中国股票策略 2026：韧性、再平衡与风险-China Equity Strategy_ 2026_ Resilience, rebalance, and risks

3 December 2025 Equity Research Report China Equity Strategy Equity Strategy 2026: Resilience, rebalance, and risks Back to fundamentals. The 2025 bull run in the China equity market has gone through three stages, driven by: (1) innovation, led by DeepSeek-R1; (2) liquidity after the tariff shock; and (3) earnings since September. Our unchanged end-2026 index targets – SHCOMP 4,500, CSI300 5,400, and SZCOMP 16,000 – imply upsides of 16-24%, led by earnings growth rather than re-rating. Resilience. Despite t ...