证券日报头版：四大逻辑驱动A股投资者信心持续修复

Core Viewpoint - Major domestic and international investment institutions have recently released their market outlooks for 2026, highlighting terms like "structural valuation repair," "overweight A-shares," and "value return," indicating a shift in investor sentiment towards embracing certainty rather than gambling on uncertainty [1][7]. Group 1: Macroeconomic Factors - The first logic driving the recovery of investor confidence is the continuous improvement of the macroeconomic governance system, which has evolved from single-point policy adjustments to systematic institutional guarantees and certainty [2][8]. - There has been a significant enhancement in the consistency of macro policy orientations, with coordinated monetary, fiscal, and industrial policies creating a stable expectation for the market [2][8]. - The ongoing improvement of fundamental systems in the capital market, such as the normalization of the delisting mechanism and strict regulatory measures against financial fraud, has established a solid foundation for long-term investor confidence [2][8]. Group 2: Performance of New Productive Forces - The second logic is the realization of solid performance in certain industries related to new productive forces, which has become a growth engine for investor confidence [3][9]. - Industries like semiconductors have shown rapid revenue and profit growth since last year, indicating a strong performance foundation [3][9]. - The evolution of China's manufacturing "going out" strategy, shifting from mere product exports to the export of brands, technology, and management models, has demonstrated resilience and premium capabilities among leading enterprises [3][9]. Group 3: Interest Rate Trends and Asset Valuation - The third logic is the trend of declining risk-free interest rates, which has led to a systematic revaluation of equity assets, particularly high-dividend and long-term growth companies [4][10]. - The changing price relationship is expected to bring continuous capital inflows into A-shares, enhancing investor confidence [4][10]. - The growth of institutional investors has driven a systematic restructuring of the equity asset pricing system, focusing more on long-term cash flow and intrinsic value [4][10]. Group 4: Consensus Among Domestic and Foreign Capital - The fourth logic is the comprehensive optimization of the funding ecosystem and the deepening consensus among capital [5][11]. - China's economy has shown strong resilience and certainty amid deep adjustments in the global economic landscape, making RMB assets increasingly attractive as a stable anchor [5][11]. - The proportion of long-term capital, such as insurance funds, in equity assets has steadily increased, contributing to a more robust and clear shareholder return orientation [5][11].