Zhong Guo Jing Ying Bao·2025-11-12 07:10Group 1: Market Transition and Outlook - A-share listed companies are transitioning from domestic-focused enterprises to global multinational corporations, indicating a shift in China's capital market from emerging to mature status [1][4] - During the "14th Five-Year Plan" period, Chinese companies are expected to enhance their position in the global value chain, converting share advantages into pricing power, which forms the basis for a low-volatility slow bull market in A-shares [1][4] Group 2: Economic Growth Projections - China's economy is anticipated to continue a recovery trend, with growth projected at around 5% in 2025 and 4.9% in 2026, potentially showing a pattern of lower growth in the first half and higher growth in the latter half of 2026 [2] - Fiscal policy in 2026 is expected to be more proactive, maintaining a deficit ratio around 4%, with an increase in special bond quotas directed towards project construction [2] Group 3: Investment Strategy and Focus Areas - The investment strategy for 2026 should focus on three main lines: 1. The re-evaluation of pricing power in China's manufacturing sector, with an emphasis on industries like non-ferrous metals, chemicals, and new energy [6] 2. The deepening of enterprises' international expansion, particularly in sectors such as machinery, innovative pharmaceuticals, and military equipment [6] 3. The continuation of the technology market, with a focus on breakthroughs in AI commercialization and related hardware and applications [6] Group 4: Market Liquidity and Asset Allocation - The capital market is expected to see a continued influx of absolute return funds, contributing to a long-term downward trend in the volatility of broad-based A-share indices [6] - In terms of asset allocation, the global macro environment is generally accommodative, with expectations of a mild appreciation of the RMB and ongoing attractiveness of gold as a long-term investment asset [7]