Zhong Guo Zheng Quan Bao·2025-11-12 20:08Core Viewpoint - The A-share market is expected to continue its upward trend into 2026, driven by improving fundamentals and a more balanced market style between growth and value sectors [1][2][4]. Group 1: Market Performance and Outlook - The A-share market has experienced a significant upward trend since September 2024, supported by favorable policies and low valuations [2]. - Analysts predict that the overall profit growth for A-shares in 2026 could be around 4.7%, with non-financial profit growth expected to rise to approximately 8.2% [2][3]. - The market is currently in a high-level consolidation phase, with the Shanghai Composite Index fluctuating around the 4000-point mark [1]. Group 2: Sector and Style Analysis - The market is anticipated to see a rebalancing of styles in 2026, with both growth and value sectors presenting opportunities [4][5]. - High-growth sectors such as AI and semiconductors are expected to validate their performance, while advanced manufacturing sectors may begin to rebound [3][5]. - The current macroeconomic environment and innovation trends are still favorable for growth styles, but a more balanced approach is expected as cyclical industries approach supply-demand equilibrium [4][5]. Group 3: Investment Themes and Strategies - Key investment themes for 2026 include technology growth, overseas expansion, and cyclical recovery, with specific focus on AI applications, robotics, and renewable energy [6][7]. - Analysts suggest that investors should also pay attention to policy cycles, real estate cycles, and capital market reforms as potential investment clues [7]. - The sectors of interest include consumer electronics, automotive, innovative pharmaceuticals, and various cyclical industries like chemicals and aquaculture [6][7].