A股越走越强引全球关注，瑞银报告：2026趋势上行，七大板块值得超配

Group 1 - The core viewpoint of the article is that the A-share market is entering a new upward trend in 2026, supported by a recovery in funds and sentiment, along with corporate earnings, highlighting structural investment opportunities [1][2] - UBS predicts that the overall profit growth rate of A-shares will increase from 6% in 2025 to 8% in 2026, driven by both profit and valuation [3] - The report emphasizes that the current equity risk premium in A-shares is still above historical averages, indicating clear potential for valuation recovery [4] Group 2 - Key factors supporting profit growth include the recovery of nominal GDP growth, narrowing PPI declines, and targeted policy support such as equipment upgrade subsidies and new infrastructure investments [4] - The report suggests focusing on growth stocks, with a preference for cyclical sectors over defensive ones, as growth stocks are expected to outperform in an upward market cycle [6] - UBS recommends overweighting seven key sectors: electronics, telecommunications, non-bank financials, defense and military, non-ferrous metals, chemicals, and electric power equipment, each with specific growth drivers [7] Group 3 - The report identifies four thematic investment directions: technology self-sufficiency, consumer recovery, beneficiaries of "anti-involution," and global leaders with competitive advantages [8][9] - The A-share market has seen a significant increase in trading activity, with average daily turnover rising to 24.6 trillion yuan, up from 17.3 trillion yuan in 2025, indicating strong investor interest [2] - The influx of various long-term funds, including insurance capital and foreign investment, is expected to provide ongoing support for the market [2]