Zheng Quan Shi Bao Wang·2026-01-12 23:57Core Viewpoint - During the "14th Five-Year Plan" period, China's economy is expected to enter a transformation phase dominated by new quality productivity, with a downward shift in growth center and intensified external geopolitical competition [1] Group 1: Investment Focus Areas - Industry investment will concentrate on four main lines: technology self-reliance driven by new quality productivity, green transformation during the carbon peak battle, the silver economy driven by an aging population, and strategic resource allocation under the coordination of development and security [1] - Non-ferrous metals are expected to maintain strong performance, with gold being a core safe-haven asset under the "de-dollarization" pricing logic, while copper and aluminum will benefit from energy transition and supply constraints [1] Group 2: Asset Allocation Strategy - The asset allocation strategy suggests a dual-peak approach: defensive allocation in high-dividend assets (such as hydropower, telecommunications operators, and state-owned banks) to secure stable cash flow returns [1] - Offensive allocation should focus on hard technology growth assets (including semiconductor equipment, industrial software, and humanoid robots) to capture excess returns from domestic substitution and industrial upgrading [1]