投资逻辑转向个股深度挖掘 新质生产力成核心主线

Core Viewpoint - The investment strategies for the Beijing Stock Exchange (BSE) in 2026 are focusing on "new quality productivity" and "small and medium-sized growth stocks" as consensus themes among major brokerages [1][2]. Investment Logic Shift - The investment logic for the BSE is shifting from sector-wide increases to deep value exploration of individual stocks, with companies possessing core competitiveness expected to stand out [1]. - Major brokerages are identifying three main investment lines: "Wind Growth," "Joint Expansion," and "New Strong Inclusion," focusing on high-scarcity technology growth, mergers and acquisitions, and quality new stocks [2]. Focus on New Quality Productivity - "New quality productivity" is a central theme for brokerages looking towards 2026, supported by a solid industrial foundation, with 252 specialized "little giant" enterprises on the BSE, over 90% of which are classified as specialized and innovative [2]. - The BSE has established five major industrial clusters, including high-end equipment, information technology, new chemical materials, consumer services, and biomedicine, covering cutting-edge fields such as smart connected vehicles, hydrogen energy, and artificial intelligence [2]. Funding and Allocation Strategies - With policy encouragement, convertible bonds and refinancing tools are expected to become hotspots, providing efficient paths for R&D support for small and medium enterprises [3]. - A combination of top-down and bottom-up strategies is recommended, focusing on scarce companies in emerging industries and selecting potential enterprises based on financial metrics [3]. Market Dynamics - In 2025, up to 34 companies on the BSE are projected to see their stock prices double, indicating strong market elasticity, and the "spring rally" in 2026 is seen as a favorable investment opportunity [3]. - A positive cycle is forming in the BSE, characterized by the gathering of quality enterprises, improved liquidity, institutional empowerment, and performance realization, marking a transition from a focus on "small and beautiful" companies to "strong and enduring" development [3].