Zhong Guo Ji Jin Bao·2025-11-17 14:55Group 1 - The core theme of the 2026 investment strategy meeting held by CICC is "Seizing Opportunities and Planning for the Future," focusing on market themes and attracting over 4,500 participants [1] - CICC's Chief Strategy Analyst, Miao Yanliang, indicates that the US-China economic relationship has entered a "fragile balance," suggesting that while both countries have enough leverage for negotiations, tail risks still exist [2][3] - Miao believes that the current gold bull market may not be fully realized, presenting good medium to long-term allocation value, especially in light of the accelerating reconstruction of the international monetary order [2] Group 2 - Miao highlights that during technological revolutions, growth often outpaces value, but the current AI revolution may see more frequent style rotations in the stock market due to increased uncertainty in economic activities [3] - The analysis of market styles shows that since the launch of ChatGPT in November 2022, US stocks have consistently outperformed value stocks, while non-US markets have seen value outperform growth, indicating that not all economies will benefit equally from technological advancements [3] - CICC's Chief Analyst for Nonferrous Metals, Qi Ding, points out that the deepening trend of de-globalization and high US interest rates are leading to significant inflows into gold ETFs, reflecting a "de-dollarization" trend [4] Group 3 - Qi anticipates that basic metals like copper, aluminum, and tin will perform well in 2026 due to rising demand from AI, electricity, new energy, and high-end manufacturing, coupled with insufficient capital expenditure on the supply side [4] - The report suggests that strategic metals such as cobalt, natural uranium, tungsten, rare earths, and antimony will maintain a bull market due to increasing control and stockpiling by resource countries, leading to a systematic price increase [4] - Overall, the nonferrous metals sector is expected to experience significant development opportunities, driven by rising prices and supportive policies for critical mineral resources [4]