Cai Xin Securities' Huang Hongwei: "Cooling down" stabilizes pace without changing trend; five major themes anchor investment direction for 2026.

According to the China Securities Journal, since the beginning of 2026, the A-share market has been heating up, and the recent phase of adjustment has attracted wide attention from the market and investors. Recently, Huang Hongwei, the chief macro strategist at the Research and Development Center of Caixin Securities, said in an interview with the China Securities Journal that the strong start to the year is the result of three factors: the continuation of market trends, the catalysis of the spring market, and the recovery of overseas markets. The recent market volatility is due to the implementation of countercyclical policies and profit-taking in some hot sectors, which is a benign adjustment and does not change the overall upward logic. Looking ahead for the whole year, investors need to anchor five major themes with performance support and policy support, including the artificial intelligence industry chain, high dividend assets, anti-"involution" fields, expanding domestic demand, and resource sectors. Grasping structural opportunities while balancing risks and returns can help asset allocation to stay steady and far-reaching.