2026年A股逻辑，首席经济学家们划重点了

Group 1 - The core viewpoint is that by 2025, the term "China asset revaluation" will become familiar as the technology industry transitions from catching up to leading, with A-share companies shifting from valuation recovery to profit-driven growth [1] - Economists agree that the core driver of China's economy in 2026 will shift towards domestic demand, particularly in the service sector, leading to a more balanced economic development [3] - There is a consensus that the logic of A-share value revaluation will remain intact, supported by improvements in corporate profits alongside a potential recovery in the Producer Price Index (PPI) [3] Group 2 - Concerns regarding the AI bubble in the US indicate that while a bubble exists, its timing and impact are manageable, with key attention needed around the US midterm elections [4] - The impact of adjustments in US tech giants on A-share technology narratives is expected to be limited due to China's vast AI application scenarios that integrate technology into industry [4] - Economists highlight the importance of monitoring uncertainties in 2026, including changes in international relations, fluctuations in overseas capital markets, and the acceleration of China's modern industrial system [4]