12月15日热门路演速递 | 中金解读经济会议与港股机会，天风证券畅谈“十五五攻坚牛”策略

Group 1 - The article discusses the underperformance of Hong Kong stocks and the potential for future outperformance, alongside signals from the Central Economic Work Conference [2][3] - It explores how to determine if the market has reached its peak [2] - The implications of the Bank of Japan's interest rate hike and its impact on carry trades and fiscal policy are analyzed [2] Group 2 - The long-term outlook for the consumer sector emphasizes the importance of overseas expansion, global pricing in resource trading, and reforms in service consumption such as department stores and tourist attractions [5][6] - The article highlights the need for a strategic focus on these four directions: going abroad, resources, services, and reforms [5][6] Group 3 - The discussion on commodities focuses on the extent and duration of preemptive demand in the U.S. and the global market's response to supply adjustments after U.S. copper tariffs take effect in the second half of 2026 [8] - The article raises questions about how the market will digest supply changes following these tariffs [8] Group 4 - The "Fifteen Five" strategy is presented as a framework for capital market growth, emphasizing the connection between high-quality economic development and institutional support [10] - The article asserts that the A-share market is performing positively, driven by China's economic, technological, and comprehensive national strength [10] - It calls for a proactive approach to address challenges and risks while continuing to promote rapid economic growth and long-term social stability [10]