2026配置攻略！李蓓：先抓“寒冬小花”，再抓“满园春色”，再等全球资本涌入的大牛市

Core Viewpoint - The 2025 Analyst Conference highlighted a bullish outlook on China's manufacturing sector, emphasizing the significant mismatch between China's manufacturing global share and the low proportion of the Renminbi in trade settlements and international reserves, suggesting a potential correction in this disparity as the economy stabilizes and asset prices recover [1]. Group 1: Manufacturing Sector Insights - China's manufacturing sector currently holds a global share of 50%, establishing itself as a core pillar of the global supply chain [1]. - The Renminbi's share in international trade settlements and global foreign exchange reserves remains at a negligible level, indicating a substantial room for correction [1]. Group 2: Economic Recovery and Currency Positioning - The correction process is expected to align with China's economic recovery, where a stabilization in the economy and rising asset prices will enhance the Renminbi's relative advantages [1]. - As the Renminbi's international settlement and reserve proportions increase, they are likely to converge with the global standing of China's manufacturing sector, entering a sustained upward trajectory [1]. Group 3: Asset Allocation Strategy - For 2026, the focus should be on resilient leading enterprises that can thrive even in challenging conditions, representing a "small happiness" during the current phase [1]. - The ultimate market direction is anticipated to be a significant bull market driven by the alignment of industrial advantages and currency status, alongside a shift in global capital allocation logic [1].