Core Viewpoint - The A-share market is experiencing increased volatility and sector rotation, with brokerages adjusting stock ratings significantly as they anticipate a bullish trend for 2026, suggesting a transition towards a low-volatility slow bull market [1][8]. Group 1: Stock Ratings Adjustments - A total of 23 stocks have had their ratings upgraded since the end of October, primarily in the electronics, pharmaceutical, food and beverage, power equipment, and automotive parts sectors [2][6]. - The electronics sector has the highest number of upgrades, with companies like Guangliwei and Zhongwei receiving positive attention due to strong performance and high technical barriers [2][4]. - The pharmaceutical sector saw upgrades for companies such as Deyuan Pharmaceutical and Yiling Pharmaceutical, driven by innovation in drug development and expected performance recovery [3][4]. Group 2: Sector Performance - The food and beverage sector has also seen increased attention, with stocks like Ximai Food and Qingdao Beer receiving upgrades, indicating a positive outlook [3][4]. - Conversely, around 40 stocks have had their ratings or target prices downgraded, mainly in the pharmaceutical, food and beverage, electronics, and beauty care sectors, reflecting short-term performance pressures and declining gross margins [6][7]. - Notable downgrades in the pharmaceutical sector include Aibo Medical and Guizhou Moutai, with reasons linked to competitive pressures and performance under expectations [6][7]. Group 3: Market Outlook for 2026 - Major brokerages like CITIC Securities and CICC are optimistic about the A-share market in 2026, predicting a transition to a mature market with a focus on global demand rather than just domestic [8][9]. - The investment strategy emphasizes the importance of global market dynamics and the potential for Chinese companies to gain pricing power in the global value chain [8][9]. - CICC suggests a balanced market style in 2026, with a focus on growth sectors, external demand, and cyclical reversals, while also highlighting the importance of technology and resource sectors [9].

明明认为，2026年财政政策将更加积极，赤字率或将继续维持在4%左右，专项债额度有望提升并向项 目建设倾斜；货币政策方面，降准降息空间依然存在，结构性货币工具将持续发力，央行继续进行国债 买卖。宏观政策层面对经济的支持力度仍将延续。 中经记者 罗辑 北京报道 11月11日，中信证券在深圳举办2026年资本市场年会。 中信证券多位首席分析师认为，A股上市公司正陆续从本国敞口的本土化企业转型为全球敞口的跨国公 司。中国资本市场也正从新兴市场逐步转型为成熟市场，A股不仅是中国的A股，也是全球的A股。"十 五五"期间，中企在全球价值链分配中的位置有望进一步抬升，把份额优势转化为定价权，这是A股行 情迈向低波动慢牛的基础。展望2026年，从制造业定价权重估、企业出海深化到科技行情延续，市场或 呈现三大配置主线。 中国经济将延续波动中复苏的态势 中信证券首席经济学家明明表示，中国经济有望延续波动中复苏的态势。他预计2025年中国经济将实现 5%左右的增长目标，2026年将保持在4.9%左右。考虑基数因素及政策节奏，2026年的经济增长可能呈 现前低后高的节奏。 低波动慢牛的预判之下，展望2026年，"中国资产的红利时代才 ...

Group 1: Economic Outlook - The Chinese economy is expected to maintain a recovery trend with a projected growth of approximately 5.0% in 2025 and around 4.9% in 2026, with a "front low, back high" growth pattern anticipated for 2026 [3][6] - Fiscal policy in 2026 is expected to be more proactive, with a deficit rate likely to remain around 4%, and an increase in special bond quotas directed towards project construction [3][6] - The global economic landscape is anticipated to undergo a rebalancing phase, with both China and the U.S. expected to experience a "front low, back high" economic cycle [3][6] Group 2: Capital Market Dynamics - The Chinese capital market is transitioning from an emerging market to a mature market, with A-share companies increasingly becoming global players [1][7] - The capital market is expected to accumulate positive momentum, supported by enhanced international discourse power and the rising position of Chinese enterprises in the global value chain [2][5] - The market is likely to experience a low-volatility slow bull trend, driven by the transformation of Chinese companies into multinational corporations [1][7] Group 3: Investment Strategies - The investment strategy for 2026 emphasizes the importance of global market demand over local demand, as A-share companies expand their international exposure [7][8] - Three key investment themes are highlighted: upgrading traditional manufacturing for better pricing power, the globalization of Chinese enterprises, and the expansion of AI applications [8] - The upcoming market dynamics are influenced by the U.S.-China relationship, with significant events such as trade agreements and U.S. midterm elections expected to shape market conditions [7][8]

Core Viewpoint - The 2026 Capital Market Annual Conference hosted by CITIC Securities emphasizes the positive momentum in China's capital market, driven by enhanced international influence, improved corporate positioning in the global value chain, and a mature market ecosystem [3][9]. Group 1: Conference Overview - The conference took place from November 11 to 13 in Shenzhen, themed "Striving for a New Journey," featuring speeches from CITIC Securities' executives and over 100 guest speakers [3][6]. - The event attracted significant attendance, with over 4,000 participants on-site and 33,000 online viewers, highlighting its importance in the industry [6]. - The agenda included more than 20 sub-forums covering various topics such as global economic outlook, emerging market investments, and AI applications [6]. Group 2: Economic Outlook - CITIC Securities' Chief Economist predicts a GDP growth rate of approximately 5.0% for 2025 and 4.9% for 2026, with a "front low, back high" growth pattern expected [9][10]. - The fiscal policy for 2026 is anticipated to be more proactive, maintaining a deficit rate around 4%, with an increase in special bond quotas directed towards project construction [10]. - The global economic landscape is expected to rebalance, with both the US and China experiencing a "front low, back high" economic cycle [10][11]. Group 3: Capital Market Characteristics - The capital market is expected to face new characteristics during the 14th Five-Year Plan, influenced by global changes, technological advancements, and improved institutional environments [8][9]. - The market's adaptability and inclusiveness are highlighted as key factors supporting technological innovation and wealth effects [8][9]. Group 4: A-Share Market Insights - The A-share market is transitioning from local exposure to global exposure, with Chinese companies increasingly participating in the global value chain, which is foundational for a low-volatility, slow-bull market [13][14]. - The upcoming period is seen as a golden opportunity for equity markets, particularly between the signing of the US-China trade agreement and the US midterm elections [6][14]. - Key investment themes include upgrading traditional manufacturing, expanding global operations, and leveraging AI for competitive advantage [14].

Core Viewpoint - The 2026 Capital Market Conference hosted by CITIC Securities emphasizes the positive momentum in China's capital market, driven by enhanced international influence, improved positioning in the global value chain, and a mature market ecosystem [2][11]. Group 1: Conference Overview - The conference took place from November 11 to 13, 2026, in Shenzhen, with the theme "Striving for a New Journey" [2]. - Over 4,000 attendees participated in person, while 33,000 viewers joined online via CITIC Securities' live streaming platform [5]. - The event featured more than 100 speakers and over 20 sub-forums covering various topics, including global economic outlook and AI applications [6]. Group 2: Economic Insights - CITIC Securities' Chief Economist predicts a GDP growth rate of approximately 4.9% for 2026, with a more proactive fiscal policy expected [11][12]. - The macroeconomic policy is anticipated to support economic recovery, with a focus on demand-side balance and service consumption as a key highlight [13][14]. Group 3: Market Trends - The equity market is seen as entering a new era of dividends, with a shift from real estate to equity assets in wealth allocation [5][15]. - The A-share market is transitioning from local exposure to global exposure, enhancing its position in the global value chain, which is fundamental for a stable market environment [15][16]. Group 4: Strategic Focus - The conference highlighted three key areas for industry focus: upgrading traditional manufacturing, expanding global presence, and leveraging AI for commercial applications [16]. - The emphasis on long-term participation and a stable investment approach is crucial in navigating the evolving market landscape [16].

专题：中信证券2026年资本市场年会 他强调，中国经济新旧动能转换成效显著，有望带来资本市场的新机遇。其一，中国资本市场的"科技 叙事"，正推动风险偏好的持续改善。其二，随着投融资环境的优化，中国资本市场结构将呈现趋势性 转变，未来新质生产力行业市值占比有望持续提升。其三，宏观政策与改革政策的持续发力下，明年我 国经济将呈现结构分化下的温和修复态势，新质生产力的发展，将稳定未来五年我国经济的增长中枢。 此外，中国资本市场制度包容性和适应性的提升，以及投资和融资功能的协调，有望带来市场生态的新 气象。一方面，资本市场的风险偏好与新质生产力行业更加兼容，能够提供满足完整生命周期的全链条 融资服务，并以激励机制有效促进创新活动与企业家精神的发挥。另一方面，近年来我国居民储蓄向投 资转化的趋势突出，后续的资本市场改革，将聚焦营造更具吸引力的"长钱长投"制度环境，提升优质金 融产品供给，并引导上市公司强化回报投资者的意识，形成融资与投资的良性循环。 邹迎光最后表示，随着中国国际话语权的持续增强、中国企业在全球价值链中的地位提升、以及市场制 度与生态的不断成熟，中国资本市场运行的积极动能正在不断积累，奠定"低波动慢牛"的 ...