长城基金苏俊彦：展望2026年，对A股市场潜在空间依然乐观

Core Viewpoint - The A-share market is expected to transition from a valuation-driven growth to a dual-driven growth model of both profit and valuation, with a shift from external demand to a resonance of both external and internal demand in 2026 [1][4]. Group 1: Market Outlook - The market is anticipated to show optimism, with a potential turning point for profit growth expected in 2026, supported by a gradual recovery in demand and a slowdown in supply growth [1][4]. - Internal demand is projected to recover due to two main factors: the current low proportion of household consumption in GDP, which has significant room for improvement, and the expected increase in fiscal spending in 2026 to support consumption [1][4]. Group 2: Key Investment Areas - Focus on the semiconductor and military industries, as the semiconductor sector is at a critical turning point, with domestic computing chips expected to achieve technological breakthroughs and performance realization [5]. - Attention to "anti-involution" related industries, where policies aimed at eliminating backward production capacity are expected to optimize supply-demand dynamics in chemicals and new energy sectors, leading to price stabilization and rebound [5]. - Emphasis on consumer sectors, particularly service consumption, which is a key area for future policy support, with fiscal subsidies likely to favor the recovery of the restaurant and service industries, further boosting food and beverage consumption [5]. - Real estate sector is expected to gradually stabilize as new construction areas are projected to fall below long-term equilibrium levels by the end of 2026 [5].