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 multiple 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, have shown early signs of inflow in December, and the combination of insurance funds' "opening red" and foreign capital inflow driven by 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 mild recovery phase in 2026, making the speculation on profit inflection points a crucial support for the market [1]