Internationally
1. BNP Paribas: Unwound short positions in 10-year US Treasuries after the Fed's rate cut.
2. Fitch: Expects US leveraged loan default rates to decline in 2026.
3. Scotiabank: The dollar bear market has only just begun.
4. Nomura: The dollar is expected to weaken against the yen next year.
5. Jefferies: The outlook for Japanese stocks in 2026 is highly attractive.
6. ING: The euro is nearing a two-month high; it's too early to bet on a ECB rate hike.
Domestically
1. CICC: The Central Economic Work Conference reflects a greater emphasis on quality and efficiency, and a wider range of tools to choose from.
2. Orient Securities: Expects continued easing of purchase restrictions on real estate in 2026, with ample policy space.
3. CITIC Securities: Domestic brain-computer interface companies are expected to gradually achieve commercial applications.
4. CITIC Securities: New measures to address the risks of operating debt, such as non-standard debt of financing platforms, may be expected. 5. CITIC Securities: A window for interest rate cuts is expected to remain in place in the first half of next year, with a potential policy rate reduction of 10 basis points.
6. CITIC Securities: The necessity and feasibility of short-term interest rate cuts may increase.
7. CITIC Securities: The probability of the trade-in policy for automobiles continuing in 2026 is relatively high.
8. BOC Securities: Optimistic about the continued positive trend of both domestic and international sales in China's construction machinery industry.
9. Huatai Securities: Optimistic about the revaluation opportunities for Hong Kong-based real estate companies with a high proportion of Hong Kong market share.
