兴业证券策略首席张启尧：积极看好2026年A股市场投资机会

Core Viewpoint - The chief strategy analyst of Industrial Securities, Zhang Qiyao, is optimistic about investment opportunities in the A-share market for 2026, citing limited negative external impacts and positive internal economic indicators [1] External Factors - Global trends in the AI industry, along with loose liquidity and a weak dollar, are expected to boost the A-share market [1] - The negative impact from overseas markets on the domestic market is anticipated to be limited [1] Internal Factors - The direction of the GDP deflator and nominal growth recovery is relatively clear, indicating a potential improvement in the economic fundamentals [1] - Nominal economic recovery and price increases are expected to support further enhancements in the fundamentals [1] - The recovery of domestic corporate profits is projected to be a significant highlight [1] Capital Flow - There is a trend of domestic residents reallocating wealth into the stock market, which is expected to deepen in 2026 [1] - Active equity funds are anticipated to achieve excess returns, while long-term capital from insurance funds and state-owned enterprises is expected to enter the market firmly [1] - The return of foreign capital to Chinese assets is also seen as a positive trend for 2026 [1]