东方财富陈果：A股新高可期

Core Viewpoint - The 2026 strategy report by Dongfang Caifu Securities indicates a continued revaluation logic for Chinese assets, with expectations of increased allocation to equity markets by both domestic and foreign investors, suggesting significant room for growth in domestic residents' equity asset allocation and the potential for new highs in A-shares [1] Group 1: Market Outlook - The Chinese stock market is expected to experience a "confidence revaluation bull" in 2025, with a market revaluation of technology G2 and the international context of the Chinese stock market, leading to valuation recovery without overheating [1] - A-share earnings are projected to end the downward cycle from 2022 to 2024, with earnings no longer falling below market expectations and signs of bottoming out and recovery becoming evident [1] Group 2: Investment Opportunities - The report highlights three areas of expected divergence: corporate earnings are likely to exceed expectations, advancements in AI in China are anticipated to surpass expectations, and the expansion of "pragmatic cooperation" between China and the U.S. is expected to exceed expectations [1] - There is an optimistic outlook for the Chinese stock market trend in 2026, with expectations of sustained inflow of incremental micro-capital [1] Group 3: Risk Considerations - Attention is drawn to new volatility risk points, particularly regarding U.S. re-inflation and the commercialization race of AI applications [1] - The consensus expectation is for a continuation of the bull market in 2026, but it is emphasized that managing volatility and understanding structural changes will be crucial for achieving excess returns [1]