According to the CITIC Securities Research Report, the 2026 asset environment may be characterized by marginal liquidity easing and gentle economic recovery. We recommend commodities > stocks > bonds. In terms of equity, we expect Wandequan A to rise 5%-10% for the full year in 2026; Hong Kong stocks are expected to experience a bottom-up rebound in performance and a second round of valuation repairs, and US stocks are expected to continue their fundamental growth momentum in the context of “financial+monetary” double easing in the midterm election year. In terms of bonds, we expect 10-year Chinese bond yields to operate in the full year range of 1.5%-1.8%, and the pace will increase; 10-year US Treasury yields may remain fluctuating in the range of 3.9% to 4.3%. On the commodity side, the crude oil supply and demand pattern shifts from excess to balance. Brent crude oil may fluctuate in the 58-70 US dollars/barrel range throughout the year; gold continues to be strong but the increase is slowing down, and is expected to impact 5,000 US dollars/ounce; copper has strong support driven by supply constraints and electricity demand, and the average price is expected to rise to 12,000 US dollars/ton. In terms of exchange rates, the RMB may enter a moderate appreciation cycle, and the center of the USD/RMB exchange rate is expected to gradually move closer to 6.8.

According to the CITIC Securities Research Report, the 2026 asset environment may be characterized by marginal liquidity easing and gentle economic recovery. We recommend commodities > stocks > bonds. In terms of equity, we expect Wandequan A to rise 5%-10% for the full year in 2026; Hong Kong stocks are expected to experience a bottom-up rebound in performance and a second round of valuation repairs, and US stocks are expected to continue their fundamental growth momentum in the context of “financial+monetary” double easing in the midterm election year. In terms of bonds, we expect 10-year Chinese bond yields to operate in the full year range of 1.5%-1.8%, and the pace will increase; 10-year US Treasury yields may remain fluctuating in the range of 3.9% to 4.3%. On the commodity side, the crude oil supply and demand pattern shifts from excess to balance. Brent crude oil may fluctuate in the 58-70 US dollars/barrel range throughout the year; gold continues to be strong but the increase is slowing down, and is expected to impact 5,000 US dollars/ounce; copper has strong support driven by supply constraints and electricity demand, and the average price is expected to rise to 12,000 US dollars/ton. In terms of exchange rates, the RMB may enter a moderate appreciation cycle, and the center of the USD/RMB exchange rate is expected to gradually move closer to 6.8.