The organization optimistically predicts market performance in 2026, with attention on the "spindle-shaped" strategy.

Recently, several asset management institutions, including HSBC Jintrust Fund, Xinyuan Fund, CEB International Wealth Management Fund, Morgan Asset Management, and Pictet Asset Management from Switzerland, have provided outlooks on the equity market in 2026. Some institutions have indicated that the resilience in corporate performance recovery may become the highlight of 2026. Despite the increase in global macro volatility, the convergence of domestic tail risks and the entry of stock-bond price-to-value indicators into a reasonable range highlight the attractiveness of Chinese equity assets. In addition, some institutions have introduced new features in their strategies: shifting from a focus on high dividend and technology extremes in the past to a "spindle-shaped" allocation, with midstream cyclical manufacturing potentially becoming the focus.