“科技创新+反内卷”将是2026年两大布局主线

Group 1 - The core viewpoint is that "technological innovation + anti-involution" will be the two main investment themes for 2026, with expectations of a bullish A-share market driven by improving corporate profits and liquidity from resident deposit migration [2][4] - The A-share market is anticipated to experience a significant increase in non-financial net profit growth, projected at 10% to 14% year-on-year for 2026, supported by a recovering Producer Price Index (PPI) and favorable liquidity conditions [2][3] - The liquidity structure is expected to change, with a notable increase in the proportion of A-share financing balance to circulating market value, which is currently at 2.58%, indicating a potential for further market growth [3] Group 2 - The investment focus for 2026 will lean towards growth sectors, particularly in technology and new energy, as the "14th Five-Year Plan" emphasizes technological advancement and economic transformation [4] - Key investment opportunities will include sectors with price increase expectations and cyclical benefits, such as industrial metals, basic chemicals, robotics, and innovative pharmaceuticals, driven by policy and demand recovery [4] - The market is expected to stabilize with reduced volatility, supported by regulatory measures encouraging long-term capital investment and the maturation of high-interest deposit products [3]