中国及香港股票策略-2026 年展望：主题、风险、政策灵活性及 2026 年一季度首选标的-China & HK Equity Strategy_ 2026 Outlook_ Themes, risks, policy optionality and preferred picks for 1Q26

Wendy Liu AC For 2026, we stick to our constructive stance on MXCN/CSI300 held since 9 Jan 2025. Our end June-2025 call † 12 Oct call for a further rally in MXCN during 2026 remains intact. Near term, our for a rotation from crowded growth/momentum to value/defensive/quality laggards stands, and may last into end 2025/early 2026 with the pullback in high frequency data momentum since Oct 25 shown by JPM's proprietary quantitative macro indicator (QMI), and rising tensions between China and Japan as the late ...