瑞银证券：料2026年A股盈利增速有望升至8%

Group 1 - UBS Securities analyst Meng Lei predicts that the overall A-share profit growth rate will increase from 6% this year to 8% by 2026 [1] - The current equity risk premium in the A-share market is still higher than the historical average, while other emerging markets are significantly below their long-term averages [1] - Factors such as macro policy support, accelerated A-share profit growth, declining risk-free interest rates, and continuous inflow of long-term capital will contribute to further valuation increases in the A-share market [1] Group 2 - Recent short-term factors have caused a pullback in the A-share market, but these concerns do not alter the medium-term trend of valuation improvement [1] - The global strategy team at UBS believes that global tech stocks are likely to rise further next year, with recent trading proportions of large tech stocks returning to below this year's average levels [1] - Investment themes to watch in 2026 include technological self-reliance, consumer spending driven by corporate profit acceleration, and the ongoing "anti-involution" trend [1] Group 3 - In terms of style allocation, the "growth" style is expected to outperform the "value" style due to positive mid-term market outlook [2] - The "cyclical" style is anticipated to outperform the "defensive" style as the ongoing "anti-involution" trend narrows PPI declines and accelerates industrial profits [2] - Tactical preferences favor industries benefiting from China's innovation, ample market liquidity, and narrowing PPI declines [2]