新质生产力重塑A股赛道逻辑 2026年锚定三大配置主线

Core Insights - New quality productivity, driven by technological breakthroughs and aimed at enhancing total factor productivity, is fundamentally reshaping the underlying logic of A-share market segmentation [1][2] - Analysts believe that the convergence of policy dividends, technological breakthroughs, and market demand is leading to strong performance in sectors related to new quality productivity, with core technology fields becoming the focus of capital allocation [1][4] Group 1: New Quality Productivity Definition - New quality productivity is characterized by revolutionary technological breakthroughs, innovative allocation of production factors, and deep industrial transformation, optimizing labor, materials, and their combinations to enhance total factor productivity [2] - The core characteristics of new quality productivity include alignment with strategic emerging industries, a minimum of 5% R&D expenditure relative to revenue, a minimum of 10% R&D personnel ratio, and a compound annual revenue growth rate of 20% over the past three years [2][3] Group 2: Market Performance and Trends - The new quality productivity index significantly outperformed the CSI 300 index, with a year-to-date increase of 43.60% as of December 26, 2025 [4][5] - Key sectors such as power equipment and defense industry showed strong momentum, with significant capital inflow into core technology areas like artificial intelligence and semiconductor industries [4][5] Group 3: Investment Opportunities for 2026 - Analysts identify three main investment directions for 2026: technological implementation, energy infrastructure, and manufacturing upgrades, which are expected to be core areas of focus [6][7] - The AI sector is anticipated to transition from model competition to application implementation, with hardware demand supported by a solid fundamental outlook [7] - Energy infrastructure upgrades, particularly in smart grids and energy storage technologies, are expected to see significant market-driven transformations [8] Group 4: Manufacturing Upgrades and Policy Impacts - The domestic replacement of industrial software and the digital transformation of traditional industries present notable investment opportunities, driven by the need for high-end manufacturing and automation [8][9] - The "anti-involution" policy is expected to promote supply-side reforms, benefiting industries with concentrated supply and supported demand [9]