CITIC Securities: China's economy will enter a transitional period dominated by new quality production forces.

CITIC Securities pointed out that during the "15th Five-Year Plan" period, the Chinese economy will enter a transformation period dominated by new quality productivity, with the central growth shifting downwards and external geopolitical competition intensifying. Industrial investment will focus on four main themes: technology self-reliance and self-strengthening driven by new quality productivity, green transformation during the period of carbon peak battle, silver economy spurred by aging population, and strategic resource layout under coordinated development and security. Non-ferrous metals are expected to continue their strong performance, with gold serving as a core safe-haven asset under the logic of "de-dollarization" pricing, and copper and aluminum benefiting from energy transition and supply constraints. Asset allocation is recommended to adopt a dual-peak strategy: defensively allocating high-dividend assets to obtain stable cash flow returns, and offensively allocating assets in hard technology growth to capture excess profits from domestic substitutions and industrial upgrades.