Wind万得·2025-12-07 22:59Core Viewpoints - The article emphasizes the expectation of a robust economic start in 2026 driven by proactive macro policies and structural reforms as part of the "14th Five-Year Plan" [1][5] - The appreciation of the RMB is anticipated to improve, nearing the "7" mark against the USD [1][19] Focused Commentary - Wu Qing highlights the importance of enhancing the inclusivity and adaptability of capital market systems during the "14th Five-Year Plan" period, focusing on public fund reforms and aligning investor interests [3] - The article discusses the need for a binding mechanism for public funds to ensure investor profit and loss are core to assessments, promoting the development of equity funds and index investments [3] Equity Market - CITIC Securities predicts a more proactive policy direction in the upcoming Central Economic Work Conference, with a focus on consumption expansion, technological innovation, and real estate risk mitigation [5] - Huaxia Fund suggests that the "spring rally" may start earlier due to key meetings, improved macro liquidity, and easing of funding pressures, recommending a focus on AI, domestic demand recovery, and resource sectors [6] -招商证券 notes that December's market will be influenced by the Federal Reserve's meetings and domestic conferences, with a preference for large-cap stocks and blue-chip dividends [7] Industry Research - Galaxy Securities indicates that the power industry will see opportunities for capacity upgrades during the "14th Five-Year Plan," with a focus on stable profitability in thermal power and growth in nuclear power [12] - Harvest Fund expresses optimism for the energy storage sector, highlighting its transition to a growth phase driven by policy and technological advancements [13] - CITIC Construction Investment Securities sees significant growth potential in the low-altitude economy, predicting a market size exceeding one trillion by 2030 [14] Macro and Fixed Income - Huatai Securities anticipates a gradual appreciation of the RMB, with a forecast of 6.82 against the USD by the end of 2026, driven by strong export growth and seasonal currency settlement peaks [19] - Bosera Fund notes a cautious sentiment in the bond market, with a need for clearer signals of policy easing to boost demand [20] - Guotai Fund believes that the bond market may see a recovery opportunity following recent volatility, suggesting it could be a good time for long-term positioning [21] Asset Allocation - CICC recommends maintaining a "barbell" strategy in asset allocation, combining dividend stocks with technology investments, while adjusting weights based on market conditions [23]