华泰证券机构业务委员会主席梁红在致辞中表示，2025是"十四五"收官之年，中国经济展现更多的确定 性。"十五五"规划建议重提以经济建设为中心，明确提出要提高居民消费占GDP的比例，将从出口、投 资驱动的模式迈向消费为主、内需驱动的增长模式。展望明年，相信中国资产的重估将会进一步走向纵 深，权益投资者从过去两年"左手红利、右手科技"的策略，可能会逐步关注与经济基本面改善更加密切 的能源、消费、地产等顺周期板块，尤其是这些"老经济"板块中的优质龙头企业。 明年宏观政策如何演进，经济形势将有哪些变化？华泰证券首席宏观经济学家易峘认为，出口方面， 2025年中国出口韧性成为市场强共识，预计2026年仍保持较强韧性，产业升级成为主要叙事；财政政策 将保持温和扩张态势，为去杠杆周期"收尾"提供支持；地产去杠杆对信用周期和企业现金流的冲击边际 缓解、甚至消失。海外来看，美国政策"无序性"边际下降，全球财政、货币政策同步宽松，中美经贸关 系波动性有望回落。 2026年股市和债市如何发展、关注点有哪些？华泰证券研究所所长、固收首席张继强指出，今年股市主 要由情绪、资金和估值驱动，市场认知和叙事变化驱动行情，明年有望转向业绩验证 ...

Core Viewpoint - The State Council has approved the "Chengdu-Chongqing Economic Circle Land Spatial Planning (2021-2035)", which serves as a national-level guideline for sustainable spatial development in the Chengdu-Chongqing area, aiming to enhance its role as a significant economic and innovation center in China [1]. Group 1: Spatial Development and Safety - By 2035, the Chengdu-Chongqing Economic Circle will maintain a cultivated land area of no less than 74.18 million acres, with permanent basic farmland protection of at least 63.28 million acres and ecological protection redline of no less than 15,800 square kilometers [2]. - Urban development boundaries will be controlled to expand no more than 1.32 times the scale of urban construction land based on 2020 data, and total water usage will not exceed national quotas [2]. Group 2: New Development Pattern - The planning emphasizes the integration of regional development strategies to optimize productivity layout and enhance overall competitiveness, supporting the construction of the Western Land-Sea New Corridor and deepening integration into the Belt and Road Initiative [2][3]. Group 3: Land Use and Ecological Protection - The plan aims to balance agricultural, ecological, and urban functions, promoting high-quality integrated development in the Chengdu-Chongqing Economic Circle while protecting key ecological areas [4]. - It includes the establishment of a modern infrastructure network to enhance the region's role as a transportation hub, focusing on building a world-class airport cluster and a comprehensive transportation hub [4]. Group 4: Implementation and Governance - The planning document is a comprehensive framework for land protection, development, utilization, and restoration, requiring strict adherence and monitoring to prevent unauthorized modifications [5][6]. - Local governments are tasked with organizing leadership, clarifying responsibilities, and ensuring that the planning goals are integrated into local spatial planning systems [6].

Group 1 - The 2026 Investment Summit hosted by Huatai Securities focused on macroeconomic trends and market opportunities in the context of China's 14th Five-Year Plan and the upcoming 15th Five-Year Plan [1][3] - The summit highlighted a shift towards a consumption-driven growth model, emphasizing the importance of improving the proportion of household consumption in GDP [3] - Huatai Securities predicts a deepening revaluation of Chinese assets, with a focus on cyclical sectors such as energy, consumption, and real estate, particularly favoring high-quality leaders in the "old economy" [3][4] Group 2 - Huatai Securities' Chief Macro Economist provided forecasts indicating that China's nominal GDP growth in USD terms could rebound to 8.6% in 2026, marking the first visible acceleration since 2021 [4] - The expected appreciation of the RMB is projected to reach an exchange rate of 6.82 against the USD by the end of 2026 [4] - The stock market is anticipated to shift from being driven by sentiment and valuation to a focus on earnings verification in 2026 [5] Group 3 - The bond market is expected to return to a fundamental logic, with key factors such as nominal GDP, financing demand, and stock-bond valuation ratios becoming critical [5] - The overall market may experience a slightly weaker and more volatile pattern due to limited upward pressure on interest rates, despite supportive monetary policy [6] - A diversified asset allocation strategy is recommended, utilizing a "all-weather" approach to mitigate risks and achieve stable long-term returns [6] Group 4 - The "old economy" is viewed positively due to its low valuations, low market expectations, and strong recovery potential from cyclical lows [8] - Investment strategies should balance value and growth, with a recommendation for dollar-cost averaging and phased entry into positions, particularly during the end of the year and early next year [8] - The market is expected to gradually rebalance from growth to cyclical and value styles, with an emphasis on low-valuation, high-capitalization companies with strong profitability [9]

Core 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].

Group 1 - The 2026 Investment Summit held by Huatai Securities focused on macroeconomic patterns and market opportunities in the context of the "14th Five-Year Plan" [1] - The summit featured over 460 listed companies and attracted nearly 3,000 professional investors and institutional clients [1] - Huatai Securities' Chairman of Institutional Business, Liang Hong, indicated a shift in equity investors' focus towards cyclical sectors such as energy, consumption, and real estate as the economic fundamentals improve [1] Group 2 - Huatai Securities' Chief Macro Economist, Yi Han, predicted strong resilience in China's exports for 2025 and 2026, with industrial upgrades being a key narrative [2] - Fiscal policy is expected to maintain a moderately expansionary stance, supporting the conclusion of the deleveraging cycle [2] - The core themes for the market in 2026 will likely shift from sentiment-driven to performance verification, with a focus on nominal GDP, financing needs, and the stock-bond valuation ratio [2] Group 3 - From a quantitative model perspective, Huatai Securities' Chief of Financial Engineering, Lin Xiaoming, suggested an "all-weather" asset allocation strategy to mitigate risks in a high-uncertainty global macro environment [3] - The firm remains optimistic about the revaluation of Chinese assets, with expectations for a shift from growth to cyclical and value investments in the market [3] - The first half of 2026 may still see growth styles perform well due to expectations of loose overseas liquidity, but a transition to fundamental recovery logic is anticipated as global economic recovery progresses [3]

Core Viewpoint - Ardian, a European private equity firm, has officially opened a new office in Hong Kong to strengthen its business presence in China and the Asia-Pacific region [3][8]. Group 1: Company Overview - Ardian was initially a business unit of the multinational insurance company AXA and became independent in 2013, currently managing assets worth $192 billion (approximately 1.3 trillion RMB) [5][14]. - The firm has a significant focus on private equity, with $134 billion under management in this sector, accounting for 72% of its total assets [14]. - Ardian has established a strong presence in China, having opened its Beijing office in 2012 and currently managing a team of 20 in the Greater China region [23]. Group 2: Business Expansion - The new Hong Kong office will enhance Ardian's ability to connect with clients and establish new partnerships in the financial sector, facilitating its investment strategies in the region [11][12]. - Ardian has received licenses from the Hong Kong Securities and Futures Commission, allowing it to conduct securities trading, investment advisory, and asset management services [7][8]. - The Hong Kong office is actively recruiting staff to support its operations, indicating a commitment to expanding its workforce in the region [6][12]. Group 3: Market Context - The opening of Ardian's Hong Kong office reflects a broader trend of foreign investment firms establishing a presence in Hong Kong as a gateway to the Chinese market, especially amid a wave of significant IPOs [25][26]. - There is a growing interest from international investors in Chinese assets, driven by breakthroughs in technology and supportive policies, leading to a re-evaluation of the value of Chinese tech companies [25][26]. - The firm has already invested approximately $3 billion in Asia, covering nearly 200 funds, and has established long-term relationships with around 50 clients in the Greater China region [22][23].

10月30日，和讯投顾郑镇华称，昨晚有三个大消息对今日市场影响较大。其一，美联储降息25个基点， 且将从12月1日起停止缩表。这对A股和港股市场影响强烈，尤其会推动中国资产重估，同时对人民币 持续走强也有正面作用。其二，央企战略新兴产业基金启动，首期规模达510亿，这对相关规划里的热 门板块会产生积极影响，不过这种影响是长期性的，而非短期。总体而言，昨晚这三个大消息均为利 好，会对今日市场产生一定影响，但短期指数涨至4000点后量能仍不足，大家操作上不要太激进。 ...

Core Viewpoint - The 2025 Financial Street Forum emphasizes the positive outlook for China's capital market, highlighting the ongoing institutional reforms and support policies that will drive high-quality development in the sector [2][5]. Group 1: Capital Market Development - The Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, noted that China's capital market faces new challenges but also presents new opportunities due to the restructuring of international economic and trade orders, which has increased the vulnerability of global financial markets [2]. - The forum proposed several supportive policies to enhance market inclusivity and adaptability, including the deepening of the ChiNext reform to better align with the characteristics of emerging industries and innovative enterprises [2][3]. - The CSRC aims to promote the high-quality development of the Beijing Stock Exchange and improve the differentiated listing, information disclosure, and trading systems of the New Third Board [2][3]. Group 2: Market Stability and Governance - The CSRC plans to introduce a refinancing framework to enhance the flexibility and convenience of listed companies' refinancing, thereby improving resource allocation efficiency in the capital market [3]. - Emphasis will be placed on improving corporate governance and increasing dividend payouts and share buybacks to enhance transparency and investor confidence [3]. - The CSRC aims to strengthen the monitoring of cross-market, cross-industry, and cross-border risks while enhancing investor protection measures [4]. Group 3: Internationalization and Attractiveness - The CSRC officially launched the "Qualified Foreign Investor System Optimization Work Plan," which includes optimizing access management and expanding investment scope to attract long-term foreign capital [3]. - The plan aims to enhance the global attractiveness of Chinese assets and facilitate the practical cooperation between mainland and Hong Kong markets [3]. Group 4: Long-term Market Outlook - The forum conveys a positive signal for the long-term and steady development of China's capital market, supported by government emphasis on capital market growth and the ongoing global monetary system restructuring [5]. - The current market conditions, including fundamental support and reasonable valuation levels, suggest that China's capital market is well-positioned for sustainable growth [5].

Group 1 - The core viewpoint of the article highlights a significant increase in public fund research activities during the third quarter report disclosure period, with 140 public fund institutions participating in the research of 99 A-share listed companies, resulting in a total of 1,188 research instances, a week-on-week increase of 121.64% [1] Group 2 - The pharmaceutical and biotechnology sector emerged as the most favored industry among public funds, with a total of 197 research instances [1] - Other industries that received considerable attention include machinery and equipment, basic chemicals, electric equipment, and automobiles [1] Group 3 - According to the report from the fund, short-term market sentiment may still be influenced by the Federal Reserve's interest rate meeting and the performance of domestic listed companies' third-quarter reports, but the long-term revaluation logic of Chinese assets remains unchanged, with the index expected to continue a trend of fluctuating upward [1]

Core Insights - The "15th Five-Year Plan" is positioned as a critical period for achieving the 2035 long-term goals, serving as a transitional phase between the previous and upcoming plans [3][4] - The capital market is expected to experience opportunities during the "15th Five-Year Plan," characterized by three main aspects: the ongoing revaluation of Chinese assets, the rise of AI trends, and the advantages of Chinese manufacturing [4][5] Group 1: Historical Context and Strategic Importance - The "15th Five-Year Plan" is a key phase for realizing the 2035 vision of achieving basic socialist modernization, bridging the "14th" and "16th" plans [3] - It is also crucial for completing the reform tasks set out in the 20th Central Committee's third plenary session by 2029, which includes over 300 significant reform measures across various sectors [3] Group 2: Capital Market Opportunities - The capital market during the "15th Five-Year Plan" is characterized by three main opportunities: 1. The ongoing revaluation of Chinese assets, which may still be in its early stages due to the restructuring of the international monetary order [4] 2. The AI wave, where China is positioned favorably in global AI competition, leveraging its market size, industrial ecosystem, and policy support [4] 3. The advantages of Chinese manufacturing, which holds nearly 30% of global manufacturing value added and leads in the production of most major industrial products [5] Group 3: Market Trends and Characteristics - The capital market is anticipated to show a "long-term" and "steady" trend during the "15th Five-Year Plan," supported by several factors: 1. Increased government focus on capital market development, which is expected to play a significant role in achieving the 2035 goals [6] 2. The current A-share market is underpinned by solid fundamentals, benefiting from a large market environment and policy incentives [6] 3. Historical data indicates that A-share valuations remain reasonable, suggesting no overvaluation at present [6] Group 4: Historical Market Performance - Since the "15th" plan in 2001, the A-share market has exhibited three notable characteristics: 1. The index has shown more gains than losses, with increasing resilience over time, as evidenced by varying performance across different five-year plans [6][7] 2. Market performance tends to be stronger in the initial and final years of each five-year plan, indicating a correlation with planning expectations and goal achievements [7] 3. Short-term event-driven effects are significant, with positive market performance observed in the lead-up to and following the release of five-year planning documents [7]