The A-share market in 2025 was highly active, driven by the dual themes of technology growth and non-ferrous metals, with sectors like AI, innovative drugs, defense, and non-ferrous metals experiencing rotational gains. As 2026 commenced, the market continued this pattern, with technology growth and non-ferrous metals sectors once again becoming key engines in the upward trend. To capture new investment opportunities, investors should pay attention to managers skilled at uncovering potential across multiple sectors, particularly those focused on technology growth. It has been learned that the Invesco Great Wall景气驱动 Fund (Fund Code: 026425), to be managed by veteran hard-tech investor Dong Han, who is known for his balanced approach, is currently being launched. Dong Han, the current Equity Investment Director at Invesco Great Wall's Equity Investment Department, boasts 19 years of experience in the securities and fund industry, with over 14 years of dedicated investment experience. His expertise spans semiconductors, consumer electronics, new energy vehicles, and cyclical industries, and he is continuously expanding into sectors like consumer goods and pharmaceutical innovation. His managed products include active equity funds and "fixed-income plus" strategies.

Steered by a veteran hard-tech investor, the fund primarily invests in technology growth with appropriate diversification. It is widely recognized that technology investing inherently involves high research barriers and rapid technological iteration; navigating the volatile tech landscape requires a "helmsman" with deep industry insight. Dong Han, deeply entrenched in hard tech, possesses a background in physics, maintains high sensitivity to technological changes, and has his own unique insights into industries. He excels at investing in technology growth stocks based on comprehensive industry chain research and famously proposed years ago that "semiconductors" represent a "key抓手 from a God's-eye perspective."

Dong Han firmly believes that technology changes the world and advocates investing in companies that enhance social productivity. In his investment philosophy, he champions "first principles," arguing that investing requires a clear understanding of an industry's essence and underlying logic to identify high-quality companies that can lead or adapt to industry trends. Throughout his 14-year investment career, Dong Han has focused on the hard tech sector while continuously broadening his circle of competence, gradually forming an investment style centered on technology growth, supplemented by balanced industry allocation.

Taking the Invesco Great Wall景气优选一年持有期 Fund, which he manages, as an example, an analysis of the fund's recent holdings shows that since the "924" market event in 2024, the technology sector has performed strongly. This fund had already allocated to areas like new energy vehicles, semiconductors, defense, and artificial intelligence as early as the first quarter of 2024. Sectors with higher allocation weights, such as Communications, Electronics, Automobiles, and Defense Military Industry, were among the top ten performing industries in 2024. By 2025, the fund's heavily weighted sectors—Non-ferrous Metals, Communications, and Electronics—were the top three gainers for that year. The fund manager's forward-looking allocation to these sectors with growth trends and cyclical elasticity allowed the fund to effectively capture structural opportunities arising from the resource sector rally, AI computing infrastructure development, and the acceleration of semiconductor localization. In terms of investment performance, the fund achieved one-year and two-year returns of 69.19% and 109.77%, respectively, generating excess returns of 43.9% and 67.21% compared to its benchmark over the same periods. (Data source: Holdings from fund periodic reports; other data from Wind. Industries classified by Shenwan primary industry classification. In 2024, Communications, Electronics, Automobiles, and Defense Military Industry rose by 28.82%, 18.52%, 16.34%, and 7.08% respectively; in 2025, Non-ferrous Metals, Communications, and Electronics rose by 94.73%, 84.75%, and 47.88% respectively. The fund's benchmark returned 25.29% and 42.56% over the past one and two years, data as of January 16, 2026.)

Information indicates that the investment scope of the newly launched Invesco Great Wall景气驱动 Fund covers not only A-shares but also the Hong Kong stock market. It also incorporates a floating fee mechanism linked to excess returns, aligning the interests of the manager and investors. It is worth noting that the types of products Dong Han manages are diverse, including not only active equity funds primarily focused on a technology growth style but also "fixed-income plus" strategy funds that place greater emphasis on the risk-return balance and relative value of different assets.

Bullish on the 2026 equity market, focusing on opportunities within the tech growth theme. Analyzing the 2026 equity market, Dong Han points out that from a short-to-medium-term perspective, an easing of Sino-US trade tensions aligns with the interests of both parties, reducing the likelihood of event-driven shocks to risk appetite. Regarding valuations, while A-shares experienced a valuation recovery after the 2024 "924" market event, levels have not yet reached extremes. The current driving force for market gains is shifting from valuation repair to earnings recovery, focusing on two aspects: firstly, whether breakthroughs in AI industry trends can lead to structural earnings improvements, and secondly, the potential for broad-based earnings enhancement driven by overall economic recovery.

From a long-term trend perspective, the probability of a successful transformation of China's economic structure has significantly increased, which is expected to continuously translate into economic growth momentum and listed company earnings. Concurrently with this economic transformation is a shift in the asset allocation structure of residents, which may bring long-term incremental funds to equity assets. In summary, Dong Han is optimistic about the performance of the equity market in 2026. He also believes that technology growth will be an important theme throughout the year, but the market style is likely to be more balanced compared to 2025.

Regarding specific directions, he is optimistic about the following five areas: First, the semiconductor industry, where external constraints on China's high-end chip manufacturing are accelerating the breakthrough of domestic computing power; as core strategic assets, wafer fabs are expected to continue advancing capacity expansion and technological breakthroughs, accelerating the process of domestic substitution for semiconductor equipment. Second, non-ferrous metals, where changes in the global resource landscape and domestic policy directives jointly promote supply-side tightening, while tech trends like AI and new energy continue to drive structural demand growth for metal resources; upstream industrial metals and midstream new energy materials are particularly noteworthy. Third, power equipment, benefiting from the global wave of AI infrastructure construction, where Chinese companies are gaining more international market share due to advantages in delivery cycles. Fourth, AI computing power, as domestic and international internet giants continue to increase capital expenditure, creating vast development space for computing infrastructure. Fifth, humanoid robots; as a key application terminal for AI, this sector is on the eve of industrialization, demonstrating significant market potential.

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