On November 10, Shenwan Hongyuan Group Co.,Ltd. (000166) hosted its 2027 Capital Markets Investment Annual Conference in Shanghai, where Jin Qianjing, Chief Analyst of Global Asset Allocation Strategy at Shenwan Hongyuan Research, delivered a presentation titled "Poised to Leap from the Abyss: Shenwan Hongyuan's 2027 Global Asset Allocation Investment Strategy Outlook."

She stated that global markets are currently in the trough phase of the J-curve, characterized by decelerating AI industry investment expectations and rising risk premiums. High volatility in risk asset prices will still require some time to be digested, and a defensive posture is recommended for the short to medium term.

Over the medium term, whether it be the clear boundaries of tightening dollar liquidity or the accelerated arrival of the AI industry trend itself, both will bring new opportunities for risk assets.

In the short term (1-3 months), she maintains a defensive overweight in short-term U.S. Treasuries, Chinese long-duration bonds, and energy positions, while reducing exposure to equity markets and sectors that have seen valuations rise too quickly due to the upward surge in AI capital expenditure.

In the medium term (3-6 months), she recommends opportunistically increasing allocations to A-share value stocks, Hong Kong stocks, and gold based on changes in dollar liquidity and policy.

At the strategic allocation level, she continues to favor commodities, real estate in core cities, and opportunities on the AI application side.

The latest quantitative asset allocation "Five-Star Model" indicates: overweight Chinese interest rate bonds, short-term U.S. Treasury bonds, agricultural products, and Hong Kong stocks over the next quarter; neutral on U.S. equities, A-shares, and gold; and underweight Japanese and Korean equities as well as credit bonds.