中外资机构：2026年中国将是全球投资者瞩目的市场

Group 1 - China is expected to be a focal market for global investors by 2026, driven by the rise in the valuation and quality of its technology sector, which has developed an independent AI ecosystem with vast applications and market potential [5][6][21] - Since April 2025, there has been a trend of global investors reallocating assets away from the US, which is likely to continue into 2026, leading to increased capital allocation towards Chinese assets [7] - The Chinese stock market is anticipated to experience a valuation reassessment driven by innovation, with future upward momentum expected to shift from valuation recovery to profit improvement [8] Group 2 - The "barbell strategy" is recommended for asset allocation, combining high-dividend stocks for defensive positioning with a focus on technology stocks benefiting from self-reliance and international expansion [8][9] - The core drivers for the A-share market in 2026 are expected to be policy support, profit recovery, and favorable liquidity conditions, with a focus on sectors such as technology innovation and manufacturing [9][10] - The Hong Kong stock market is projected to benefit from strong capital inflows and active IPO activities, supported by policies favoring artificial intelligence [21] Group 3 - The 14th Five-Year Plan emphasizes the construction of a modern industrial system and expansion of domestic demand, with investment opportunities in traditional industry upgrades, advanced manufacturing, and emerging sectors like renewable energy and aerospace [10][11] - The focus on technology self-reliance and high-quality development is expected to drive policy initiatives aimed at stimulating consumption and stabilizing the real estate market [11] - The anticipated US Federal Reserve interest rate cuts are expected to enhance global liquidity and lower financing costs, benefiting risk assets and corporate earnings [14][19] Group 4 - In the context of a reshaped global order, investment strategies for 2026 should focus on diversified paths to enhance portfolio resilience, particularly in technology sectors related to capital expenditure expansion and energy transition [20] - Asia is identified as a core growth engine, with positive outlooks for stock markets in mainland China, Hong Kong, Singapore, and South Korea, while maintaining a cautious approach towards US equities [20][21] - The emphasis on diversification includes emerging market bonds outperforming developed market bonds, with gold expected to continue its upward trend in 2026 [22]