Core Insights - The 2026 Capital Market Conference hosted by CITIC Securities emphasizes the theme "Striving for a New Journey," highlighting the evolving global context, technological trends, and regulatory environment impacting China's capital markets [1][2] - The conference features over a hundred top scholars, industry experts, and representatives from various sectors, indicating a strong interest in the future of China's capital markets [1] Group 1: Economic and Market Trends - Geopolitical factors are causing instability in the global landscape, while China's international influence is gradually increasing, with a 7.1% growth in exports in the first three quarters of the year, showcasing the resilience of Chinese manufacturing [1][2] - The transition from old to new economic drivers in China is expected to create new opportunities in the capital markets, with a focus on the "technology narrative" improving risk appetite [2] Group 2: Structural Changes in Capital Markets - The optimization of the investment and financing environment is anticipated to lead to a structural transformation in China's capital markets, with an increasing market capitalization share for new productivity sectors [2] - Continuous macro and reform policies are expected to result in a mild recovery of the economy next year, stabilizing the growth center for the next five years [2] Group 3: Market Ecosystem and Investor Behavior - The improvement in the inclusiveness and adaptability of capital market regulations is likely to foster a new market ecosystem, enhancing the compatibility between risk appetite and new productivity sectors [2] - There is a notable trend of household savings being converted into investments, with future reforms focusing on creating a more attractive long-term investment environment and improving the supply of quality financial products [2]

三是宏观经济动能切换，资本市场服务实体经济的功能将助力经济增长，预计在宏观政策与改革政策持续发力下，明年我国经济将呈现结构分化下的温和修 复态势，新质生产力的发展将稳定未来五年经济增长。此外，在金融支持实体经济的布局中，科技金融排在首位，科技、产业、金融的良性循环有望催生更 多市场结构性机会。 邹迎光回顾，去年资本市场年会以"站上起跑线"为主题，而过去一年中国资本市场已进入全新阶段，焕发出新的生机与活力。此次以"奋进新征程"为主题， 源于党的二十届四中全会科学研判国际国内形势，对中国经济社会未来五年发展作出顶层设计和战略规划，也赋予了资本市场新时代内涵与发展使命。他强 调，中国资本市场面临的全球背景、科技趋势、制度环境将呈现新特征，需在新征程上稳步奋进。 从全球背景来看，邹迎光指出，全球格局加速演进，产业与金融格局深刻重构，为中国资本市场带来外部契机。在全球治理方面，地缘政治因素虽导致世界 局势动荡、国际经贸秩序重构，但携手构建人类命运共同体的中国智慧和中国方案正获得更多认可，中国的国际影响力、感召力、塑造力持续提升，参与全 球治理与维护海外运营能力不断增强。产业格局上，中国制造在复杂环境中彰显强大韧性，今年 ...

Group 1 - The core viewpoint of the report is that A-share companies are transitioning from domestic-focused enterprises to global multinational corporations, indicating a shift in the Chinese capital market from emerging to mature status [1] - During the "14th Five-Year Plan" period, Chinese enterprises are expected to enhance their position in the global value chain, converting their share advantages into pricing power, which lays the foundation for a "low volatility slow bull" market in A-shares [1] - The future performance of A-shares will be influenced by global market demand rather than solely domestic demand, with the China-US geopolitical landscape affecting market rhythm and smoothness [1] Group 2 - Three key industry configurations are highlighted: first, the upgrading of resource and traditional manufacturing industries, which will enhance pricing power and profit margins; second, the globalization of Chinese enterprises, significantly expanding profit growth potential and market capitalization ceilings; third, the further commercialization of AI, which will continue to drive trends in the technology sector and amplify the competitive advantages of Chinese companies [2]

Core Insights - The core viewpoint emphasizes the improvement of the institutional environment in China's capital market, focusing on supporting technological innovation and enhancing wealth effects [1] Group 1: Institutional Environment - The capital market's risk appetite is increasingly compatible with new productive forces, indicating a shift towards direct financing methods such as equity and bonds to support high-quality enterprises in their listings [1] - Future reforms will aim to cultivate a market ecosystem characterized by orderly entry and exit, promoting a competitive environment for high-quality development of listed companies [1] Group 2: Investment Trends - There is a significant trend of converting household savings into investments, with the proportion of equity asset allocation having considerable room for growth compared to developed markets [1] - Future reforms will focus on creating a "long money, long investment" institutional environment, enhancing the supply of quality financial products, and guiding listed companies to strengthen investor returns, thereby promoting a virtuous cycle of financing and investment [1]

今日，中信证券2026年资本市场年会在深圳召开。中信证券总经理邹迎光在致辞中表示，去年资本市场 年会，选定的主题叫"站上起跑线"，过去一年来，中国资本市场进入全新阶段，焕发生机活力。此次资 本市场年会，选定的主题叫"奋进新征程"。他表示，"十五五"时期中国资本市场面临的全球背景、科技 趋势、制度环境将呈现新的特征，在新征程上奋进前行。首先，从全球背景看，百年变局加速演进，全 球产业与金融格局深刻重构，有望带来外部破局的新契机。其次，从科技趋势看，更多中国产业迎来关 键突破，中国经济新旧动能转换成效显著，有望带来资本市场的新机遇。最后，从制度环境看，中国资 本市场制度包容性和适应性的提升，以及投资和融资功能的协调，有望带来市场生态的新气象。 ...

Group 1 - The core viewpoint is that policies are enhancing offline consumption facilities, creating a favorable environment for the development of commercial real estate, with a focus on operational, holding, and renovation aspects [1] - The REITs market is continuously developing, with real estate investment funds experiencing rapid growth after years of stagnation, projected to exceed 220 billion by October 2025 [2] - Long-term capital is expected to increase allocation to quality assets, with a shift towards value-added and opportunistic strategies, particularly favoring long-term rentals and shopping centers [3] Group 2 - There is a significant demand for the renovation of shopping centers, with a high vacancy rate (10%-20%) indicating unique operational value, while the number of shopping centers needing renovation is in the thousands [4] - Head companies in shopping center management are experiencing improved order quality and profitability, but their capacity is limited, leading to a market share distribution where second-tier brands can capture demand [4] - The commercial management industry is anticipated to grow rapidly, with head brands unable to meet market demand, resulting in a fragmented market share [4]

Core Insights - The financial industry is experiencing a cyclical turning point driven by the end of the unilateral downward trend in interest rates [1][2] - The macroeconomic environment is stabilizing, with 10-year government bond yields expected to fluctuate between 1.5% and 2.0% starting in 2025, alleviating concerns over "interest spread losses" for financial institutions, particularly insurance companies [1] - All sub-industries are benefiting from this new environment, with insurance, securities, and banking sectors showing signs of recovery and stabilization [1] Industry Analysis - In the insurance sector, the liability-side preset interest rates have been adjusted to align with current asset returns, marking a shift from a loss period to a gain period [1] - The securities industry is seeing a reduction in chaotic price wars due to strong "anti-involution" policies, leading to a stabilization of industry fee rates and a reformation of profit curves [1] - The banking sector is experiencing a clearer stabilization of net interest margins due to the central bank's guidance on lowering funding costs and a slowdown in asset pricing declines [1] Future Outlook - Looking ahead to 2026, economic recovery is expected to drive a rebound in financial demand, with savings shifting towards insurance, increased capital market activity boosting brokerage profits, and improved income from bank wealth management [2] - Insurance funds are anticipated to continue increasing allocations to high-dividend financial stocks, playing a key role in value discovery [2] - Investment strategies should focus on sector rotation during the recovery cycle, with the insurance sector being highlighted for its performance elasticity and long-term logic, while the securities sector is expected to benefit from increased market activity [2]

Core Viewpoint - The financial industry is entering a cyclical turning point, with significant improvements in the overall operating environment expected by 2026 [1] Group 1: Industry Outlook - Since 2025, interest rates are expected to stop their unilateral decline, alleviating concerns over insurance industry interest margin losses [1] - The securities industry is stabilizing fee rates under the "anti-involution" policy, while the banking sector is seeing interest margins stabilize [1] - Economic recovery is anticipated to drive a rebound in financial demand, with savings shifting towards insurance, boosting new business growth [1] Group 2: Investment Strategy - Insurance sector is recommended as a primary area for investment due to its performance elasticity and long-term logic [1] - The securities sector is expected to benefit from increased market activity, with leading companies and potential mid-sized brokerages being noteworthy [1] - The banking sector is highlighted for its solid dividend returns and the value of gradual fundamental recovery [1] Group 3: Market Dynamics - Insurance funds are expected to act as a stabilizing force in the market, continuing to allocate towards high-dividend financial stocks and leading value discovery [1] - Overall, the financial sector is entering a new upward cycle, indicating a positive outlook for investors [1]

Core Insights - The core viewpoint of the article emphasizes that the macroeconomic themes for 2026 will revolve around economic recovery, rising inflation, and the cessation of monetary easing [1] Group 1: Economic Outlook - Economic recovery will determine the direction of asset allocation [1] - Producer Price Index (PPI) and liquidity will dictate the timing of asset allocation [1] - Changes in the risk-return characteristics of assets will inform tactical responses [1] Group 2: Asset Allocation Strategy - Risk assets are expected to maintain a stronger cost-performance ratio compared to safe-haven assets for 2026 [1]

人民财讯11月11日电，中信证券研报称，当前金融产业正迎来周期拐点。2025年以来利率结束单边下 行，保险业利差损担忧缓解，证券业在"反内卷"政策下费率企稳，银行业息差趋稳，行业整体经营环境 显著改善。展望2026年，预计经济复苏将驱动金融需求回暖：储蓄向保险迁移推动新业务增长，资本市 场活跃提振券商盈利，银行财富管理中收持续改善。保险资金作为市场压舱石，将持续增配高股息金融 股，主导价值发现。投资策略上，建议把握复苏周期中的板块轮动。保险板块兼具业绩弹性与长期逻 辑，是首推领域；证券板块受益于市场活跃度提升，龙头公司与潜力中型券商值得关注；银行板块则彰 显出稳固的股息回报与基本面逐步修复带来的配置价值。整体而言，金融板块已步入新一轮上升周期。 ...