Cathay Pacific Fund's Chief Quantitative Officer and Head of Quantitative Investment Department Liang Xing reviewed the 2026 market performance and looked forward to 2027. Liang Xing determined that in 2027, AI upstream hardware assets may enter the “fish tail” market, with narrowing returns and increasing fluctuations. Compared to the communications sector, which is more likely to be influenced by overseas turbulence, she is more optimistic about the semiconductor equipment sector corresponding to domestic computing power. In addition, the Hong Kong stock internet and software sectors on the AI application side are also worth paying attention to. At the same time, geopolitical conflicts and the Federal Reserve's policy disturbances have increased. Gold has strong allocation value, and opportunities in the bond market still exist but fluctuations have increased. Liang Xing believes that next year there will be fewer definitive opportunities, and investors should do a good job of allocating multiple assets to withstand all kinds of uncertainties. In this way, the relative win rate will be higher. On the premise of matching risk tolerance and funding arrangements, Liang Xing suggested that in 2027, the ratio of major asset allocations may be used as a reference: 50% bonds, 10% gold, and no more than 40% of various equity assets.

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