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]

Core Viewpoint - The article emphasizes the importance of seizing opportunities in global liquidity shifts and the revaluation of Chinese assets in 2026, advocating for a resilient investment strategy that balances both "hedging and growth" [1] Group 1: Overweighting Chinese Equity Assets - In 2026, the global economy is expected to enter a "weak recovery" phase, with China emerging as a relatively stable asset allocation choice due to its policy consistency and economic resilience [2] - China's GDP reached 140.19 trillion yuan in 2025, marking a significant milestone with a year-on-year growth of 5.0%, providing a solid foundation for the capital market [2] - The A-share market is anticipated to transition from a valuation recovery driven by policy and liquidity to a solid upward trend 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, leading to a systematic migration of savings towards equity assets [2] Group 2: Hong Kong Market Insights - The Hong Kong market, as a bridge connecting global capital with Chinese assets, is expected to benefit from the U.S. interest rate cut cycle, with sectors like technology and innovative pharmaceuticals poised for value revaluation [3] - In contrast, the U.S. stock market, despite the ongoing AI boom, is facing high valuations and concentrated profit growth among a few tech giants, indicating a "K-shaped" divergence [3] Group 3: Overweighting Precious Metals (Gold) - Gold has emerged as the standout asset over the past three years, with a cumulative increase of nearly 150% from 2022 to 2025, driven by trust reconstruction, currency credit reassessment, and heightened demand for safe-haven assets [4] - The acceleration of de-dollarization is evident, with global central banks purchasing over 1,000 tons of gold for three consecutive years, indicating a long-term structural shift rather than short-term speculation [4] - Geopolitical risks are becoming normalized, with gold's role as a safe-haven asset becoming increasingly significant amid rising global tensions [4] - The Federal Reserve's entry into a rate-cutting cycle enhances the attractiveness of holding gold, with spot gold prices recently surpassing $4,800 per ounce, marking a significant milestone [5] - Gold ETF holdings reached historical highs in 2025, with global inflows into physical gold ETFs totaling $89 billion, reflecting unprecedented investor interest [5] Group 4: Strategic Investment Approach - The true strength of the report lies in its ability to make precise predictions and construct optimal risk-return ratios through scientific methodologies, including multi-asset allocation and risk assessment [6] - The investment landscape in 2026 is characterized as a patient journey, emphasizing the importance of aligning with broader trends rather than chasing fleeting market fads [6] - The year 2026 is viewed as a pivotal year that could shape the wealth landscape for the next five years, with a focus on long-term investment strategies and the revaluation of Chinese assets [6]

Core Viewpoint - The global financial market in 2025 is characterized by significant changes and restructuring, with gold emerging as a key asset due to rising geopolitical risks and challenges to the US dollar credit system, leading to a historical price surge of 64.56% throughout the year [1][5]. Group 1: Gold's Performance and Market Dynamics - Gold's strong rise is rooted in deep changes in the global economy and monetary order, with US government debt at high levels and the dollar's share in global foreign exchange reserves dropping to a nearly 30-year low [5]. - The trend of "de-dollarization" is accelerating, with central banks globally purchasing 633.6 tons of gold in the first three quarters of 2025, and 95% of them planning to continue increasing their gold reserves in the coming year [5]. - Gold has become a solid "ballast" in turbulent markets, supported by its monetary attributes, safe-haven function, and financial value, reinforcing its status as hard currency during the main upward trend [5]. Group 2: Strategic Insights from Bank of China - Bank of China's "Global Asset Allocation White Paper" has consistently highlighted the diminishing credit of the dollar since 2023, maintaining a bullish outlook on gold for three consecutive years, with cumulative investor returns approaching 150% and an annualized return exceeding 31% by the end of 2025 [7]. - The white paper's predictions for the A-share market, RMB exchange rate, and bond market have been validated throughout the year, indicating a robust market resilience and a stable RMB against the dollar [9]. Group 3: Future Asset Allocation Strategy - The latest white paper for 2026 outlines a clear priority for global asset allocation, emphasizing precious metals, non-ferrous metals, equities, and bonds, with gold expected to maintain its upward potential despite short-term volatility [11]. - A-shares are anticipated to benefit from global easing and domestic capital inflows, while the RMB is expected to exhibit stable, two-way fluctuations [12].