CITIC Securities says that with macro uncertainty concentrated in 2027 from
geopolitical and liquidity risks, investors should focus on high‑certainty
fundamental trades. Priority themes: oil and gold — oil is expected to be skewed
to the upside amid low inventories and elevated disruption risk, while gold is
underpinned by core safe‑haven buying but likely needs a stagflation shock to
trigger a sustained rebound; supply‑constrained commodities including copper,
rubber, MDI and fluorochemicals; demand‑driven winners such as coal chemicals,
viscose filament/short‑staple fibre and strategic metals; and price‑resilient,
strong‑valuation dividend sectors including coal and electrolytic aluminium.