Speaking at CSC Financial's 2027 capital markets strategy meeting in Beijing,
chief economist Huang Wentao outlined a 'new four-bulls' long-bull framework and
said China's capital market should remain broadly upward in 2027, with a
possible 'three bulls' rally in equities, bonds and the yuan. Policy drivers to
watch: a shift from investment in physical assets to investment in people,
second-year ramp-up of major five-year-plan projects, greater use of policy
financial instruments, property adjustment entering its final stage, and
income-distribution reform. For asset allocation he recommended overweighting
RMB 'money-anchor' assets — key tech/domestic-substitution sectors, gold,
strategic metals, shipping/logistics, chemicals/materials, aerospace/defence,
energy and power, pharmaceuticals, robotics and other strategic
national-construction sectors — while keeping core allocations to RMB liquidity
assets: securities/financials, dividend equities, bonds and prime-location
REITs. He cautioned on downside risks from overseas economic volatility,
financial-stability concerns and geopolitical tension.
