Li Xiaoxing, deputy general manager of Yinhua Fund's business and fund manager, believes that 2026 is the beginning year of the “15th Five-Year Plan”. The impact of prices on nominal growth will decrease, and the nominal growth of the Chinese economy will definitely pick up. In terms of domestic demand, at present, the share of Chinese people in commodity consumption is quite reasonable, but the proportion of consumption of services is clearly lower than the global average. The change in fiscal expenditure is from “investing in things” to “investing in people,” and financial resources will be more heavily skewed towards fields that directly improve people's livelihood and stimulate consumption potential, such as education, medical care, and social security. Some of these investment opportunities are worth focusing on. In terms of external demand, the alpha factor is whether there will be positive changes in China's export share, market structure, and product structure. The beta factor is changes in global trade demand, where opportunities and risks coexist. Looking ahead to the equity market in 2026, he said the overall opportunities outweigh the risks. Although AI-related technology stocks have accumulated significant gains, and some sectors have shown signs of partial overheating, in the context of the development and resonance of the AI industry in China and the US, there are still many targets in the technology direction that are expected to bring good returns to fund holders. The AI industry has entered the “from 1 to 10” stage. At this stage, China's engineer dividends will accelerate the development of the domestic AI industry, and a large number of companies will enter a period of rapid development. In this direction, I am relatively more optimistic about domestic computing power and AI applications; this will be a direction with a relatively high win rate. The popularity of large models, the advancement of intelligent devices and robots, and the widespread application of AI software are all new growth points for the industry.

Li Xiaoxing, deputy general manager of Yinhua Fund's business and fund manager, believes that 2026 is the beginning year of the “15th Five-Year Plan”. The impact of prices on nominal growth will decrease, and the nominal growth of the Chinese economy will definitely pick up. In terms of domestic demand, at present, the share of Chinese people in commodity consumption is quite reasonable, but the proportion of consumption of services is clearly lower than the global average. The change in fiscal expenditure is from “investing in things” to “investing in people,” and financial resources will be more heavily skewed towards fields that directly improve people's livelihood and stimulate consumption potential, such as education, medical care, and social security. Some of these investment opportunities are worth focusing on. In terms of external demand, the alpha factor is whether there will be positive changes in China's export share, market structure, and product structure. The beta factor is changes in global trade demand, where opportunities and risks coexist. Looking ahead to the equity market in 2026, he said the overall opportunities outweigh the risks. Although AI-related technology stocks have accumulated significant gains, and some sectors have shown signs of partial overheating, in the context of the development and resonance of the AI industry in China and the US, there are still many targets in the technology direction that are expected to bring good returns to fund holders. The AI industry has entered the “from 1 to 10” stage. At this stage, China's engineer dividends will accelerate the development of the domestic AI industry, and a large number of companies will enter a period of rapid development. In this direction, I am relatively more optimistic about domestic computing power and AI applications; this will be a direction with a relatively high win rate. The popularity of large models, the advancement of intelligent devices and robots, and the widespread application of AI software are all new growth points for the industry.