CITIC Securities: It is expected that the Chinese macro economy will show a moderate recovery trend under structural differentiation, and the annual economic growth rate may reach 4.9%.

According to the research report of CITIC Securities, looking ahead to 2026, it is expected that the Chinese macro economy will show a mild recovery trend under structural differentiation, with the annual economic growth rate reaching 4.9%, exports maintaining resilience, investment gradually picking up, and commodity consumption facing short-term pressure. In 2026, the environment of major asset classes may exhibit characteristics of marginal easing of liquidity and moderate economic recovery, and we recommend commodities > stocks > bonds. We recommend the China Themes report, which integrates the outlook for major asset classes in 2026, macro policies, and investment highlights in industries, and summarizes key companies in various sectors for investors' reference.