HTSC(SH:601688) 中国基金报·2025-11-06 13:01Core Viewpoint - The 2026 Investment Summit hosted by Huatai Securities focuses on the macroeconomic landscape and market opportunities in the context of China's 14th and 15th Five-Year Plans, emphasizing a shift towards a consumption-driven growth model [2][5]. Group 1: Economic Outlook - The economic growth rate for China is expected to rebound to 8.6% in 2026, marking the first visible acceleration since 2021, driven by improved corporate profitability and a stable export outlook [7]. - The fiscal policy is anticipated to maintain a moderately expansionary stance, supporting the end of the deleveraging cycle [7]. - The real estate sector's deleveraging impact on credit cycles and corporate cash flows is expected to diminish [7]. Group 2: Market Trends - The focus for equity investors is shifting from technology and dividends to cyclical sectors such as energy, consumption, and real estate, particularly high-quality leaders in the "old economy" [6][11]. - The stock market is predicted to transition towards performance verification in 2026, moving away from sentiment-driven dynamics [9]. Group 3: Investment Strategies - Huatai Securities emphasizes the importance of balancing value and growth in investment strategies, particularly favoring the "old economy" due to its low valuations and market expectations [12]. - Investors are advised to adopt a dollar-cost averaging approach, particularly in the latter part of the year, as historical trends suggest a preference for value styles during this period [12]. - The recommendation includes focusing on "true value" sectors, particularly those with low valuations and strong profitability, primarily in domestic and Hong Kong financial and consumer sectors [13].