Group 1 - The A-share market has experienced a strong start in 2026, driven by a combination of market trend continuation, spring market catalysts, and a recovery in overseas markets [1][2] - Recent market fluctuations are attributed to the implementation of counter-cyclical adjustment policies and profit-taking in popular sectors, indicating a healthy adjustment that does not alter the overall upward trend [1][3] - The spring market typically lasts around 57 days, and historical data suggests that A-shares tend to strengthen during this period, supported by liquidity and valuation drivers [2][7] Group 2 - Investment strategies should focus on five main lines for 2026: the artificial intelligence industry chain, high-dividend assets, anti-involution sectors, domestic demand expansion, and resource sectors, all of which have performance support and policy backing [1][7][8] - The AI industry is transitioning, with investment opportunities expected to shift from hardware to application sectors, emphasizing the importance of commercial viability [7] - High-dividend assets remain a stable investment choice, with long-term funds continuing to increase their positions in dividend-paying stocks, which are characterized by stable returns and low volatility [7][8] Group 3 - The anti-involution sectors, including coal, steel, photovoltaic, and lithium battery industries, are expected to see performance improvements due to high state-owned enterprise ratios and market consolidation [7][8] - The expansion of domestic demand should focus on new consumption areas such as health, sports, and travel-related industries, which are poised to benefit from recovering consumer scenarios and policy support [7][8] - Resource sectors, particularly precious metals and strategic minor metals, are anticipated to experience valuation recovery in 2026, presenting potential investment opportunities [8]
财信证券黄红卫：“降温”稳节奏不改趋势 五大主线锚定2026年投资方向
Zhong Guo Zheng Quan Bao·2026-01-20 00:33