2026，预见之四：权益篇——慢牛求真：从预期浪潮回归基本面航道

Group 1 - The core view is that despite short-term market fluctuations, a medium to long-term "slow bull" market is expected in 2026, driven by profit recovery, ample liquidity, and industrial trends [2][13] - The investment focus is shifting from concept expectations to fundamental verification, indicating a more balanced and refined market style in 2026 [4][15] Group 2 - In 2025, the Chinese capital market saw significant developments, with the A-share market's total market value surpassing 100 trillion yuan and trading volume reaching historical highs, reflecting deep market participation and confidence recovery [3][14] - The rise of new consumption, particularly in AI-integrated sectors, is expected to create new growth momentum, aligning with policies aimed at expanding domestic demand [3][14] Group 3 - The investment theme for 2026 is anticipated to center around AI applications, as the focus shifts from infrastructure to actual applications and commercialization, creating clear business models and profit growth points [4][15] - Key financial indicators to watch include the "computing-storage-power-manufacturing" chain and the commercialization rhythm of application endpoints, alongside sectors like energy storage and medical devices [5][16] Group 4 - The macro environment is characterized by mixed signals, with supportive factors such as anti-involution policies improving corporate profitability and a potential shift of resident asset allocation towards equity markets [7][18] - Opportunities are identified in technology, new consumption, and overseas expansion, particularly in AI-powered platforms and innovative consumer electronics [8][19]