[CITIC Securities Bao Chengchao: Turnaround is coming and differentiation will continue to converge in 2027] On November 3, Bao Chengchao, chief strategist of CITIC Securities, said in a speech at the CITIC Securities 2027 Capital Market Strategy Conference that market adjustments have been pre-empted this year, and a turning point is coming. In 2027, growth and value differentiation will continue to converge, return to value, and market width will expand. The trend of the AI ​​industry is still there, and the same trend is still in the convergence of asset price increases. In a medium-to-high rotation environment, the steady return strategy represented by PB-ROE is dominant compared to the boom strategy, and the style may change. In terms of industry configuration, it is recommended to pay more attention to value clues with strong supply logic and increase attention to low-level manufacturing, consumption and pharmaceutical subdivisions. (Reporter Gao Yanyun)