流动性改善叠加AI加速兑现 A股市场环境将更加友好

Group 1 - The A-share market is expected to enter a phase of improved overall environment and deepening structural characteristics by 2026, driven by enhanced global liquidity and accelerated realization of industry trends represented by AI [1] - The global and domestic liquidity environment is anticipated to improve simultaneously, providing a solid foundation for the market, with external constraints on A-shares significantly reduced due to a potential acceleration in the Federal Reserve's interest rate cuts [1] - The domestic monetary policy will continue to support high-quality economic development and industrial upgrades, maintaining reasonable liquidity [1] Group 2 - The 2026 A-share market may exhibit significant concentration of leading companies and fundamental-driven structural characteristics, with a focus on a few technology growth leaders capable of delivering real and sustained performance [2] - Leading companies will have strong barriers to entry and sustained growth, with some acting as key links in the global AI supply chain, achieving high certainty growth through technological barriers and customer loyalty [2] - Investment logic will focus deeply on fundamentals, with market pricing closely tied to companies' ability to sustain rapid growth over the next one to two years, ensuring that scarce leading companies have solid fundamental support as long as valuations are not excessively stretched [2]