中信证券：年末增配A股/港股，布局2026

Core Insights - The report from Qiu Xiang's team at CITIC Securities highlights that the volatility of global risk assets is primarily due to liquidity issues, but fundamentally stems from an over-reliance on a single narrative surrounding AI [1] - The release of U.S. non-farm payroll data and the downward adjustment of interest rate cut expectations by the Federal Reserve have triggered a correction in high asset valuations, amplifying concerns about the sustainability of AI infrastructure in North America [1] - The current market environment presents an opportunity for investors to reallocate towards A-shares and Hong Kong stocks, particularly in light of the risk release ahead of year-end and the potential for a "sharp drop and slow rise" market pattern similar to that of the U.S. stock market [1] Investment Strategy - The report suggests that the core allocation direction should focus on the re-evaluation of pricing power in resource and traditional manufacturing sectors, as well as the continued expansion of enterprises overseas [1] - The strategy of high-cut low investment may face increased difficulty in timing rotations due to overly consistent expectations among investors [1]