Xin Lang Zheng Quan·2025-11-11 07:40Core Viewpoint - The 2026 Capital Market Conference hosted by CITIC Securities emphasizes the transformation of A-share companies from local to global players, highlighting the importance of global market positioning over domestic economic reliance [1] Group 1: Market Trends - A-share companies are increasingly becoming multinational, with sectors like new energy, resources, and culture gaining competitiveness from global market positions [1] - The current A-share market structure shows a shift towards absolute return-focused funds, which demand high risk and low elasticity, contrasting with traditional subjective long positions [1] - The diversification of information in the self-media era has reduced the influence of traditional channels on market sentiment, reflecting the adaptation of the A-share ecosystem to contemporary developments [1] Group 2: Industry Allocation - The first focus area is the quality upgrade of resource and traditional manufacturing industries, where Chinese manufacturing can leverage technology and R&D investments to enhance pricing power and profits [2] - The second focus is on Chinese companies' globalization, with initial investment opportunities in automotive and machinery sectors, now shifting towards consumer goods, energy-related, and TMT sectors during the accelerated overseas penetration phase [2] - The third focus is on the demand growth driven by new AI application scenarios, where the technology sector faces challenges of concentrated holdings and commercialization uncertainties, but future systemic trends will depend on new application developments [2]