Zheng Quan Ri Bao Wang·2025-11-06 08:54Group 1 - The 2026 Investment Summit held by Huatai Securities focused on macroeconomic patterns and market opportunities in the context of the "14th Five-Year Plan" [1] - The summit featured over 460 listed companies and attracted nearly 3,000 professional investors and institutional clients [1] - Huatai Securities' Chairman of Institutional Business, Liang Hong, indicated a shift in equity investors' focus towards cyclical sectors such as energy, consumption, and real estate as the economic fundamentals improve [1] Group 2 - Huatai Securities' Chief Macro Economist, Yi Han, predicted strong resilience in China's exports for 2025 and 2026, with industrial upgrades being a key narrative [2] - Fiscal policy is expected to maintain a moderately expansionary stance, supporting the conclusion of the deleveraging cycle [2] - The core themes for the market in 2026 will likely shift from sentiment-driven to performance verification, with a focus on nominal GDP, financing needs, and the stock-bond valuation ratio [2] Group 3 - From a quantitative model perspective, Huatai Securities' Chief of Financial Engineering, Lin Xiaoming, suggested an "all-weather" asset allocation strategy to mitigate risks in a high-uncertainty global macro environment [3] - The firm remains optimistic about the revaluation of Chinese assets, with expectations for a shift from growth to cyclical and value investments in the market [3] - The first half of 2026 may still see growth styles perform well due to expectations of loose overseas liquidity, but a transition to fundamental recovery logic is anticipated as global economic recovery progresses [3]