Group 1 - The core viewpoint of the article is that "technology first" is the strongest theme of the current bull market, supported by three long-term advantages: relative profitability, overseas mapping, and global semiconductor cycle resonance [1] - The "profit recovery" slow bull market presents cyclical opportunities, with PPI being a key indicator providing leading signals for marginal recovery [1] - The performance of dividend styles in 2026 is expected to outperform that of 2025, indicating a shift from valuation-driven investments to factor-based investments as the market transitions from a valuation bull to a slow bull [1] Group 2 - In 2026, emphasis should be placed on factors, with the most effective profitability factors being marginal changes in profit growth, profit growth, and revenue growth [1] - From an annual effectiveness perspective, revenue growth, profit growth, ROE, and ROIC are identified as the most effective profitability factors [1]
开源证券：2026年红利、盈利因子投资机会展望
Sou Hu Cai Jing·2025-12-25 01:13