This year, influenced by geopolitical conflicts, the A-share market has exhibited characteristics of wide fluctuations and increased divergence. Recently, the 2026 fund first-quarter reports have been released, potentially offering investors clues about future market trends and investment opportunities. Let's examine the latest analysis from You Guoliang, portfolio manager of the Great Wall Jiujia Innovation Growth Hybrid Fund.

In the fund's first-quarter report for 2026, You Guoliang stated that during the reporting period, the fund continued to focus on two main themes: national strategic emerging industries and the broad artificial intelligence sector. This includes upstream computing power technologies, select downstream applications, and areas such as commercial space. Commercial spaceflight, as the core market-driven component of the aerospace industry, was explicitly designated alongside aerospace as a national emerging pillar industry in the 2026 Government Work Report. It is a key initiative for building a "space power" outlined in the 15th Five-Year Plan and is currently a central area of competition among major nations. As the strategic importance of the industry continues to rise, the long-term growth trend for commercial space is relatively clear, although it is still largely in its early developmental stages. Despite significant stock price volatility in the sector during the first quarter, the fundamental industry progress is accelerating. Key catalysts, such as iterations in reusable rocket technology and the deployment of large-scale low Earth orbit satellite constellations, are steadily advancing.

You Guoliang also mentioned that, considering potential market style shifts arising from the evolution of Middle East geopolitical conflicts, increased attention was given to assets with relatively limited previous gains, more attractive valuations, and stronger fundamental performance potential.

Risk Warning: The highlighted focus areas represent only the fund manager's current market perspective and do not necessarily indicate the fund's long-term future investment direction. Investment focuses and specific fund holdings are subject to change. The fund's investment scope and constraints are detailed in the fund contract.

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