广发基金投顾团队发布2026年市场研判：建议关注四大主线

Core Viewpoint - The market outlook for 2026 is optimistic, with expectations for more structural investment opportunities in A-shares, driven by a relatively loose liquidity environment [1][3]. Group 1: Market Trends and Performance - Both A-shares and U.S. stocks exhibited significant structural market characteristics in 2025, with technology as a common leading sector. The ChiNext Index rose over 50%, and the Sci-Tech 50 increased by more than 36% [1]. - Since 2020, A-shares have shown clear "structural market" characteristics, with notable trends in sectors such as electric equipment, new energy, and consumer services [1][2]. Group 2: Key Investment Themes for 2026 - The four main investment themes for 2026 include: 1. Technology: Strong focus on AI chain industry upgrades and innovation [3]. 2. Manufacturing: Emphasis on emerging industries like humanoid robots, commercial aerospace, nuclear fusion, and solid-state batteries, which are prioritized by policy [3]. 3. Cyclical sectors: Benefiting from global supply-demand changes and policies aimed at reducing competition [3]. 4. Consumption: Positive policy signals are noted, but the effectiveness of implementation is crucial [3]. Group 3: Insights from Policy and Market Perspectives - The market can be analyzed from both policy and market perspectives, with key directions identified as expanding domestic demand, technological innovation, and reducing competition [2]. - Both domestic and foreign investors are optimistic about A-shares, with a notable improvement in foreign investment sentiment compared to the previous year [2].