国泰海通晨报-20251124

Group 1: Macro Research - The global commodity and stock markets have experienced significant declines recently, with the Hang Seng Index dropping by 5.1% and the Shanghai Composite Index down by 3.9% [7][18] - The Chinese stock market is entering a critical phase, referred to as the "strike zone," where it is expected to stabilize and potentially rally due to upcoming policy and economic meetings [2][4] - The report emphasizes that the Chinese capital market is in a period of significant growth, with a projected double-digit profit growth of 10.6% for non-financial A-shares in 2026 [3][4] Group 2: Investment Strategy - The report recommends increasing exposure to sectors such as technology, financial services, and consumer goods, particularly in light of the anticipated policy and liquidity improvements from December to February [4][6] - Specific sectors highlighted for investment include AI-related technologies, financial institutions like brokerages and insurance, and consumer sectors such as food and beverage [4][6] - The report notes that the adjustment in the market presents a good opportunity for investors to increase their positions in the Chinese market [2][4] Group 3: Overseas Market Insights - The Hong Kong stock market has entered a phase of adjustment, primarily due to previous gains and tightening dollar liquidity, but the long-term bull market is expected to continue [10][30] - The report indicates that the AI industry remains a key driver for growth in the Hong Kong market, with significant inflows expected from institutional investors [30][29] - The report also highlights the unique advantages of Hong Kong assets compared to A-shares, particularly in alignment with trends in AI, new consumption, and innovative pharmaceuticals [10][30]