Brokerages map out 2027 A-share strategy, favoring balanced allocation

The uniform push toward "balance" and "rhythm" from major brokerages signals that consensus expects range-bound conditions rather than a directional bet, which itself can dampen conviction-driven flows. The framing of dividend assets as a base with growth and cyclicals as offense effectively institutionalizes a barbell approach, likely reinforcing demand for high-yield names even as thematic rotation continues. The notable divergence is the second-half-over-first-half view, implying strategists see near-term uncertainty unresolved. Whether that timing call holds, and whether the wider-rally expectation materializes beyond active themes, is the open question worth tracking.