The 2026 annual "Bet on China" Top 10 Core Assets, voted by tens of millions of members across more than seventy countries, has been officially unveiled amidst a market shrouded in "uncertainty"! After over half a month of voting involving tens of millions of members globally, which generated hundreds of thousands of valid votes, the 2026 core assets list was finalized through purely data-driven aggregation. The listed companies selected in this vote must meet the following four principles: // 1. Represent China, being Chinese enterprises with the domestic market as their core foundation. 2. Represent the future direction of China's economy and can tangibly empower people's livelihoods and create long-term value. 3. Leading assets possessing absolute competitive barriers, or those poised to form significant competitive advantages in potential sectors. 4. Possess a high probability of achieving 20% or more market capitalization growth space amidst the market uncertainties of 2026. The 2025 Chinese investment market was full of "uncertainties": early-year recovery expectations wavered with the Federal Reserve's interest rate cuts; uncertainties surrounding Sino-US relations and the Asia-Pacific situation cooled; doubts about property market stabilization, debates over an AI bubble, and a blurry investment direction from shifting new energy sector sentiment; the consensus expectation of an A-share "three-stage bull market" and "certainty of 5,000 points" concealed risks of homogenized positioning, testing investors' judgment amidst market fluctuations. Amidst the unpredictable market, we firmly believe: while individual investors may have short-term deviations, the collective wisdom forged by tens of millions can cut through the fog. Since the end of 2018, Gelonghui has organized the "Global Vision, Bet on China" core assets discussion and voting activity for seven consecutive years; the Top 10 Core Assets are all voted on by tens of millions of members from over seventy countries, with no human intervention, aiming to help global investors anchor future Chinese core assets, with past performance corroborating the value of this collective wisdom. During the 2019-2025 period, the Gelonghui "Bet on China" Top 10 Core Assets Index achieved a cumulative increase of 318.67%, significantly outperforming the CSI 300 Index (+56.2%) and the Hang Seng Index (-0.82%) over the same period, and even showing an advantage when benchmarked against the global S&P 500 Index (+175.3%); looking solely at 2025, the equal-weighted portfolio of the ten core assets yielded a return of 35.1%, also clearly outperforming the CSI 300 Index (+17.7%), Hang Seng Index (+27.8%), and S&P 500 Index (+17.3%) over the same period. This track record, sustained through years of uncertainty, serves as powerful evidence of the collective wisdom's ability to anchor returns. As per convention, the 2026 "Bet on China" Top 10 Core Assets were disclosed early to flagship members on December 15, 2025. To adapt to next year's market uncertainties, this year's list continues the "quarterly dynamic adjustment" mechanism, flexibly adapting to the market and capturing definitive opportunities. The following outlines the core logic for each of the Top 10 Core Assets: 1. Zhongji Innolight Co.,Ltd.(300308) The accelerated rollout of domestic AI computing infrastructure in 2026, with the "East Data, West Computing" project expected to drive 180 billion yuan in optical module procurement demand, coupled with the explosive growth in AI large model training and inference needs, is driving volume and price increases in the industry, aligning with the main theme of China's digital economy development. Domestic demand for 800G optical modules is growing 50% annually, while 1.6T products are entering peak mass production, with domestic orders up 120% year-on-year, becoming the core growth engine. As a global leader rooted in China, the company holds over a 40% market share in 800G/1.6T products; its Tongling base is gradually releasing 1.6T capacity, forming a pattern of domestic capacity support and overseas market expansion, where international business complements core domestic advantages, with 1.6T product premiums being 20%-30% higher than 800G. Brokerage neutral forecasts predict 25%-30% market cap growth for 2026, deeply benefiting from the iteration dividends of China's AI industry. 2. TENCENT(00700.HK) Leveraging a vast domestic user base and the social moat built by WeChat (1.38 billion MAU) and QQ, it is deeply embedded in the domestic traffic ecosystem, serving as a core vehicle for the digital economy to empower people's livelihoods. Channels, as an emerging domestic traffic engine, has surpassed 500 million daily active users with over 70 minutes of average daily usage time; its 2026 advertising revenue scale is expected to exceed 40 billion yuan, with AI efficiency enhancements further amplifying domestic traffic monetization efficiency. The gaming business, grounded in its domestic base, saw revenue growth of 15%; overseas expansion primarily serves to hedge against domestic saturation pressure, with the core focus remaining on domestic license optimization and premium content iteration. GF Securities maintains a neutral outlook, forecasting adjusted net profit attributable to parents of 295-298 billion yuan for 2026, corresponding to an upside potential of 25%-30%, relying on domestic ecological barriers to solidify growth certainty. 3. BABA-W(09988.HK) Anchored on the dual main themes of domestic AI+Cloud and major consumption, Alibaba Cloud, centered on domestic enterprise services, is expected to achieve revenue of 170 billion yuan with sustained growth of 34%; its Qwen large model deeply serves over 2,000 domestic enterprise clients, empowering the digital transformation of manufacturing and retail. Domestic instant retail business losses narrowed by 50%, with average order value rising over 10% sequentially, advancing towards the three-year trillion GMV target, precisely catering to domestic consumption upgrade demand. Overseas business accounts for less than 10%, serving merely as an extension of core domestic capabilities, focused on serving cross-border Chinese enterprises. Morgan Stanley provides a neutral outlook, predicting 25%-28% upside potential for its share price, with domestic AI implementation and consumption recovery forming a resonance, and the valuation repair logic focused on the Chinese market. 4. Gold ETF(518880) As a core hedging tool for domestic investors, it precisely adapts to the volatile domestic market environment expected in 2026; top domestic investment bank CITIC Securities predicts gold prices could challenge $5,000/ounce. Three key supports all serve domestic allocation needs: the transmission of liquidity easing from Fed rate cuts to domestic markets, rising domestic safe-haven sentiment amid geopolitical risk spillovers, and the trend of global central bank gold purchases strengthening price resilience. As of December 29, 2025, this ETF's AUM reached 96.561 billion yuan, steadily ranking first in its domestic category, with net inflows of 1.818 billion yuan over the past 20 days; it closely tracks Shanghai Gold Exchange contracts, providing a low-volatility buffer for domestic asset portfolios. Brokerage neutral assessments judge its fund inflow capacity to grow 28%-32% year-on-year, making it a core hedging instrument for betting on the Chinese market. 5. CMOC(603993/03993.HK) Deeply integrated into the domestic new energy industry chain, cobalt and copper, as core raw materials for power batteries, benefit from the continuous increase in domestic new energy vehicle penetration, serving as the core drivers of performance. The company's 2026 production targets are 660,000 tons for copper and 120,000 tons for cobalt, maintaining its global leading position; cobalt products primarily supply domestic power battery leaders like CATL and BYD, precisely对接 domestic new energy demand. Overseas resource布局 (spanning 3 continents) primarily aims to ensure domestic supply chain stability and smooth cyclical fluctuations; overseas revenue accounts for nearly 70% but ultimately serves the domestic industry chain. Calculations indicate full-year net profit attributable to parents could reach 32-35 billion yuan; brokerage neutral outlooks suggest a corresponding 2026 PE of 12-15x, making it a core resource play for betting on China's new energy transition. 6. PING AN(601318/02318.HK) Closely aligned with the rhythm of domestic financial markets, it benefits from the resonance of domestic rate-cutting cycles and a slow-bull stock market; the equity asset allocation ratio for insurance funds has increased to 25%, focused on domestic high-quality equity assets, expected to boost investment returns by 11-13 billion yuan. Grounded in the domestic insurance market, bancassurance channel premium growth maintains over 30%; participating insurance aligns with domestic residents' demand for stable wealth management, with its premium share rising to 45%; new business value for life insurance recovered 15% year-on-year. The "insurance + health and elderly care" ecosystem has established over 30 high-end institutions, precisely对接 domestic aging population needs; real estate impairment scales narrowed 60% year-on-year, with continuous improvement in domestic asset quality. The core solvency adequacy ratio remains above 200%; brokerages neutrally predict 20%-25% market cap growth for 2026, making it a core play for betting on China's financial stability and livelihood upgrades. 7. East Money Information Co.,Ltd.(300059) With heightened capital market activity in 2026契合 the wealth management industry's quality upgrade opportunity, full-year turnover is expected to exceed 3,000 trillion yuan; the company targets 5 million users for its AI wealth manager, aims to increase fund distribution market share to 6.5%, expects 18% growth in securities brokerage commission income, and 22% growth in fund sales service fees. Its AI research system shortens report generation time by 60%, and pension finance users have surpassed 1 million. Combining institutional forecasts, its reasonable share price range for 2026 is 22-25 yuan, corresponding to a neutral market cap growth of 22%-28%, with traffic and AI empowerment opening long-term growth space and consolidating its leading position as an internet broker. 8. Wanhua Chemical Group Co.,Ltd.(600309) Rooted in the domestic chemical industry upgrade sector, with MDI capacity reaching 4.5 million tons/year (global market share over 35%), it corely serves domestic construction, home appliances, new energy, and other fields, benefiting from domestic appliance replacement policies driving 12% growth in MDI domestic demand. POE new material capacity of 150,000 tons/year fills a domestic gap; LFP battery material capacity of 200,000 tons/year对接 domestic power battery demand; the revenue share of fine chemicals has risen to 30%, deeply adapting to domestic dual-carbon policies and the new energy transition. Overseas布局 (Hungary base, Southeast Asia capacity) primarily aims to avoid trade barriers and ensure global delivery for the domestic industry chain; overseas revenue accounts for 45%-50%, with core competitiveness stemming from domestic full-industry-chain layout and R&D advantages. SWS raised its 2026 net profit forecast to 15.5-16.2 billion yuan; UBS gives a neutral valuation with a market cap range of 280-320 billion yuan, making it a core play for betting on China's high-end manufacturing upgrade. 9. WUXI XDC(02268.HK) Capitalizing on the domestic innovative drug R&D wave, it承接 domestic pharmaceutical companies' innovation needs in the ADC field, with over 60% of its pipeline serving domestic clients, providing full-chain CRDMO services for domestic new drug R&D, deeply empowering the upgrade of China's biopharmaceutical industry. As a leader in the domestic ADC field with over 15% market share and R&D expenditure accounting for 25%, breakthroughs in XDC technology fill gaps in domestic high-end services, addressing both domestic new drug R&D and international compliance delivery needs. Overseas orders represent an extension of domestic technological strength, with the core focus remaining on the出海 of domestic innovative drugs and local R&D upgrades; it added over 40 new ICMC projects annually, with order growth primarily driven by domestic demand. Domestic brokerages and investment banks consider it a core play for betting on the rise of China's innovative drug industry. 10. TRIP.COM-S(09961.HK) Deeply cultivating the domestic travel consumption market, it benefits from domestic consumption recovery and cultural tourism upgrades, with domestic leisure travel revenue accounting for 65% of its performance base. Focusing on domestic mid-to-high-end travel demand, it optimizes products and service experience, using AI technology to increase domestic user conversion rate by 8 percentage points, achieving a 40% repurchase rate, firmly holding its leading position in domestic online travel. Outbound travel business has recovered to 90% of pre-pandemic levels,核心ly serving domestic residents' outbound demand; growth in international corporate travel clients also revolves around supporting domestic companies going global, essentially an extension of domestic business. Full-year revenue is expected to grow over 25%; brokerage neutral outlooks suggest a 2026 PE range of 28-32x, making it a core play for betting on China's consumption recovery. These ten core assets are all grounded in the Chinese market, precisely covering key sectors like AI computing, new energy, consumption, finance, and biopharmaceuticals, deeply契合 the direction of China's new quality productive forces development and livelihood upgrades. International business serves only as an extension of domestic core competitiveness and a risk hedging tool, fully aligning with the core theme of "Betting on China." On January 1, 2026, the list will be officially announced to global investors! A lone traveler struggles to break through the fog, but many travelers can anchor a direction; the collective wisdom forged by tens of millions of members will surely pinpoint the anchor of certainty for investing in China's future, helping to navigate market uncertainties and share in the dividends of China's economic growth. Disclaimer: Investing carries risks, and caution is required when entering the market! This activity does not constitute and should not be regarded as any agreement, offer, invitation to offer, opinion, or suggestion for purchasing securities or other financial products. None of the content of this activity constitutes our opinion on investment, legal, accounting, or tax matters, nor does it constitute a statement on whether a certain investment or strategy is suitable for the circumstances of activity participants, or any other recommendation aimed at activity participants.
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