Bao Chengchao, chief strategist at CITIC Securities, said in his speech at the CITIC Securities 2027 Capital Market Strategy Conference that market adjustments are already ahead of this year, and the turning point will now be. Growth and value differentiation will continue to converge in 2027, return to value, and expand market breadth. The trend in the AI industry is still ongoing, and the same trend continues as asset price increases converge. In a medium to high rotation environment, the steady return strategy represented by PB-ROE has an advantage over the economic strategy, and the style may change. In terms of industry allocation, it is recommended to pay more attention to value leads with strong supply logic to pay more attention to low-level segments of manufacturing, consumption, and medicine.

Bao Chengchao, chief strategist at CITIC Securities, said in his speech at the CITIC Securities 2027 Capital Market Strategy Conference that market adjustments are already ahead of this year, and the turning point will now be. Growth and value differentiation will continue to converge in 2027, return to value, and expand market breadth. The trend in the AI industry is still ongoing, and the same trend continues as asset price increases converge. In a medium to high rotation environment, the steady return strategy represented by PB-ROE has an advantage over the economic strategy, and the style may change. In terms of industry allocation, it is recommended to pay more attention to value leads with strong supply logic to pay more attention to low-level segments of manufacturing, consumption, and medicine.