中信建投证券： 2026年A股仍存上行空间 新质生产力与战略资源或是投资主线

Core Viewpoint - The 2026 Capital Market Summit and China-Saudi Investment Cooperation Forum highlighted the optimistic outlook for China's economy and A-share market in 2026, driven by policy support and fundamental improvements, with significant structural investment opportunities in new productivity, technological innovation, and strategic resources [1] Group 1: Company Strategy - CITIC Securities aims to build a "value investment bank," focusing on international market competition and sustainable returns for stakeholders while integrating social value [2] - The company is committed to becoming a "new quality investment bank" by innovating its service model and enhancing its role as an industry partner through a comprehensive service platform [3] - CITIC Securities plans to develop a "smart investment bank" by leveraging data integration and artificial intelligence to improve efficiency in asset pricing and investment advisory [3] Group 2: Economic Outlook - The "14th Five-Year Plan" period is crucial for China's development, with 2026 expected to be a year of solid foundation and comprehensive efforts [4] - Key transformations anticipated in the next five years include a shift from traditional to innovation-driven economic growth, accelerated modernization of the industrial system, and a new balance between investment in people and material [4][5] - 2026 is projected to be a year of strategic counteroffensive, with a focus on new industries, increased domestic consumption, and a dual easing of fiscal and monetary policies [5] Group 3: A-Share Market Strategy - The A-share market is entering a critical verification phase, with expectations of a slow upward trend in the index, although growth may decelerate [6] - The focus for investment will remain on technology growth, while resource sectors may emerge as a new mainline due to global monetary easing and domestic inventory cycles [6] - Investment opportunities are suggested in future industries such as AI, new energy, and biotechnology, as well as strategic resources like rare earths and aerospace equipment [6]