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Core Viewpoint - The article discusses the investment outlook for 2026, highlighting a stable macroeconomic environment and potential upward movement in the A-share market, with various asset classes being evaluated for their investment value and risk mitigation strategies. Group 1: Macroeconomic Outlook - The macroeconomic environment in 2026 is expected to remain stable, with policies continuing to support growth, particularly in the real estate sector, which may drive further economic recovery [4][17]. - A-share market is anticipated to experience fluctuations in the first half of 2026, with a potential rise in the second half driven by economic recovery expectations [6][19]. - The domestic economy is projected to gradually stabilize, supported by a combination of monetary easing and fiscal policies aimed at stimulating demand [11][19]. Group 2: Asset Class Evaluation - Equity assets, particularly those related to domestic markets, are viewed as having higher investment value compared to fixed-income assets, which may face constraints due to rising inflation and valuation pressures [22][23]. - The preference for asset allocation is expected to prioritize commodities over Hong Kong stocks, which in turn are favored over A-shares, with bonds being the least favored [24]. - The investment sentiment towards domestic equities remains optimistic, especially in sectors with strong price correlation, while the bond market is expected to experience volatility [20][30]. Group 3: Investment Strategies - A balanced and diversified asset allocation strategy is recommended to mitigate risks associated with macroeconomic factors, with a focus on maintaining a hedge among different asset classes [36][37]. - The investment approach should adapt dynamically to market conditions, emphasizing the importance of monitoring economic indicators and adjusting positions accordingly [38][39]. - The strategy includes a mix of growth and value styles, with a focus on sectors that are expected to perform well based on macroeconomic trends and valuation metrics [25][27]. Group 4: Specific Asset Insights - Gold and other precious metals are expected to maintain their investment appeal due to ongoing geopolitical tensions and favorable monetary conditions [31][33]. - The performance of overseas equities, particularly those benefiting from AI advancements and liquidity conditions, is anticipated to present trading opportunities, while caution is advised regarding high valuations in mature markets [32][34]. - The bond market is expected to favor short-duration instruments due to limited upside in yields and potential inflationary pressures, with a focus on selecting high-quality credit funds [29][30].