华西证券：2026年是多个正面因素叠加的“大年” 牛市基础仍扎实

Group 1 - The core viewpoint is that 2026 is expected to be a significant year for the market due to multiple positive factors, with a solid foundation for a bull market and an early onset of spring market activity [1] Group 2 - From a macro policy perspective, 2026 marks the beginning of the 15th Five-Year Plan, with various departments intensively introducing supporting industrial policies and investment plans, creating a favorable liquidity environment through coordinated fiscal and monetary policies [1] Group 3 - On the funding side, institutional funds represented by stock ETFs showed early signs of investment in December, and the influx of foreign capital driven by the "opening red" of insurance funds and currency appreciation is expected to strengthen the spring market trend [1] Group 4 - In terms of fundamental expectations and industrial cycles, with the narrowing decline in PPI, corporate profits are anticipated to enter a phase of moderate recovery in 2026, making the speculation on profit inflection points a crucial support for the market [1]