Market Volatility May Provide Layout Opportunities; Invesco Great Wall Hengui Select Fund Now in Distribution

Since the beginning of 2026, global geopolitical conflicts have continued to intensify, and overseas liquidity policies remain uncertain. The rotation in capital markets has accelerated significantly. Zhou Hanying, a candidate for the fund manager position of Invesco Great Wall Hengrui Select (Code: 026376), a top global investment player and Golden Bull Award-winning fund manager, admits that compared to the growth style that “stood out alone” in 2025, the market style in 2026 may be more balanced.

Focus on Three Major Directions; Market Volatility May Offer Good Opportunities for Deployment

Zhou Hanying further analyzes that as new momentum sectors experience concentrated prosperity, technology growth stocks with higher performance growth will continue to be the main theme of this round of market行情. Under the background of the transition from old to new drivers, ROE of A-share listed companies has stabilized for three consecutive quarters. Export has become the core growth engine, showing long-term industrial upgrading characteristics similar to Japan’s export-oriented model. The export-driven growth outside the US is particularly evident, and the market has formed a consensus to embrace exports. Therefore, in 2026, the market is expected to shift from last year’s valuation repair to profit growth. Considering that more profit clues will emerge in 2026, combined with the relatively crowded positions of institutions in the technology sector, the probability of growth style “standing out alone” may decrease compared to 2025. This year, the market style may be more balanced.

Specifically, Zhou Hanying states that she is currently focusing on three potential directions: first, in the metal raw materials sector, under the influence of global new energy and AI eras driving electrification, copper, aluminum, gold, tungsten, and other materials may become strategic energy sources in the next phase, highlighting their allocation value. Second, in the manufacturing sector’s overseas expansion, amid power shortages in the US and Europe’s energy deficits, China’s supply chain is accelerating its overseas deployment, with good opportunities in power grids, electrical equipment, energy storage, machinery, and military industries. Third, in the domestic substitution field, global AI capital expenditure is increasing, benefiting from the rapid growth of AI chips, with clear trends of domestic substitution and industrial upgrading. Domestic communication suppliers deeply involved in AI computing power construction are likely to continue benefiting.

Regarding investment pace, Zhou Hanying believes that the period from December to April of the following year is generally effective for fundamental valuation. The market tends to assign higher premiums to targets with higher earnings certainty. Recent market fluctuations may provide good opportunities for deployment. Additionally, due to the construction period of new funds, generally during volatile markets, lower positions during the build-up phase can help cope with multiple uncertainties such as geopolitical conflicts.

The Balanced Approach of Market Catchers: Using Cost-Performance to Navigate Market Cycles

Choosing the right direction is just the starting point of investment. How to select targets and build a balanced portfolio with both offense and defense is the real test. Zhou Hanying’s investment style is highly flexible. She evaluates assets based on “cost-performance” metrics, combining growth potential, valuation, and certainty, and switches flexibly among multiple sectors to proactively position for leading industries. For example, her management of Invesco Great Wall Growth Star shows that in Q1 2023, amid the deep coverage of 5G networks and AI applications increasing demand for computing power, she allocated to the communications sector (which rose 25.75% that year, ranking first in the industry); in the second half of 2024, as the home appliance industry accelerated its overseas expansion, she increased holdings in leading companies (which rose 25.44%, ranking fourth); in Q3 2025, she increased positions in non-ferrous metals benefiting from US dollar depreciation and liquidity easing, as well as in leading power equipment companies benefiting from improved industry conditions (which increased 94.73% and 41.83%, ranking first and fifth in the industry). (Position data sourced from fund periodic reports; index growth data from Wind, using Shenwan primary industry classification. Same below.)

Besides accurately capturing leading industries, Zhou Hanying also constructs a portfolio that can better withstand market fluctuations by allocating across industries with low correlation and diversifying individual stock weights. For example, in Q2 2025, the top five industries accounted for about 50%, with no single industry exceeding 16%; in Q4 2025, the top ten stocks had a concentration of 48.30%, below the market’s 30% percentile, and lower than the average.

This allocation strategy has enabled Invesco Great Wall Growth Star to achieve “good gains and hold well.” Since Zhou Hanying took over on May 21, 2020, the fund has experienced multiple style rotations but consistently outperformed the benchmark, with a total return of 103.83%, four times the benchmark’s return of 21.34%. Zhou Hanying also has strong drawdown control; since managing the fund, the maximum drawdown has been only -26.57%, better than the CSI 300 index and similar stock funds’ drawdowns of -45.60% and -43.30%. Thanks to its excellent performance, the fund has received Morningstar’s five-year and ten-year five-star ratings and the 22nd “Five-Year Open-End Stock Fund with Continuous Excellence Golden Bull Award.” (Data sources: Wind, as of 2026/2/28; benchmark return during the same period was 21.34%. Ratings and awards from Morningstar and China Securities Journal—up to 2025/12/31.)

It is understood that the newly launched Invesco Great Wall Hengrui Select (Code: 026376) has a flexible overall position, with stock holdings ranging from 60% to 95%. The proportion invested in Hong Kong Stock Connect targets does not exceed 50% of the stock assets, allowing for capturing investment opportunities in both A-shares and Hong Kong stocks. The proposed fund manager Zhou Hanying has extensive global investment experience and cross-market allocation capabilities, adept at balancing investment styles, which may help investors explore opportunities across multiple sectors. In investment, she will consider industry prosperity, valuation levels, and shareholding structures, continuously adjusting the portfolio dynamically to achieve the highest possible returns with the lowest possible risk.