田轩：2026年资产配置A股优先，人民币或迎升值窗口

Group 1 - The past five years have been unusual for the capital market, with significant regulatory frameworks established, including the new "National Nine Articles" and the implementation of the registration system, highlighting challenges such as the execution of delisting mechanisms and the quality of listed companies [2][3] - The main reform focus for the next five years should be on enhancing institutional inclusiveness and coordinating market functions, particularly improving the registration system to support high-quality technology and innovation enterprises [3][9] - A-shares are prioritized for asset allocation in 2026, with a focus on high-quality growth sectors such as technology, green energy, and consumer leaders, which are expected to benefit from policy support and profit recovery [3][15] Group 2 - The Science and Technology Innovation Board (STAR Market) can further optimize its issuance pricing mechanism and enhance resource allocation efficiency, supporting unprofitable frontier technology companies through innovative regulatory frameworks [10][11] - The expected IPO rhythm for the coming year is anticipated to remain stable, with a focus on supporting technology innovation enterprises aligned with national strategies, while reinforcing delisting mechanisms to ensure market quality [11][12] - External factors such as geopolitical conflicts and trade tensions may impact China's capital market, but a potential easing of U.S. monetary policy could provide a window for attracting foreign capital [12][14] Group 3 - In a low-interest-rate environment, the priority for asset allocation in 2026 is A-shares, followed by gold, bonds, and currency assets, with a focus on high-quality growth sectors [15][16] - Key investment opportunities in 2026 include artificial intelligence, renewable energy, and innovative pharmaceuticals, driven by policy support and market demand, with a recommendation to focus on leading companies with strong technology barriers [16][17] - Gold is expected to maintain an upward trend due to its dual attributes of inflation hedging and safe-haven demand, making it a valuable component of long-term asset portfolios [17][18]