Zheng Quan Shi Bao Wang·2025-11-04 00:00Core Viewpoint - The capital market is undergoing profound changes in its underlying logic, with a significant increase in the attractiveness of equity asset allocation in a low-interest-rate environment, indicating a positive development cycle ahead [1] Group 1: Market Outlook - By 2026, the capital market is expected to enter a sustainable upward development cycle due to strong incremental capital [1] - The current valuation of the A and H-share sectors remains at mid to low levels, suggesting potential for value recovery [1] Group 2: Investment Recommendations - Focus on stocks with better valuations in the Hong Kong market, which also have smaller circulation [1] - Consider A-share leaders that offer valuation cost-effectiveness [1] - Pay attention to distinctive mid-sized brokerage firms [1]