CITIC Securities' 2026 strategy for major asset classes: The cost-effectiveness of risk assets is expected to remain stronger than that of safe-haven assets.

CITIC Securities released its large-asset 2026 strategy: Under the benchmark assumption, economic recovery, rising inflation, and the end of loose policy will be the major macro themes in 2026. Economic recovery determines the allocation direction, PPI and liquidity determine the allocation pace, and changes in the risk characteristics of asset returns determine tactical responses. In terms of asset allocation in 2026, the risk-return ratio of risk assets is expected to remain stronger than that of safe-haven assets.