CITIC Securities chief strategist Bao Chengchao said at a 2027 capital-markets
strategy meeting that this year’s market correction was largely front-loaded and
a turning point will emerge. He expects 2027 to see continued convergence
between growth and value, a reversion to value and broader market breadth; the
AI structural theme remains but convergence in asset-price gains will persist.
In a mid-to-high rotation environment, PB/ROE-based stable-return strategies
should outperform cyclical/momentum plays and style may shift. On sector
positioning he recommends prioritizing supply-side value cues and increasing
exposure to low-valuation pockets in manufacturing, consumer and pharmaceutical
sub-sectors.
