Core Viewpoint - The investment strategies for the Beijing Stock Exchange (BSE) in 2026 are increasingly focusing on "new quality productivity" and "small and medium-sized growth stocks" as consensus themes among major brokerages [1][2]. Group 1: Investment Logic Transformation - The investment logic for the BSE is shifting from broad sector rallies to deep value exploration of individual stocks, with companies possessing core competitiveness expected to stand out [2]. - Three main investment themes have been identified for 2026: "Wind Growth," focusing on high-scarcity and high-barrier tech growth and advanced manufacturing; "Joint Expansion," which looks at external growth opportunities from mergers and acquisitions; and "Welcoming New Strong," emphasizing high-quality new stocks that form the market's "new force" [2]. - Analysts suggest that the BSE is entering a new cycle focused on quality improvement rather than scale expansion, with policy benefits expected to be fully realized [2]. Group 2: Focus on New Quality Productivity - "New quality productivity" is a central theme for brokerages when looking at the BSE for 2026, supported by a solid industrial foundation [3]. - As of October 24, 2025, there are 252 "specialized and innovative" small giant enterprises on the BSE, accounting for over 90%, with 151 being national-level, representing 54.12% [3]. - The BSE has established five major industrial clusters: high-end equipment, information technology, chemical new materials, consumer services, and pharmaceutical biology, with the new quality productivity chain covering cutting-edge fields such as smart connected vehicles, hydrogen energy, new materials, innovative drugs, commercial aerospace, low-altitude economy, and artificial intelligence [3]. Group 3: Market Dynamics and Future Outlook - In 2025, up to 34 companies on the BSE are expected to see their stock prices double, indicating strong market elasticity, and the "spring rally" in 2026 is seen as a favorable investment opportunity [4]. - A positive cycle is forming in the BSE characterized by a concentration of quality enterprises, improved liquidity, institutional empowerment, and performance realization [4]. - The BSE, previously focused on "small and beautiful" companies, is transitioning towards a new development stage characterized by "strong and enduring" enterprises, which will require investors to accurately identify genuinely growing companies in 2026 [4].
券商展望2026年北交所：投资逻辑转向个股深度挖掘