Recently, several public funding institutions such as Cathay Pacific Fund, China Merchants Fund, HSBC Jinxin Fund, and Great Wall Fund held a 2026 annual strategy meeting. A number of fund managers conducted in-depth discussions on subsequent investment opportunities in popular sectors such as AI technology, consumption, and innovative pharmaceuticals. Looking ahead to 2026, some industry insiders said that the market is worth optimistic expectations, and that the upward momentum may gradually shift from a single valuation driver to a “profit+valuation” dual drive. 2026 is the beginning of the 15th Five-Year Plan. Relevant industrial policies and macroeconomic support policies are worth looking forward to. The overall performance of listed companies is expected to improve further next year, and structural highlights are likely to increase, which is conducive to raising market risk appetite. Currently, the ratio between the market value of free circulation of A-shares and residents' deposits is still at a relatively low level, and the stock market may welcome more new capital. Furthermore, the current market valuation structure is relatively healthy, and there is no overall overheating.

Recently, several public funding institutions such as Cathay Pacific Fund, China Merchants Fund, HSBC Jinxin Fund, and Great Wall Fund held a 2026 annual strategy meeting. A number of fund managers conducted in-depth discussions on subsequent investment opportunities in popular sectors such as AI technology, consumption, and innovative pharmaceuticals. Looking ahead to 2026, some industry insiders said that the market is worth optimistic expectations, and that the upward momentum may gradually shift from a single valuation driver to a “profit+valuation” dual drive. 2026 is the beginning of the 15th Five-Year Plan. Relevant industrial policies and macroeconomic support policies are worth looking forward to. The overall performance of listed companies is expected to improve further next year, and structural highlights are likely to increase, which is conducive to raising market risk appetite. Currently, the ratio between the market value of free circulation of A-shares and residents' deposits is still at a relatively low level, and the stock market may welcome more new capital. Furthermore, the current market valuation structure is relatively healthy, and there is no overall overheating.