From November 5 to 6, the HTSC 2026 Investment Summit was held in Beijing under the theme "Embarking on a New Chapter." The summit explored macroeconomic trends and market opportunities as China enters the initial phase of its 15th Five-Year Plan.

Experts, including Yang Weimin, former deputy director of the Office of the Central Financial and Economic Affairs Leading Group, and Da Wei, director of the Institute of International Studies at Tsinghua University, shared insights on key topics such as the logic and priorities of the 15th Five-Year Plan, domestic economic policies, China-U.S. relations, and the 2026 macroeconomic outlook.

Liang Hong, Chairman of HTSC's Institutional Business Committee, noted that 2025 marks the conclusion of the 14th Five-Year Plan, with China's economy demonstrating greater stability. The 15th Five-Year Plan emphasizes economic development as the central focus, aiming to increase household consumption's share of GDP and shift from an export- and investment-driven model to one fueled by domestic demand and consumption. Looking ahead to 2026, Liang expects further revaluation of Chinese assets, with equity investors likely shifting focus from dividend and tech strategies to cyclical sectors like energy, consumption, and real estate—particularly high-quality industry leaders.

Regarding macroeconomic policy and economic trends, HTSC Chief Macro Economist Yi Xian highlighted China's resilient exports in 2025, which are expected to remain strong in 2026, driven by industrial upgrading. Fiscal policy will maintain moderate expansion to support deleveraging, while the impact of real estate deleveraging on credit cycles and corporate cash flows may ease. Internationally, reduced policy volatility in the U.S. and synchronized global fiscal and monetary easing could stabilize China-U.S. trade relations.

For 2026 market outlooks, Zhang Jiqiang, HTSC Research Director and Chief Fixed Income Analyst, noted that this year's stock market was driven by sentiment, liquidity, and valuations, while next year may shift toward earnings validation. In bonds, 2025 saw corrections from early-year overvaluation, but 2026 will refocus on fundamentals like nominal GDP, financing demand, and equity-bond yield comparisons. A key factor is the maturity of long-term deposits in 2026, which could redirect funds toward equities.

Investors are advised to conduct independent research and bear their own risks.