Group 1: Asset Allocation Strategy - The article emphasizes the importance of adapting asset allocation strategies in response to the evolving global order and industrial transformations, projecting significant changes by 2026 [2][17]. - It suggests a bullish outlook on Chinese A/H stocks due to accelerated economic transformation and enhanced market resilience against risks [3][8]. - The report anticipates a moderate recovery in the Eurozone economy and a stable outlook for Japanese markets, while recommending a cautious approach to Indian equities due to uncertainties [3][4]. Group 2: Equity Market Insights - The article highlights the potential for a "transformation bull market" in China, driven by capital market reforms and economic restructuring, with expectations for the Shanghai Composite Index to surpass 4000 points [8][9]. - It identifies three main drivers for this transformation: the decline of risk-free returns, significant capital market reforms, and increased certainty in China's economic transition [9][10]. - The report recommends focusing on sectors such as technology, manufacturing, and cyclical consumption, with specific stock picks in internet, robotics, and electric vehicles [10]. Group 3: Bond Market Outlook - The report predicts a slight upward trend in Chinese government bond yields due to a stable yet slightly easing monetary policy, while U.S. Treasury yields are expected to decline moderately [4]. - It notes that the risk appetite is recovering, which may lead to upward pressure on interest rates in China, while U.S. inflation expectations are gradually decreasing [4]. Group 4: Commodity Market Analysis - The article expresses a bullish long-term view on gold, driven by the diversification of global central bank reserves and the weakening of the U.S. dollar [5]. - It indicates that oil prices are under pressure due to oversupply, while copper prices are supported by structural demand from AI infrastructure and grid upgrades [5]. Group 5: Currency and Exchange Rate Trends - The article anticipates a continued weak dollar scenario, with the Chinese yuan expected to stabilize or appreciate slightly due to steady domestic economic momentum [6]. - It highlights potential short-term fluctuations in the dollar due to geopolitical factors and domestic economic conditions [6]. Group 6: Pharmaceutical Sector Insights - The report indicates a significant increase in the market value of pharmaceutical stocks held by public funds, rising from 300.9 billion to 409 billion yuan, reflecting a 35.9% increase [13]. - It notes that the proportion of pharmaceutical stocks in public fund holdings has increased, with chemical preparations and other biological products being the most significant segments [13][14]. - Key stocks in the pharmaceutical sector include Heng Rui Medicine, Innovent Biologics, and Mindray Medical, with substantial increases in their market values [14].

Core Viewpoint - The gaming industry shows positive policy support and strong performance from new products, leading to an overall optimistic outlook for the sector [1]. Industry Summary - In Q3 2025, the gaming industry's revenue reached 30.362 billion yuan, marking a year-on-year growth of 28.6% and a quarter-on-quarter increase of 9.48%. The industry's profit also saw a significant year-on-year increase of 112%, reaching 5.777 billion yuan, with a profit margin of 19% [1]. - The issuance of game licenses remains stable, with a record number of domestic licenses issued. In the first nine months of 2025, the actual sales revenue of the Chinese gaming market grew by 7.11% year-on-year, driven by strong product performance [1]. Company Performance - **Kying Network**: In Q3 2025, the net profit reached 630 million yuan, a new quarterly high with a year-on-year growth of 34.5%. The gross profit margin improved to 84.2%, indicating a higher contribution from high-margin products [2]. - **Giant Network**: The company's revenue for Q3 2025 was 2.15 billion yuan, a 101.5% increase from Q2 2025, driven by the success of the product "Supernatural Action Group" [2]. - **G-bits**: The net profit for the quarter was 569 million yuan, showing a remarkable year-on-year growth of 307.7%. The product "Staff Sword Legend" generated significant revenue, contributing to the company's strong performance [2]. - **ST Huatuo**: The successful overseas product "Whiteout Survival" performed well in both domestic and international markets, while the new product "Kingshot" validated the feasibility of the "casual + SLG" model [2].

Core Viewpoint - The Q4 style rotation model indicates signals for small-cap and growth stocks, with recommended sectors including communication, electric equipment, and renewable energy for November [1][2]. Group 1: Style Rotation Model - The Q4 style rotation model has issued signals favoring small-cap stocks, with a comprehensive score of -1 as of September 30, 2025 [3]. - The value-growth style rotation model also shows a preference for growth stocks, with a comprehensive score of -3 for Q4 2025 [4]. Group 2: Industry Rotation Insights - For October, the composite factor strategy yielded an excess return of -0.69%, while the single-factor multi-strategy had an excess return of -0.93% [4]. - In November, the single-factor multi-strategy recommends bullish sectors including media, communication, electronics, non-bank financials, electric equipment, and renewable energy [4]. - The composite factor strategy suggests bullish sectors such as communication, computer, electric and utility services, media, electric equipment, and renewable energy [4].

e 国泰海通证券2026年度策略会 2025年11月4-6日 | 北京 中国大饭店 2025.11.05 E 글 国泰海通证券2026年度策略 l the E 度策略会 国泰海通证券202 征程 166087 r and and the county of the state of the states 115 醫食網口 17 泰海通证券 n 2 1 3 1 264 il n Harry ng a 86 更多国泰海通研究和服务 亦可联系对口销售获取 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 法律声明 ...

Core Insights - The article discusses the investment opportunities and strategies across various sectors for the year 2026, highlighting the transition from traditional to new consumption patterns and the implications for different industries [2][3][10]. Group 1: Consumer Sector - The food and beverage and beauty sectors are expected to focus on growth, with supply and demand reaching a turning point [2]. - Traditional retail and service sectors are actively transforming, while new consumption is experiencing high prosperity [2]. - The apparel sector is analyzing consumer changes to uncover structural opportunities [2]. Group 2: Technology and AI - The article emphasizes the investment logic behind "Generation Z and New Energy," indicating a shift towards AI and its applications in various sectors [4]. - Discussions on AI's impact on social networks and the evolution of smart devices are highlighted, suggesting a significant technological shift [7]. Group 3: Energy and Automotive - The outlook for the energy storage and electricity market in 2026 is discussed, with insights from industry experts [7]. - The automotive industry is expected to see new opportunities driven by innovation and global market dynamics [13][16]. Group 4: Financial Strategies - The article outlines the annual strategies for non-bank financial institutions, indicating a focus on asset allocation and product issuance changes [3][4]. - The impact of low interest rates on investment strategies and asset anchoring is analyzed, suggesting a need for adaptive strategies [10]. Group 5: Agriculture and Livestock - The agricultural sector, particularly the pet industry, is noted for its growth potential, with highlights on breeding and planting opportunities [3]. Group 6: Real Estate and Construction - The real estate market's trends and the implications of supply contraction are discussed, with a focus on identifying high-demand and high-barrier leading companies [11][12]. Group 7: Pharmaceuticals and Healthcare - The pharmaceutical industry is highlighted for its global opportunities, with discussions on innovative drug development and market strategies [16]. Group 8: Shipping and Transportation - The shipping sector is analyzed in the context of a global commodity production cycle, indicating potential investment opportunities [12]. Group 9: International Relations - The article touches on the geopolitical landscape and its implications for investment strategies, particularly in the context of China’s relationships with other regions [6][7].

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Core Viewpoint - The article discusses the strategic outlook for the investment landscape in 2026, emphasizing key trends and potential opportunities in various sectors [2]. Group 1: Market Trends - The article highlights the anticipated economic recovery post-pandemic, projecting a GDP growth rate of approximately 5% for 2026, driven by increased consumer spending and government investments [2]. - It notes the significant shift towards digital transformation across industries, with companies expected to allocate over 30% of their budgets to technology and innovation initiatives [2]. Group 2: Sector Analysis - The technology sector is identified as a primary growth driver, with expected revenue increases of 15% year-on-year, fueled by advancements in artificial intelligence and cloud computing [2]. - The healthcare industry is projected to grow by 10%, supported by ongoing demand for telehealth services and biotechnology innovations [2]. Group 3: Investment Opportunities - The article suggests that renewable energy will present substantial investment opportunities, with a forecasted market size expansion to $1 trillion by 2026, driven by global sustainability initiatives [2]. - It also points out that emerging markets are likely to attract increased foreign direct investment, with a projected inflow of $500 billion, as investors seek higher returns [2].

Macro Overview - The core viewpoint is that China's economy has significant growth potential in the medium to long term, with a stable macroeconomic total in 2025 but noticeable structural differentiation, requiring policy solutions for weak domestic demand in 2026 [2] - Price stability is crucial for growth, as price indicators are central to understanding changes in domestic demand [2] Investment Strategy - The "transformation bull market" in China is expected to continue, with the stock market entering a significant growth cycle starting in 2025, driven by capital market reforms and economic structural transformation [7] - The Shanghai Composite Index reaching 4000 points again is a significant milestone, with further upward potential anticipated [8] - The underlying logic of the Chinese stock market is shifting, with three core factors that previously led to valuation discounts now being dismantled: improved confidence in handling US-China risks, a return to economic construction focus, and the end of the renminbi asset contraction cycle [8][9] Sector Analysis - Urbanization as a growth driver is fading, with reform and transformation becoming the primary focus [9] - The three main drivers of the "transformation bull market" include the decline of risk-free returns, capital market reforms enhancing market investability, and increased certainty in China's transformation development [9] - Investment opportunities are identified in technology growth sectors, manufacturing expansion, cyclical consumption, and financial stocks, with a focus on quality strategies over barbell strategies [10] Hong Kong Market Strategy - The Hong Kong stock market is positioned for upward potential, with a significant inflow of capital expected, particularly from foreign investors [13][14] - The technology sector is highlighted as a key focus for 2026, with opportunities in innovative drugs and brokerage firms [15] Fund Evaluation - The public fund industry is shifting towards a focus on equity, benchmarks, and long-term performance, with a growing emphasis on active equity funds and passive index funds [30][31] - The sales environment for public funds is evolving towards a model that prioritizes long-term client interests and diversified asset allocation [32] Fixed Income Strategy - The fixed income market is expected to experience a shift in macroeconomic anchors, with a focus on multi-asset investment opportunities in a low-interest-rate environment [35][36] Real Estate Outlook - The real estate market is anticipated to undergo changes, with a focus on marginal improvements and long-term growth potential [39][40] Transportation Sector - The aviation industry is expected to enter a "super cycle," driven by recovering demand and a favorable pricing environment [52][53] - The shipping industry is also poised for growth, with increasing demand for oil and dry bulk shipping [56][57] Coal Industry - The coal sector is expected to enter a new upward cycle, driven by recovering demand and supply constraints [74][75] Steel Industry - The steel industry is projected to stabilize, with demand recovering and supply constraints expected to support profitability [80][81]