瑞银证券中国股票策略分析师孟磊：2026年A股市场将更上一层楼

Core Viewpoint - UBS Securities predicts that the A-share market in China will see significant growth by 2026, with total A-share profit growth expected to rise to 8% from 6% this year [1]. Group 1: Market Outlook - The anticipated increase in profit growth is driven by an improvement in nominal GDP growth and a narrowing decline in the Producer Price Index (PPI), which will boost corporate revenue growth [1]. - Supportive policies and the promotion of "anti-involution" are expected to contribute to a recovery in profit margins [1]. - UBS believes that macro policies, accelerated A-share profit growth, declining risk-free interest rates, continuous net inflow of long-term capital into the stock market, and ongoing market capitalization management reforms will further enhance A-share market valuations [1]. Group 2: Short-term Market Dynamics - Recent short-term factors have led to a pullback in the A-share market; however, this does not alter the medium-term trend of valuation improvement [1]. - The UBS global strategy team anticipates that global technology stocks are likely to rise further next year [1]. - The trading proportion of the technology sector has recently returned to below the average level for the year, and the scale of financing has decreased, indicating that concerns about overcrowding in technology sector trading have eased [1]. Group 3: Investment Themes - Key investment themes to watch in 2026 include technology, consumption, "anti-involution," and the international expansion of Chinese enterprises [2].