Group 1 - The core viewpoint of the news is that the 2026 investment strategy conference held by Industrial Securities focuses on macroeconomic trends and investment opportunities, emphasizing a balanced economic recovery and the importance of "new supply" in addressing low inflation [1][2][4]. - The macroeconomic chief analyst, Duan Chao, predicts that the economic environment in 2026 will be favorable, with a more balanced contribution from the three economic drivers compared to 2025, and inflation is expected to recover moderately by year-end [2][4]. - The conference highlighted the potential for the Chinese yuan to appreciate, which could enhance the returns on Chinese assets and attract more capital back to China [4]. Group 2 - Global chief strategist Zhang Yidong emphasizes that the investment strategy for Hong Kong stocks in 2026 should focus on patience and structural opportunities, with expected benefits from the AI wave and a favorable macroeconomic environment [5][6]. - The 2026 economic outlook includes a weak recovery and improved inflation, with nominal GDP growth expected to improve compared to 2025, indicating structural opportunities in the stock market [6][7]. - Zhang Yidong identifies four key areas for investment in 2026: AI and technology sectors, value discovery in traditional industries, and strategic assets like gold and rare earths [9][10]. Group 3 - A-share chief strategist Zhang Qiyao is optimistic about the A-share market in 2026, citing limited negative external impacts and a clear direction for domestic economic recovery, which is expected to support corporate earnings [8][9]. - The investment landscape is shifting from a "淘汰赛" (elimination race) to a "竞速赛" (speed race) as more industries enter a recovery phase, making sector performance increasingly important [8][9]. - The strategy team anticipates that the main sources of corporate profitability will be concentrated in sectors like AI, new energy, and military technology, as well as traditional industries undergoing restructuring [9][10].

Group 1: Core Insights - The investment strategy conference held by Industrial Securities from December 16 to 18, 2023, focused on macroeconomic trends and investment opportunities for 2026, featuring insights from leading analysts [1] - The conference timing was later than most brokerages, allowing for a more accurate assessment of the current market conditions, which attracted significant investor participation [1] Group 2: Macroeconomic Strategy - The macroeconomic outlook for 2026 emphasizes "new supply" characterized by "slowing down + increasing efficiency," which is expected to help the economy gradually escape low inflation and support economic structure upgrades [2] - Economic balance among the three drivers (consumption, investment, and exports) is anticipated to improve in 2026, with a shift in policy focus from traditional adjustments based on unemployment and growth fluctuations to supply-demand synchronization [2] - Inflation is expected to recover moderately, potentially nearing positive territory by year-end, supported by the repair of supply-demand gaps under the "new supply" framework [2] Group 3: Hong Kong Stock Market Strategy - The investment strategy for Hong Kong stocks in 2026 is centered on patience and caution, with excess returns expected from "growth momentum and value reconstruction dividends" [3] - The AI wave in 2026 is likely to benefit from U.S. Federal Reserve interest rate cuts, drawing parallels to the internet boom of 1996-1998 [3] - The macroeconomic environment is expected to show signs of weak recovery and inflation improvement, with nominal GDP growth anticipated to improve compared to 2025 [3] Group 4: Investment Opportunities in Hong Kong Stocks - Key investment areas for 2026 include AI (internet, edge AI, media), military technology, energy technology (energy storage and solid-state batteries), resource revaluation (copper), new consumption, and pharmaceutical innovation and internationalization [4] Group 5: A-Share Market Outlook - The A-share market is expected to see positive investment opportunities in 2026, with limited negative external impacts and a global AI industry trend likely to boost the market [5] - The recovery of nominal economic growth and price increases is expected to support further improvements in domestic corporate profitability, which is seen as a major highlight [5] - A shift from a "淘汰赛" (elimination race) to a "竞速赛" (speed race) in industry performance is anticipated, with a focus on sectors experiencing high growth and profitability recovery [5] Group 6: Key Sectors for Investment - The main sources of corporate profitability in 2026 are expected to be in sectors aligned with industrial trends such as AI, new energy, military, and innovative pharmaceuticals [6] - Attention should also be given to sectors benefiting from PPI recovery, "anti-involution," and global AI capital expenditure [6] - Traditional industries are expected to reveal value through supply chain reconstruction and international expansion, particularly in steel, machinery, and appliances [7]

（原标题：把握"成长+价值"双主线 兴业证券最新研判） 中国基金报记者赵心怡 12月16日，兴业证券召开2026年度投资策略会，围绕"十五五"规划开局之年的投资机遇展开深入探讨。 兴业证券全球首席策略师张忆东与A股首席策略分析师张启尧分别就港股和A股市场发表投资展望。 会议现场，兴业证券还推出了财富管理品牌"知己理财"。记者获悉，兴业证券在买方投顾转型过程中， 将投资者需求划分为交易与配置两大核心场景，构建了一个覆盖不同风险偏好和资产规模的全维度服务 体系。 张忆东认为，2026年港股投资要耐心稳行、戒骄戒躁，超额收益来自"成长乘势聚力+价值重构红利"。 "AI浪潮是时代之火，2026年将受益于美联储降息。AI热潮大概率更像1996年—1998年的互联网浪潮， 宏观经济、美联储政策、AI科技本身的进展，都跟2000年前后截然不同。"张忆东表示。 张忆东进一步表示，相比于2025年，2026年宏观经济的变化在于名义GDP同比增速有望改善、通胀温和 修复。2026年中国经济"火在结构"，也是股市机会之所在。2026年是"十五五"规划的开局之年，将秉承 高质量发展的战略导向，投资中国股市要重视结构性亮点、重视中长期 ...

Group 1 - The core investment strategy for 2026 focuses on "growth momentum and value reconstruction dividends," emphasizing the importance of patience and stability in the Hong Kong stock market [2] - The AI wave is compared to the internet boom of 1996-1998, with expectations that macroeconomic conditions and Federal Reserve policies will differ significantly from the early 2000s [2] - The nominal GDP growth rate is expected to improve in 2026, with a moderate inflation recovery, indicating structural opportunities in the Chinese economy [2] Group 2 - Four key areas of opportunity are identified: 1) Growth momentum driven by AI, internet, and new consumption sectors; 2) High-yield assets like insurance and banking in a low-interest environment; 3) Value discovery in traditional industries benefiting from global supply chain restructuring; 4) Strategic assets such as gold and rare earths amid global order changes [3] - The A-share market is expected to benefit from limited negative external impacts, a global AI industry trend, and supportive liquidity conditions [4] - The recovery of corporate earnings is anticipated to be a major highlight, with a shift from a "淘汰赛" (elimination race) to a "竞速赛" (speed race) in industry performance as more sectors enter a recovery phase [4][5] Group 3 - Key sectors for investment in 2026 include AI, new energy, military industry, and innovative pharmaceuticals, with a focus on companies that can leverage global competitive advantages [5] - The trend of domestic wealth reallocating towards the stock market, along with the influx of long-term capital from various sources, is expected to create positive feedback in the market [4] - The selection of individual stocks may shift from stable dividend payers to those with strong free cash flow as overall corporate profitability improves [5]

基于以上判断，张忆东认为应重视四方面机会：一、成长乘势聚力： AI 浪潮是 " 时代之火 " ，可重点关注互联网、端侧 AI 、传媒；同时， " 十五五 " 规划将驱动军工科技、能源科技 （储能、固态电池）及新消费等领域发展。二、红利资产： 低利率环境下，保险、银行、能 源等高息资产具备战略配置价值。三、传统行业价值发现：关注全球供应链重构、出海链以 及 " 反内卷 " 政策下盈利改善的行业龙头。四、战略资产：建议逆向布局黄金、稀土等全球 秩序重构中的核心资产。 行业表现或从 " 淘汰赛 " 转向 " 竞速赛 " 中国基金报记者 赵心怡 12 月 16 日，兴业证券召开 2026 年度投资策略会，围绕 " 十五五 " 规划开局之年的投资 机遇展开深入探讨。兴业证券 全球首席策略师张忆东与 A 股首席策略分析师张启尧分别就港 股和 A 股市场发表投资展望。 会议现场，兴业证券还推出了财富管理品牌 " 知己理财 " 。记者获悉，兴业证券在买方投顾 转型过程中，将投资者需求 划分为交易与配置两大核心场景，构建了一个覆盖不同风险偏好 和资产规模的全维度服务体系。 聚焦 " 成长乘势聚力 + 价值重构红利 " 张忆东认 ...

Core Viewpoint - The launch of the "Zhiji Wealth Management" brand by Industrial Securities marks a significant transformation towards a buyer-oriented advisory model in the wealth management industry, emphasizing customer interests and personalized services [4][5][6]. Group 1: Brand Launch and Services - Industrial Securities introduced the "Zhiji Wealth Management" brand on December 16, 2023, featuring three service solutions: "Zhiji Enjoy Investment," "Zhiji Preferred Investment," and "Zhiji Intelligent Investment," which cater to asset allocation and professional investment needs [2][3]. - The brand's core philosophy is "Understanding you, working for you," focusing on transaction and allocation scenarios to create a comprehensive wealth management ecosystem [3][4]. Group 2: Industry Trends and Transformation - The wealth management industry is shifting from product sales to value-driven services, driven by increasing resident wealth and demand for professional investment support [5][6]. - The buyer-oriented advisory model has become essential for high-quality development in the financial sector, with many securities firms, including Industrial Securities, actively transitioning to this model [6][8]. Group 3: Competitive Landscape - Since 2025, several securities firms have launched or upgraded their wealth management brands, including CITIC Securities and Guosen Securities, indicating a trend towards personalized and diversified wealth management solutions [6][7]. - The introduction of new brands reflects a response to investor demands for tailored wealth management services and aligns with regulatory guidance towards value competition, moving away from homogeneous product sales [8].

在财富管理行业转型的关键节点，兴业证券敏锐把握市场趋势，启动从卖方模式向买方投顾模 式的深度转型，这一战略抉择不仅源于对行业发展规律的深刻洞察，更植根于对客户核心需求 的精准把握。 12 月 16 日，兴业证券正式举办财富管理品牌"知己理财"发布会，重磅推出全面升级的买方 投顾服务体系，重新定义专业财富管理的核心价值，携手核心公募私募合作伙伴，共同开 启"懂你更为你"的财富新征程，为行业转型提供兴业方案。 在过去的行业生态中， "重销售、轻服务""重规模、轻适配"的卖方模式常导致机构利益与客 户需求错位，投资者面对海量产品往往无所适从。而兴业证券此次推出的 " 知己理财 "财富 管理品牌，正是对这一痛点的精准破局。 "知己理财"通过构建 " 知己享投 "、"知己优投"、"知己智投"三大解决方案，精准覆盖配置 和交易两大核心需求，形成从低门槛公募投顾到高净值专户定制的全层级服务梯队。 这场发布会不仅是一次品牌亮相，更是兴业证券以全体系变革践行 "客户利益优先"的战略宣 言，将为财富管理行业注入全新活力。 当资本市场改革步入深水区，当居民财富管理需求迎来加速增长，当行业竞争从产品销售转向价值 服务的深度博弈，一场 ...

Core Viewpoint - The company emphasizes its commitment to serving the real economy and enhancing its role in the capital market, guided by the principles of Xi Jinping's financial discourse and the spirit of the 20th National Congress of the Communist Party of China [1][5]. Group 1: Political Commitment - The company firmly adheres to the centralized and unified leadership of the Party over financial work, ensuring that its operations align with national policies [1]. - It aims to cultivate a high-quality, professional financial talent pool while promoting strict governance and integrity within the organization [1]. Group 2: Service to the Real Economy - The company has assisted 124 enterprises in listing on the A-share market and 366 on the New Third Board, demonstrating its active role in promoting quality enterprises [2]. - It has facilitated over 200 billion yuan in direct financing for technology-related enterprises, supporting the growth of new productive forces [2]. - The company has invested in over 200 equity projects, with a total scale exceeding 15 billion yuan, and has established several specialized funds to support quality resources [2]. Group 3: Commitment to the Public - The company focuses on a people-centered approach, enhancing customer service and expanding access to low-risk financial products [3]. - It has maintained a leading position in the pension finance sector, with its pension fund's Y share scale exceeding 1.5 billion yuan [3]. Group 4: Green Finance Initiatives - The company has developed a comprehensive green finance service system, achieving over 500 billion yuan in green finance projects [3]. - It actively promotes green financial innovation and high-end cooperation to support economic development and green transformation [3]. Group 5: Digital Transformation - The company is committed to digital finance, enhancing its digital service capabilities and focusing on customer-centric solutions [4]. - It aims to improve operational efficiency and risk management through digitalization, establishing a comprehensive service portal [4]. Group 6: Risk Management - The company has established a robust compliance and internal control system to mitigate financial risks, ensuring sustainable and high-quality development [4]. Group 7: Future Directions - The company aims to leverage opportunities in the evolving capital market and contribute to the construction of a financial powerhouse in China [5].

Core Viewpoint - The company emphasizes its commitment to serving the real economy, enhancing financial services, and promoting sustainable development through various initiatives and strategies [1][2][3][4][5]. Group 1: Commitment to Political Leadership - The company adheres to the centralized leadership of the Party in financial work, ensuring that its operations align with national policies and directives [1]. - It aims to strengthen the political attributes of state-owned financial enterprises and integrate party-building work with core business operations [1]. Group 2: Service to the Real Economy - The company has supported 124 enterprises in A-share listings and 366 in the New Third Board, facilitating over 200 billion yuan in direct financing for technology-related companies [2]. - It has invested in over 200 equity projects, totaling more than 15 billion yuan, and established specialized funds to support high-quality listed companies [2]. Group 3: Focus on People's Financial Needs - The company prioritizes a people-centered approach in its financial services, enhancing customer service and expanding access to low-risk financial products [3]. - It has a leading position in the market for pension financial products, with its pension fund's Y share holding exceeding 1.5 billion yuan [3]. Group 4: Green Finance Initiatives - The company has developed a comprehensive green finance service system, achieving over 500 billion yuan in green finance projects [3]. - It actively promotes innovation in green finance and collaborates with high-end partners to support the green transformation of the economy [3]. Group 5: Digital Transformation - The company is committed to digital financial development, enhancing its digital service capabilities and creating a customer-centric service platform [4]. - It aims to improve operational efficiency and risk management through digitalization, ensuring comprehensive coverage of its digital initiatives [4]. Group 6: Risk Management - The company has established a robust compliance and internal control system to mitigate financial risks, ensuring sustainable and high-quality development [4]. - It employs technology to enhance the efficiency of its internal control mechanisms, reinforcing its risk management framework [4]. Group 7: Future Development Goals - The company aims to leverage opportunities in the evolving capital market, aligning its strategies with national financial development goals [5]. - It seeks to contribute to the advancement of China's financial sector through high-quality growth and adherence to the principles outlined by national leadership [5].

Group 1 - The 25th China International Investment Trade Fair was held in Xiamen from September 8 to September 11, showcasing the latest international strategies of major securities firms like CITIC Securities, Galaxy Securities, Shenwan Hongyuan Securities, and Industrial Securities [1][2] - The theme of this year's fair was "Join Hands with China, Invest in the Future," focusing on three main areas: "Investing in China," "Chinese Investment," and "International Investment," with a significant increase in exhibition area and number of exhibitors compared to previous years [1][2] - Over 70 leading international capital firms, domestic major stock exchanges, financial industry associations, funds, securities firms, investment banks, banks, insurance companies, and quality listed companies participated, highlighting the vast prospects and vitality of the Chinese investment market [1] Group 2 - During the fair, key economists from major securities firms provided constructive suggestions on how the Chinese economy can respond to external challenges and internal pressures [2] - CITIC Securities showcased its international strategy through a diverse and digital exhibition format, emphasizing its role in serving the real economy and acting as a bridge for international cooperation [3] - Galaxy Securities focused on the Southeast Asian market, presenting its international brand image and demonstrating its leading position in the region's brokerage business, particularly in Malaysia, Singapore, and Indonesia [4][5] Group 3 - Shenwan Hongyuan Securities highlighted its commitment to the financial "Five Major Articles" and engaged in discussions on cross-border investment cooperation during the fair [6] - Industrial Securities presented an immersive experience at its booth, showcasing its wealth management capabilities and interactive financial education activities [7]