Cai Xin Securities' Huang Hongwei: "Cooling Down" Stabilizes Pace without Changing Trends, Anchoring Five Key Themes for 2026 Investment Direction.

Since the beginning of the year 2026, the A-share market has been heating up. A recent phase of adjustment has attracted widespread attention from the market and investors. Recently, Huang Hongwei, chief analyst of macro strategies at the Research and Development Center of Cai Xin Securities, stated in an interview with China Securities Journal that the strong start of the year is the result of three factors: the continuation of market trends, the catalysis of the spring market, and the recovery of overseas markets. The recent market volatility is attributed to the implementation of countercyclical adjustment policies and profit-taking in some hot sectors, which is considered a benign adjustment and does not change the overall upward trend. Looking ahead to the whole year, investors should focus on five main themes with performance and policy support: the artificial intelligence industry chain, high dividend assets, anti-internal competition sectors, expanding domestic demand, and resource sectors. Grasp structural opportunities while balancing risks and rewards to help stabilize and optimize asset allocation in the long run.