Brokerage asset management Q4 latest strategy: Overall, equity allocation is prioritized over commodities and bonds.

Entering the fourth quarter, how are asset management institutions ranking major asset classes? Overall, most surveyed institutions place equities as the top allocation priority, while views on the ranking of bonds versus commodities diverge. "From a relative cost-effectiveness perspective, equities and bonds as a whole may outperform commodities," Li Meicen, chief asset allocation officer at Caitong Asset Management, told reporters. On equities, most broad-based indices are valued at around the 60th percentile of their historical range, while the ChiNext Index is at roughly the 25th percentile, so investors can select segments with growth momentum and traditional low-valuation, sustainable-dividend directions that have third-quarter earnings support or valuation-switch opportunities in 2027. On commodities, the oil chain and agricultural products posted large gains in the third quarter while other segments corrected more sharply, so fourth-quarter positioning can focus on laggard varieties. A relevant person in charge at Everbright Securities Asset Management believes the relative cost-effectiveness of major asset classes in the fourth quarter is "equities > bonds > commodities." With the pace of policy stimulus shifted later, domestic demand pressure intensified in July-August, and the economy is likely to "dip first and rebound later" in the second half of the year, which is conducive to stock market performance in the fourth quarter, with the rally expected to spread from AI to traditional industries.