华银基金庞文杰：2026年市场风格更趋平衡

Core Viewpoint - The market is expected to exhibit distinct structural characteristics in 2025, transitioning from valuation-driven to profit-driven dynamics in 2026, supported by a moderate recovery in PPI and CPI [1] Group 1: Market Dynamics - In 2025, the market will show clear structural characteristics, with a shift in driving forces from valuation repair to profit-driven growth in 2026 [1] - The balance between growth and value will be supported as economic recovery and rising asset prices boost consumer confidence [1] Group 2: Consumer Sector Focus - The value direction will primarily focus on the large consumption sector, which is receiving significant policy support to stimulate domestic demand and boost consumption [1] - High-end discretionary consumption and service consumption, such as duty-free shopping, dining, tourism, and liquor, are expected to be favored within the consumption structure [1] Group 3: Raw Material Prices - An increase in PPI, coupled with a backdrop of anti-involution, is anticipated to lead to a price recovery in upstream raw materials [1]