华西证券：2026年牛市基础扎实，春季行情有望强化

Group 1 - The core viewpoint is that 2026 is expected to be a significant year for the market, with a solid foundation for a bull market and an early onset of spring market activity [1] - The macro policy cycle indicates that 2026, being the first year of the 14th Five-Year Plan, will see multiple departments introducing supporting industrial policies and investment plans, creating a favorable liquidity environment through coordinated fiscal and monetary policies [1] - In terms of funding, institutional investments such as stock ETFs have begun to position themselves in December, and the influx of foreign capital due to currency appreciation is expected to strengthen the spring market [1] Group 2 - The expectation for the fundamental outlook and industrial cycle includes a narrowing decline in the Producer Price Index (PPI), with a moderate recovery in corporate profits anticipated for 2026, which will support market sentiment regarding profit turning points [1]