The 2026 annual strategy meetings of securities firms are entering a period of intensive hosting, with 15 securities firms concentrating on releasing their forward-looking judgments on the market. As of November 10, four firms, including Huatai Securities, Kaineng Securities, Soochow Securities, and Guotai Junan, completed their strategy meetings last week, while the remaining 11 will hold theirs in the next three weeks of November.
This week, six securities firms will hold strategy meetings, with four of them taking place on November 11 alone: CITIC Construction Investment in Beijing, CITIC Securities in Shenzhen, and Everbright Securities and Guosheng Securities in Shanghai; the other two are the strategy meetings of Founder Securities in Changsha and CICC in Beijing. The remaining five firms, including Galaxy Securities, Guosen Securities, Zheshang Securities, Shenwan Hongyuan, and Dongfang Caifu, will complete their meetings in the following two weeks. Although most meetings have &#34;annual&#34; as their theme, a few are &#34;autumn&#34; strategy meetings, focusing overall on market trends for 2026.
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The venues show a clear concentration in first-tier cities, with Shanghai hosting the most meetings at six, followed by Beijing with five and Shenzhen with three. Founder Securities is the only institution choosing a non-first-tier city, with its strategy meeting scheduled for November 13 in Changsha.
&#34;New&#34; is the keyword for this year's securities firms' annual strategy meetings, with nine of the 15 firms incorporating &#34;new&#34; in their themes. Guosen Securities has &#34;New Momentum, New Scenery,&#34; Founder Securities has &#34;Towards New, Towards the Future,&#34; CICC has &#34;Ride the Momentum, Seek New,&#34; CITIC Securities has &#34;Strive for a New Journey,&#34; CITIC Construction Investment has &#34;Reform and Innovation, Quality Wins the Future,&#34; Huatai Securities has &#34;Riding the Horse to Open a New Chapter,&#34; Kaineng Securities has &#34;Sailing Against the Wind, Moving Towards New,&#34; Soochow Securities has &#34;Winter Hides Spring Flowers, A New Chapter in a Prosperous Era,&#34; and Guotai Junan has &#34;Set Sail for a New Journey.&#34; The incorporation of &#34;new&#34; elements in the themes highlights the focus on new cycles and new opportunities.
The phenomenon of &#34;theme collision&#34; is quite prominent, with Zheshang Securities' &#34;Ride the Momentum&#34; differing by only one character from Shenwan Hongyuan's &#34;Ride the Momentum,&#34; and both CICC and Everbright Securities featuring &#34;Ride the Momentum&#34; in their themes; &#34;Set Sail for a New Journey&#34; and &#34;Strive for a New Journey&#34; also form a clear echo, reflecting the consensus judgment of sell-side research on market trends.
From the meetings held and the strategies released, institutions generally hold a positive outlook for the A-share market in 2026, although each has its own focus on specific main lines. CITIC Construction Investment predicts that the bull market will continue, with indices oscillating upward but at a slower pace; Huatai Securities is clearly optimistic about the &#34;old economy&#34; sector, believing that its valuation, chips, and expectations are all at low levels; Kaineng Securities proposes a &#34;flat-top slow bull&#34; theory, suggesting that the market will transition from &#34;asset revaluation&#34; to &#34;profit recovery&#34;; Guotai Junan emphasizes that China's &#34;transformation bull&#34; trend has not stopped, and the market is likely to challenge the highs of a decade ago
CITIC Construction Investment: The A-share Bull Market is Expected to Continue in 2026
The CITIC Construction Investment Securities 2026 Capital Market Summit and China-Saudi Investment Cooperation Forum will be held on November 11 in Beijing. CITIC Construction Investment recently published a research report stating that the A-share bull market is expected to continue in 2026, with the index still fluctuating upward but with a slower growth rate. Investors are paying more attention to fundamental improvements and economic verification. Caution is advised regarding the structural and phased adjustment risks in the technology sector, and resource products are likely to become a new main line direction for A-shares after the technology theme. The comprehensive competition between China and the United States may have a significant impact on A-share investments, and it is recommended to layout future industries and focus on key resources and military industry directions.
Key industries to focus on include new energy, non-ferrous metals, basic chemicals, petroleum and petrochemicals, non-bank financials, military industry, machinery and equipment, and computers. Key themes to focus on include new materials, solid-state batteries, commercial aerospace, nuclear power, and cross-strait integration.
CITIC Securities: The Comprehensive Ecology of the A-share Market Will Continue to Improve
The CITIC Securities 2026 Capital Market Annual Conference will be held on November 11 in Shenzhen. Wang Zhaoyu, Chief Analyst of Quantitative Strategy at CITIC Securities, expressed in a research report that looking ahead to 2026, under the guidance of the new national policies and high-quality development, the comprehensive ecology of the A-share market will continue to improve. Quantitative strategies will return to stable, reasonable, and sustainable return levels, and diversified strategy layouts will become a top priority.
In specific directions, first, under the trends of changes in domestic and international environments and industrial structure transformations, there are medium to long-term investment opportunities in large-cap growth and capacity expansion, focusing on technology research and development and expectation improvement combinations; second, in the context of active market investment and financing and comprehensive ecological improvement, alternative investment opportunities should be laid out, such as asset replacements of discounted varieties, with high and unique Alpha return certainty, highlighting value layouts.
Tian Liang, Chief Analyst of the Financial Industry at CITIC Securities, pointed out that during the &#34;14th Five-Year Plan&#34; period, the securities industry pattern is expected to be deeply reshaped, promoting the industry to achieve differentiated development, with 10 comprehensive institutions leading the industry's development gradually taking shape. The regulatory cycle of investment banking, derivatives, futures, and asset securitization businesses is expected to gradually warm up, and securities companies are expected to achieve substantial development through endogenous growth and mergers and acquisitions, with asset allocation, comprehensive services, and internationalization capabilities likely becoming the decisive factors for industry differentiation. It is recommended to pay attention to leading securities companies that impact international first-tier investment banks and medium to large securities companies with the potential to enter the top tier.
Huatai Securities: Clearly Optimistic About the &#34;Old Economy&#34;
On November 5, Huatai Securities held its 2026 Investment Summit in Beijing, themed &#34;Riding the Horse to Open a New Chapter,&#34; which deeply discussed the macro landscape and market opportunities in the first year of the &#34;14th Five-Year Plan.&#34;
He Kang, Chief Strategist and Co-Head of Financial Engineering at Huatai Securities Research Institute, is clearly optimistic about the &#34;old economy.&#34; He pointed out that the new economy represented by AI, driven by performance growth, interest rate cuts, and domestic and international industrial trends, has formed strong support for the technology sector. However, the sector currently appears somewhat crowded, and the valuation premium is relatively high
He is optimistic about the &#34;old economy&#34; based on four points: First, there is a positive correlation between the new and old economies; when the new economy performs well, it usually drives the growth of the old economy. Second, the old economy sectors currently have low valuations, low chips, and low market expectations. Third, the bottom of the cycle accumulates strong recovery potential. Fourth, from the perspective of capital, next year, incremental funds such as insurance and foreign capital will prefer value styles. Therefore, he suggests that investors should balance value and growth in their allocations.
Regarding the timing of layout, facing the uncertainty of the long-term dimension, He Kang recommends that investors adopt a method of regular investment and phased building of positions. Historically, capital allocation generally focuses more on risk aversion at the end of the year, with value styles relatively dominant; thus, the end of the year to the first quarter of next year is a good layout window.
Kaiyuan Securities: Next year is more likely to be a &#34;flat-top slow bull&#34; rather than a &#34;sharp-top short bull&#34;
On November 4th, under the theme &#34;Ride the Wind and Break the Waves, Move Towards the New,&#34; the 2026 strategy meeting of Kaiyuan Securities was held in Shenzhen. Wei Jixing, Chief Analyst of Strategy at Kaiyuan Securities, stated that the capital market will transition from &#34;asset revaluation&#34; to &#34;profit recovery&#34; around 2026, and it is more likely to be a &#34;flat-top slow bull&#34; rather than a &#34;sharp-top short bull.&#34; That is, after the &#34;flat-top,&#34; a &#34;profit recovery&#34; slow bull will follow.
Wei Jixing believes that &#34;technology first&#34; is the strongest main line throughout this round of bull market, possessing three long-term advantages: relative profit advantage, overseas mapping, and global semiconductor cycle resonance. However, the industry performance in 2026 will be more balanced than in 2025. The cyclical opportunities of the &#34;profit recovery&#34; slow bull focus on PPI. The performance of the dividend style in 2026 will be better than in 2025. The evolution from valuation bull to flat-top also represents a shift from industry Beta investment to factor investment.
In terms of industry allocation, Wei Jixing expresses optimism about investment opportunities in four industries: technology growth that is self-controllable, expectations of PPI improvement combined with broad anti-involution, going overseas + enhancing global industrial competitiveness, and the transformation of domestic demand structure + consumption recovery.
Guotai Junan: The upward trend of China's &#34;transformation bull&#34; is far from over
On November 4th, the 2026 strategy meeting of Guotai Junan opened in Beijing. This meeting is themed &#34;Set Sail for a New Journey.&#34;
Fang Yi, Chief Analyst of Strategy at Guotai Junan, stated in his speech that the Chinese stock market will enter a period of significant development in 2025, with capital market reforms and economic structural transformations complementing each other, which is a typical feature of the &#34;transformation bull.&#34; The upward trend of China's &#34;transformation bull&#34; is far from over; China's economic transformation, the sinking of risk-free returns, and capital market reforms amplify the bull market mindset, and the market is expected to exceed consensus and challenge the highs of ten years ago.
Fang Yi pointed out that the revaluation of the Chinese market is broad, with opportunities in both technology and non-technology sectors, shifting from a barbell strategy to a quality strategy. Emerging technology is the main line, while cyclical consumption looks towards transformation, and financial stocks remain favorable.
Liang Zhonghua, Chief Macro Analyst at Guotai Junan, believes that in the medium to long term, China's economy has significant growth potential. In 2025, the macroeconomic total will stabilize, but structural differentiation is evident, with supply and demand differentiation, as well as quantity and price differentiation. Therefore, the weakness in domestic demand remains an issue that needs to be addressed by policies in 2026, and price indicators are the core indicators to monitor changes in domestic demand, with stable growth relying on stable prices
Asset reconstruction is crucially determined by &#34;price.&#34; Inflation expectations are vital for residents' wealth management. The restructuring of the global economy and monetary system is leading to changes in the pricing framework of assets such as gold, the US dollar, and US Treasury bonds.
Soochow Securities Co., Ltd.: The Renminbi may enter a new round of appreciation cycle
On November 4th, the &#34;Winter Storage and Spring Blossom, New Chapter of Prosperity&#34; 2026 Strategy Summit hosted by Soochow Securities Co., Ltd. opened in Shanghai. Lu Zhe, Chief Economist and Co-Director of the Research Institute at Soochow Securities, stated that the rebound in prices plays an important role in economic growth and the capital market. On one hand, to achieve the goal of reaching the per capita GDP level of moderately developed countries by 2035, the nominal GDP growth rate during the 14th Five-Year Plan period needs to be no less than 5.5%, which corresponds to a price index rebound of over 0.8%. On the other hand, this year's major indices in the A-share market have mainly seen gains from valuation increases, while corporate profits still face certain pressures. Whether price pressures can improve is key to the recovery of profits.
Lu Zhe analyzed the favorable conditions for a reasonable rebound in prices from three dimensions: consumer demand, monetary liquidity, and exchange rates. From the perspective of consumer demand, long-term population transformation, industrial transformation, and fiscal transformation are conducive to boosting residents' income. The simultaneous movement of the population peak and consumption peak in the next decade indicates a more optimistic total consumption. From the perspective of monetary liquidity, the central bank's initiation of government bond trading and the fiscal sector's start of &#34;debt conversion&#34; are jointly promoting the transfer of fiscal deposits to residents and enterprises, thereby driving a significant rebound in M1 growth over the past year, which will in turn lead to a rebound in PPI. From the perspective of exchange rates, benefiting from a solid basic level of commodity exports, the return of foreign capital to Renminbi financial assets, and the initial signs of a long-term weakening of the US dollar, the Renminbi may enter a new round of appreciation cycle

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This week, 6 brokerage firms will hold strategy meetings, focusing on market trends for 2026. CITIC Securities predicts that the bull market will continue, HTSC is optimistic about the "old economy" sector, and Kaiyuan Securities has proposed a "flat-top slow bull" theory. 15 brokerage firms have collectively released market outlook judgments, incorporating "new" elements into the themes, emphasizing new cycles and new opportunities

Securities firms will hold intensive strategy meetings in 2026, with keywords being the continuation of the bull market and profit recovery