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/mome

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.