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;

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.