow that a company will generate in the future, rather than relying on traditional valuation methods such as price-to-sales ratio, price-to-book ratio, etc. for tech companies, because these methods are difficult for ordinary people to understand and apply.

A：In actual application, AI showed unexpected effects when accessing investments through ChatGPT by the end of 2023. For example, in February of this year, AI selected 10 ETFs for investment. In July, using ChatGPT and ermine, AI selected 1 million stocks and 1 million ETFs, and currently both have a return rate of around 15%, without the need for frequent operation. AI has several advantages in investment: firstly, it does not actively push irrelevant information, avoiding information overload, allowing users to focus on their investment targets of interest; secondly, AI has strong capabilities in handling research reports, enabling it to understand a large number of listed companies in a short period of time; thirdly, AI has memory function, can provide antagonistic and complementary perspectives, helping users discover potential risks and opportunities; fourthly, AI can conduct hypothetical deduction and systematic analysis, helping users avoid emotional trading.

A：By constructing a virtual "investment committee", the ideological context of different investment masters (such as Buffett, Dalio, etc.) is inputted into AI, allowing AI to simulate their decision-making processes, conducting diversified evaluations and ratings of investment plans. This helps investors objectively evaluate investment decisions from a rational perspective, reducing the impact of emotional trading.

A：In these scenarios, AI can quickly access and analyze the latest materials for comparative analysis. For example, after the Central Economic Work Conference, AI can tell you the changes in official statements within two minutes, such as the shift from "expanding domestic demand" to "domestic demand-driven," which may indicate an increased emphasis on domestic demand in policies. At the same time, AI can also help brokerages quickly identify the impact of changes in statements on company expectations, such as adjusting expectations for future markets based on the latest official statements.

A：When the trade friction between China and the United States causes the stock prices of some companies to fall, AI can quickly identify which companies are being unfairly punished. For example, after the imposition of tariffs by both countries, it is reasonable for Apple's stock to drop due to its high sales in China, but it is unreasonable for companies like Meta, which have minimal business in China, to also drop. Through AI analysis, undervalued stocks can be identified at critical moments, and appropriate investment advice can be provided.

A：When it comes to valuation issues, AI can combine the company's latest financial reports, market expectations, and industry data to provide multiple valuation scenarios analysis for different scenarios (pessimistic, neutral, optimistic), forming a valuation matrix. This can help investors understand the range of risks and the flexibility range of investment decisions, rather than directly giving a buy price, but providing valuation ranges under different scenarios to assist decision-making.

A：When having multiple experimental and main position accounts, AI can use OCR function to recognize and analyze screenshots of all accounts' positions, diagnosing whether the current position structure is scientifically reasonable, and providing optimization suggestions based on risk preferences. AI not only helps with statistics and recording of profits but also provides convenience in cross-account management, allowing investors to have a more comprehensive understanding of their overall investment situation and make adjustments accordingly.

A：Using AI for investment does not guarantee profit, but it can significantly improve investment efficiency and help investors identify their own investment shortcomings. Through interacting with AI, investors can review each investment transaction, summarize lessons learned, avoid repeating mistakes, and ultimately improve their investment capabilities and reflective abilities. Although AI may lead to losses, its ability to enhance cognition and deepen problem-solving skills is crucial for long-term investment success.

A：Investors and the investment life surrounding them. I am a conservative investor, and this year my investment portfolio has yielded five percentage points.

A：My personal investment portfolio is a combination of fixed income and equity, with a return of five percentage points this year. The fixed income portion generates steady income by adjusting duration, while the equity portion earns returns above the guaranteed minimum mainly through diversified asset allocation and investments in AI technology themes such as the ChiNext 50 Index, chips, and semiconductors.

A：I adopt a fixed income plus diversified asset allocation approach. This year, the diversified asset allocation account has probably earned around 20 percentage points, mainly through Yale model asset allocation, and seizing investment opportunities in gold and AI technology themes.

A：Yes, we have an annual strategy meeting at home. I, as a researcher, propose ideas, while my wife, as a fund manager, sets the direction. After marriage, our investment styles are very different, each with different risk preferences and investment accounts.

A：I am relatively rational in terms of consumption, and I will not pay for emotional premiums. My main expenses are concentrated on mother and baby products. I tend to choose long-term products and try to buy them at a lower price. I believe that consumption can be seen as an investment. This year, I have invested some money in consumption, such as buying bubble Mart and gold jewelry. These consumptions are not only consumption, but also a reflection of emotional value, which helps to enhance the experience of life and emotional interaction.

A：Graduation consumption refers to those products that, once purchased, are likely to lose their appeal quickly, such as a certain brand of gold gourd or fidget spinner. As long as the most expensive health products are not purchased, consumers' interest may decrease shortly after purchasing other items.

A：Long-term and enduringly joyful consumption, such as travel, can bring happiness for a sustained period of time. Planning several months in advance and being able to make family members happy for a period of time after completion makes this consumption experience quite worthwhile.

A：Nowadays, consumption is also seen as an investment, especially when asset prices may not necessarily continue to rise. Investing in one's own mood and family relationships may be wiser. For example, behaviors like investing in education for children and buying a house, which were once considered investments, are now more often seen as capital expenditures rather than traditional investments. The consumption sector has experienced about five years of growth, but as economic trends change, its position in economic activities needs to be reassessed. Currently, most consumer stocks are relatively reasonably valued, and some consumer stock prices have returned to lower levels. In the new year, against the background of renewed focus on consumption, attention may need to be paid to issues such as income and wealth transfers, time consumption, and improving the quality of consumer goods, and one can expect policies that encourage consumption to be introduced in the future.

A：Currently, the stock prices of most consumer sectors have not fully reflected their future prospects. Apart from the liquor industry and some already overvalued new consumption sectors, many consumer sector stocks are at low levels, making them suitable for value investing. It is recommended to allocate investments in multiple consumer sectors including tourism, agriculture, food and beverages, as well as new consumer companies listed in Hong Kong. Attention should also be given to selecting stocks with longer listing periods and reasonable valuations to construct an investment portfolio.

A：AI can serve as a neutral communication medium, making it easier for the elderly to accept its suggestions, such as advising them to consume less salt and sugar or increase exercise. Through AI, the elderly see the results of their own research rather than being directly controlled, which helps to improve acceptance.

A：AI can assist children in completing their homework in various ways, such as supervising in pad mode, providing direct guidance on focus, guiding children to compile fairy tales and gradually optimize the content, etc. The process involving AI not only enhances children's sense of participation and enjoyment in creation, but also improves homework efficiency and accuracy. When assigning homework, AI will set certain rules and frameworks. Even if children request answers, AI can still maintain a certain level of control and guidance due to the specific patterns and role requirements for creation.

A：Regarding the investment prospects for AI in 2026, the performance has not yet fully materialized, but valuations have increased. The market expects performance to reach standards linearly or grow rapidly, with financial sustainability being key. Despite facing challenges such as unclear profit models and intensifying market competition, it is still necessary to maintain existing revenue, profits, and cash flow to support a new round of AI investments.

A：Although most current AI applications are focused on text, the future large-scale applications in image, voice, and other fields will bring new growth points, especially when good application scenarios emerge, driving the growth of upstream computing power and related industries. For AI investments in 2026, although the difficulty and volatility increase, it is still necessary to find the right entry timing, manage profit-taking, adjust mindset, and pay attention to policy dynamics and performance realization in the technology and AI sectors.

A：On the application side, there is indeed a chance to see core scenes or smart hardware products similar to the iPhone 4. With the increase in society's proportion of AI marginal investment, AI applications that can effectively solve user pain points and form stickiness may experience explosive growth.