关于明年A股，基金经理最新研判

Group 1 - Multiple fund managers express optimism for the equity market in 2026, highlighting investment opportunities in AI technology, consumption, and innovative pharmaceuticals [1] - The market is expected to transition from a valuation-driven to a dual-driven model of profit and valuation, with a healthy valuation structure currently in place [1][2] - The Chinese economy is shifting from a real estate-driven growth model to an innovation-driven one, with infrastructure and high-tech industries taking over [2] Group 2 - The supply-side pressure in the manufacturing sector is expected to ease by 2026, leading to a potential reversal in supply-demand dynamics and improved corporate profitability [3] - The AI technology sector is still in a "big infrastructure era," with long-term opportunities outweighing short-term risks, despite challenges in the industry [4] - The consumption sector is anticipated to experience a turning point in investment opportunities, driven by rising resident income expectations and a recovery in consumer goods prices [4][5] Group 3 - The innovative pharmaceutical sector, which showed strong performance in 2025, is expected to regain momentum in 2026, supported by significant clinical developments and market confidence [5]