Group 1 - The report presents the "Shenwan Hongyuan Top Ten Stock Portfolio" for December 2025, reflecting the firm's market outlook and stock selection capabilities [1][11] - The previous portfolio saw a decline of 1.90% from November 1 to November 28, 2025, with A-shares averaging a drop of 3.17%, while the Hong Kong stock in the portfolio rose by 9.54% [6][14] - Since the first portfolio release on March 28, 2017, the cumulative return of the portfolio has been 401.02%, with A-shares up 290.03% and Hong Kong stocks up 1250.43% [6][14] Group 2 - The current strategy indicates a balanced style judgment, suggesting a transitional phase rather than a bull-bear conversion, with expectations for a "policy bottom" to support economic growth in 2026 [14] - Recommendations include investing in both cyclical and technology sectors, focusing on basic chemicals, industrial technology, storage, energy storage, and high-dividend low-volatility assets [14] - The top three recommended stocks, referred to as the "Iron Triangle," are Alibaba-W (Hong Kong), JinkoSolar, and Giant Network, highlighting their growth potential and market positioning [17][18] Group 3 - The full list of the top ten stocks includes Alibaba-W, JinkoSolar, Giant Network, Guotou Power, Fuda Co., Yake Technology, Luzhou Laojiao, Tax Friend, Industrial Bank, and AVIC Shenyang Aircraft [17][18] - Each stock is selected based on specific growth drivers, such as Alibaba's shift towards a consumer ecosystem, JinkoSolar's expansion in energy storage, and Giant Network's potential in the gaming sector [17][18][20] - The report provides detailed valuation and profit forecasts for each stock, indicating expected growth rates and price-to-earnings ratios [22][23]