The dragon dances in the mountains and rivers, and the horse gallops in the spring scenery! I am Zheng Yuchen from Allianz Funds. As the Shanghai Composite Index reaches 4,000 points and has a good start, on behalf of Allianz Funds, I would like to extend my most sincere blessings to all investors! I wish you all the best of luck and success in the new year, and may you reap full rewards from the fertile soil of the capital market.
Looking back on 2025, China's economy is moving forward steadily in the wind and waves, and the results are outstanding: in the face of a complex external environment, the annual GDP growth target of 5.0% has been successfully achieved, and the total has reached a new level; high-tech manufacturing, new energy and other new productive forces have accelerated, and the industrial structure has continued to be optimized; structural opportunities in the capital market are abundant: A-shares have frequently highlighted new productivity represented by technological innovation, green transformation and artificial intelligence. "Innovation chain + industrial chain" is deeply integrated; new consumption formats and new scenarios continue to emerge, becoming a new engine to stimulate domestic demand. Allianz Fund has also grown steadily this year. The company's equity products have achieved outstanding returns throughout the year, and the "fixed income +" product matrix has continued to expand. It hopes to use sustainable performance to fulfill its commitment to grow with investors.
Looking forward to 2026, as the first year of the "15th Five-Year Plan", we firmly believe that China's economy will continue to move steadily forward on the track of high-quality development, and the nominal GDP growth rate will rebound significantly throughout the year. The Central Economic Work Conference puts "domestic demand as the leading factor" in the first place. Plans to increase residents' income, consumption boosting actions and urban renewal will work together. Service consumption and commodity consumption will empower each other, and the advantages of the ultra-large market will be fully released. Looking at the world, China's economy will also show more strategic value. my country's contribution rate to world economic growth continues to remain at around 30%. It is not only a stabilizer of the global economy, but also a leader in high-quality development.
In the capital market, two important changes are quietly unfolding. One is that the capital market has replaced real estate as an important area for maintaining and increasing the value of residents' wealth. Another is that the development of the capital market needs to serve the real economy and national strategy, but in turn, it can also reflect and share the results of the development of the real economy. These two changes have made the development of the capital market one of the country's strategic goals and will push the capital market into a relatively good stage of development. The quality of the underlying assets in the capital market is also improving. We have also seen that through the continuous deepening of the registration system reform, the quality of listed companies has steadily improved, foreign investment access has continued to expand, and market resilience and vitality will be further enhanced. At the same time, "long-term money" represented by insurance funds and pensions has accelerated into the market, which will form a positive cycle with listed companies that focus on dividend returns, providing valuable "ballast" for the market. A-shares are accelerating to grow into a market that pays more attention to the coexistence of value and growth, and tests professionalism and foresight.
The year 2026 is promising. As the saying goes, "It's easy to recognize the east wind, and spring is always spring." Against the background of the steady progress of the domestic economy, and with the vigorous promotion and continuous protection of various systems, corporate profits will be further restored, the risk appetite of the A-share market is expected to continue to rebound, and investment opportunities will continue to emerge. Technological innovation, green and low-carbon, high-end manufacturing, consumption upgrading and other fields are blooming in many fields. There are both steady growth of leading enterprises and growth opportunities in subdivided tracks. The global competitiveness of the industry has been improved for all to see, which will surely give rise to more cross-market investment opportunities.
In the future, with the further opening up of the service industry and financial industry, and the deepening of the internationalization of the RMB, RMB asset prices will become an independent large asset that cannot be ignored in the global market. Its importance should be comparable to that of U.S. dollar assets and Euro assets. Therefore, as the capital market opens to the outside world, the development of the asset industry will also deepen, and more and more international capital and international institutions will participate in this industry. High-quality development is an important link for the capital market to integrate with international standards. International integration will bring more mature and advanced investment concepts and different product innovations and investment strategies.
As a wholly foreign-owned public fund, Allianz Fund will continue to adhere to long-termism in 2026, deeply explore the Chinese market, and be supported by the "regularized investment" system. It is committed to delivering long-term investment value in multiple market cycles through sustainable excess returns, working with investors to welcome new opportunities for Chinese assets, and jointly ushering in a new era of high-quality development of the fund industry.
Mr. Zheng Yuchen is the director, general manager and chief investment officer of Allianz Fund Management Co., Ltd.
Joined Allianz Investment in January 2022 and participated in the preparations for the application for a public offering license. He served as deputy general manager and chief investment officer of Allianz Fund Management Co., Ltd.
From October 2008 to January 2022, he served as a fund manager, investment consulting director, fixed income department and insurance institution asset management department director, investment director and other senior positions at HSBC Jintrust Fund Management Company. Previously, Mr. Zheng Yuchen worked at Allianz Sino-German Life Insurance Co., Ltd., where he served as portfolio manager and director of the investment department.
Mr. Zheng Yuchen has more than 25 years of experience in the financial industry, covering both insurance fund management and public fund investment. He is good at fixed income, multi-asset allocation and systematic investment system construction.
Mr. Zheng Yuchen holds a bachelor's degree in construction management engineering from Tongji University and a master's degree in technical economics and management from Tongji University. He also holds the professional qualifications of Chartered Financial Analyst (CFA), Financial Risk Manager (FRM), and Alternative Investment Analyst (CAIA).
