Core Viewpoint - The report emphasizes the dual opportunities presented by the global liquidity shift and the revaluation of Chinese assets in 2026, advocating for a resilient investment strategy that balances "risk aversion and growth" [1] Group 1: Chinese Equity Assets - In 2026, China's economic resilience positions it as a relatively stable choice for global asset allocation, with GDP surpassing 140 trillion yuan in 2025, reflecting a 5.0% year-on-year growth [2] - The A-share market is expected to transition from a valuation recovery driven by policy and liquidity to a solid increase supported by corporate profit improvements, establishing a "slow bull" market [2] - Chinese equity assets are shifting from "marginal allocation" to "core allocation," driven by external uncertainties and a transformation in domestic wealth structure, indicating a long-term trend towards equity investments [2] Group 2: Hong Kong Market - The Hong Kong market is poised to benefit from the U.S. interest rate cut cycle, with sectors like technology and innovative pharmaceuticals still at historical low valuations, suggesting a potential for value revaluation in 2026 [3] - In contrast, the U.S. stock market, despite the ongoing AI boom, is at historical high valuations, with profit growth concentrated among a few tech giants, indicating a "K-shaped" divergence [3] Group 3: Precious Metals (Gold) - Gold has emerged as a leading asset over the past three years, with a cumulative increase of nearly 150% from 2022 to 2025, driven by a reconstruction of trust, reassessment of monetary credit, and heightened demand for safe-haven assets [4] - The acceleration of de-dollarization, geopolitical risks, the U.S. Federal Reserve entering a rate-cutting cycle, and record-high holdings in gold ETFs support the continued recommendation for an "overweight" position in gold [5][6] - As of January 21, 2026, gold prices reached $4,835.07 per ounce, marking a significant increase of over 10% in the year, with a historical breakthrough of the $4,800 mark [5] Group 4: Investment Strategy - The report highlights the importance of a scientific approach to investment, utilizing tools like multi-asset allocation and risk assessment to navigate uncertainties [7] - The year 2026 is viewed as a pivotal year for wealth distribution over the next five years, with a focus on long-term investment strategies to capture systematic returns [7]