展望2026年A股，外媒称“盈利将成为未来股市的关键驱动力”

Group 1 - The highest annual return of public active equity funds in the A-share market reached 236.88%, setting a record as the highest annual return in public fund history, with 72 funds achieving over 100% return this year [1] - Nearly 80% of active funds outperformed their benchmark, but the median return was 29.03%, lower than the average return of 32.71% [1] - UBS and JP Morgan Chase predict profit growth rates for 2025 and 2026 will be between 6% and 15%, indicating that earnings will become a key driver for the stock market, replacing valuation expansion [1] Group 2 - Gary Dugan, CEO of Global Economic Office, stated that the Chinese stock market will be strongly supported in 2026, with encouraging and sustainable fundamentals [4] - Market expectations for economic growth, policy support, and structural industry reforms are anticipated to drive stock market increases, particularly in technology and new energy vehicle sectors [4] - Industry experts suggest that the market will remain in a structural opportunity-driven fluctuation phase until unexpected changes in domestic demand occur, with trading volume being a key signal for market trends [4]