Internationally:
1. UBS: Downgrades US equity allocation to neutral; global diversification trend becoming increasingly apparent.
2. Goldman Sachs: Nvidia's strong earnings report fails to stem stock price decline; profit-taking pressure emerges.
3. Mitsubishi UFJ: The pound may depreciate if the UK Labour Party loses in local elections.
Domestically:
1. CITIC Securities: Alibaba and Tencent bet on NPOs; focus on scale-up network development opportunities.
2. CITIC Securities: Overseas battery companies saw revenue growth in Q4 2025, but profitability was under pressure.
3. Galaxy Securities: Semiconductor industry sales hit new highs; long-term logic remains solid.
4. CICC: The restructuring of the international monetary order will remain a major theme for global assets in 2026.
5. CITIC Securities: The insurance sector remains in a period of significant opportunity; AI narrative adjustments present a right-side investment window.
6. Huatai Securities: Continues to be optimistic about three main themes: rising overseas gas turbine volume and price + domestic supply chain going global + gas turbine supply spillover.
7. Huatai Securities: We are optimistic about investment opportunities in "three-good" real estate companies, excellent commercial operators, Hong Kong-funded real estate companies, and high-dividend property management companies.
