浙商证券王大霁：2026年关注消费与财富效应、景气方向、传统产业、红利压舱石四条主线机会

Core Viewpoint - The A-share market in 2026 is expected to exhibit characteristics of "multiple lines of attack and blooming at multiple points" from an industry allocation perspective, according to Wang Daji, Chief Strategy Analyst at Zheshang Securities [1] Investment Opportunities - Consumption and Wealth Effect Line: The "14th Five-Year Plan" emphasizes high importance on "domestic demand." In the context of a systematic market uptrend and the wealth effect of the stock market, attention should be given to relatively lagging sectors such as consumer services, food and beverage, and agriculture, forestry, animal husbandry, and fishery [1] - Prosperity Direction Line: Focus on industries such as automobiles, pharmaceuticals, electronics, power equipment, and non-bank financials [1] - Traditional Industry Line: The "14th Five-Year Plan" prioritizes the "optimization and upgrading of traditional industries." Key areas to watch include basic chemicals, machinery, construction (state-owned infrastructure), coal, and steel [1] - Dividend Stabilizer Line: The year 2026 will mark the implementation of new public fund regulations. Considering factors like dividend yield and under-allocation in public funds, sectors such as banking and transportation should be monitored [1]