Group 1 - The core theme of the 2026 investment strategy meeting held by CICC is "Seizing Opportunities and Planning for the Future," focusing on market themes and attracting over 4,500 participants [1] - CICC's Chief Strategy Analyst, Miao Yanliang, indicates that the US-China economic relationship has entered a "fragile balance," suggesting that while both countries have enough leverage for negotiations, tail risks still exist [2][3] - Miao believes that the current gold bull market may not be fully realized, presenting good medium to long-term allocation value, especially in light of the accelerating reconstruction of the international monetary order [2] Group 2 - Miao highlights that during technological revolutions, growth often outpaces value, but the current AI revolution may see more frequent style rotations in the stock market due to increased uncertainty in economic activities [3] - The analysis of market styles shows that since the launch of ChatGPT in November 2022, US stocks have consistently outperformed value stocks, while non-US markets have seen value outperform growth, indicating that not all economies will benefit equally from technological advancements [3] - CICC's Chief Analyst for Nonferrous Metals, Qi Ding, points out that the deepening trend of de-globalization and high US interest rates are leading to significant inflows into gold ETFs, reflecting a "de-dollarization" trend [4] Group 3 - Qi anticipates that basic metals like copper, aluminum, and tin will perform well in 2026 due to rising demand from AI, electricity, new energy, and high-end manufacturing, coupled with insufficient capital expenditure on the supply side [4] - The report suggests that strategic metals such as cobalt, natural uranium, tungsten, rare earths, and antimony will maintain a bull market due to increasing control and stockpiling by resource countries, leading to a systematic price increase [4] - Overall, the nonferrous metals sector is expected to experience significant development opportunities, driven by rising prices and supportive policies for critical mineral resources [4]

Group 1: Market Outlook - The current bull market is shaped by the "fragile balance" in US-China economic relations, which has evolved from a phase of symbiosis (2005-2016) to increased trade friction (2017-2024) and now to a new phase since 2025 [2][3] - The "fragile" aspect indicates potential tail risks, while the "balance" suggests both countries have sufficient leverage for negotiations, potentially leading to a reassessment of China's competitiveness and a new valuation recovery space [2][3] Group 2: Gold Market - The ongoing bull market for gold is expected to continue, with gold seen as a key hedging tool against tail risks in the current economic environment [2][4] - The influx of funds into gold ETFs in the US and Europe reflects a trend of "de-dollarization," indicating a detachment from US real interest rates [4] Group 3: Equity Market Dynamics - Historical trends show that during technological revolutions, growth often outpaces value; however, the current AI revolution may lead to more frequent style rotations between growth and value stocks [3] - Different markets exhibit varying performance; for instance, since the launch of ChatGPT in November 2022, US stocks have shown growth outperforming value, while non-US markets have seen value outperforming growth [3] Group 4: Non-Ferrous Metals Industry - The non-ferrous metals sector is poised for significant growth opportunities due to rising demand from AI, electricity, new energy, and high-end manufacturing, coupled with insufficient capital expenditure on the supply side [4] - Strategic metals like cobalt, natural uranium, tungsten, rare earths, and antimony are expected to maintain a bull market due to increasing control and stockpiling by resource countries, leading to a systemic price uplift [4]

Core Viewpoint - The investment strategy meeting held by CICC focused on the theme "Ride the Momentum, Seek New Opportunities," discussing the current bull market and its future direction [2] Group 1: Market Dynamics - CICC's chief strategist, Miao Yanliang, indicated that the Sino-U.S. economic relationship has entered a "fragile balance," which implies potential tail risks while also providing a basis for negotiation [4] - The current bull market is attributed to the evolving dynamics of Sino-U.S. relations, transitioning from a phase of mutual benefit (2005-2016) to increased trade friction (2017-2024), and now to a new phase of "fragile balance" since 2025 [4] - Miao believes that this new order allows for a reassessment of China's competitiveness, potentially leading to a confidence premium and new valuation recovery space [4] Group 2: Gold Market Outlook - Miao suggests that the ongoing restructuring of the international monetary order may lead to an underappreciated gold bull market, with gold being a key hedging tool against tail risks [4] - The current bull market in gold is expected to continue, with strong medium to long-term allocation value [4][7] Group 3: Stock Market Trends - The stock market is likely to experience more frequent style rotations, with growth potentially not consistently outperforming value during this AI technology revolution [4] - Historical trends show that technological advancements often create high-growth investment opportunities, but current geopolitical tensions may lead to resource over-investment and efficiency declines [4] Group 4: Sector-Specific Insights - The non-ferrous metals sector is anticipated to see significant growth opportunities due to the deepening trend of de-globalization and high U.S. interest rates [7] - CICC's research indicates that basic metals like copper, aluminum, and tin are expected to perform well in 2026 due to emerging demands from AI, electricity, and new energy sectors [8] - Strategic metals such as cobalt, natural uranium, tungsten, and rare earths are projected to maintain a bull market, with prices expected to rise systematically due to supply-demand imbalances [8]