机构展望 | 政策基调进一步明确 跨年行情有望逐步展开

Core Viewpoint - The A-share market is experiencing a "weak Shanghai, strong Shenzhen" trend, with the ChiNext Index rising by 2.74% and the Shenzhen Component Index increasing by 0.84%, while the Shanghai Composite Index fell by 0.34% [1] Group 1: Policy Direction - The Central Economic Work Conference held on December 10-11 outlined the economic work for 2026, emphasizing a continuation of "more proactive fiscal policy" and "moderately loose monetary policy" [2] - The conference highlighted the importance of expanding domestic demand and improving supply quality, consumer willingness, and stabilizing employment and income expectations [2] - There is a strong emphasis on innovation and the establishment of mechanisms to support it, including policies for education, technology, and intellectual property protection [2] Group 2: Market Sentiment - The Central Economic Work Conference is expected to boost corporate profits and market confidence, creating a favorable environment for risk assets [3] - The recent Federal Reserve meeting has reinforced a global trend of monetary easing, which is anticipated to positively impact the A-share market [3] Group 3: Market Dynamics - The A-share market is currently in a consolidation phase, having completed adjustments, with expectations for a cross-year market rally [4] - Factors contributing to recent market adjustments include global liquidity tightening and concerns over an "AI bubble," but the market has stabilized following the Fed's interest rate decisions [4] - Institutional repositioning and improved market liquidity are expected to enhance trading activity as the year ends [4] Group 4: Investment Focus - The focus for the upcoming spring market in 2026 remains on technology sectors such as robotics, nuclear power, and small satellites, as well as brokerage firms [5] - There is a recommendation to pay attention to high-value sub-sectors within the technology growth segment, including consumer electronics, gaming, wind power, and batteries [5] - The long-term outlook for the AI industry suggests that if more growth stocks can deliver on performance, the technology growth sector may see a second wave of acceleration [6]