Sou Hu Cai Jing·2026-01-28 07:57Group 1 - The A-share profit cycle may have reached a turning point, with a significant probability of profit indicators rebounding, indicating a gradual stabilization at the bottom of A-share profits [1] - Key profit indicators across the A-share market are showing signs of recovery, with a narrowing year-on-year decline in EPS and clear signs of ROE stabilization and rebound [1] - The main sectors with net inflows include non-ferrous metals, semiconductors, and automotive chips, indicating strong investor interest in these areas [1] Group 2 - The announcement to adjust export tax rebate policies for photovoltaic products will lower the VAT export rebate rate for battery products from 9% to 6% starting April 1, 2026, and eliminate it entirely from January 1, 2027, which may lead to a short-term surge in exports [3] - The aluminum market is expected to see a decline in demand for photovoltaic aluminum, while demand for electrolytic aluminum is projected to grow, supported by high demand in the power grid and automotive sectors [3] - Citic Securities forecasts that the average aluminum price will reach 23,000 yuan/ton in 2026, indicating a bullish outlook for the aluminum sector [3] Group 3 - The Chinese technology sector is expected to experience a significant profit growth turning point in 2026, potentially surpassing the profitability of the "seven giants" in the US stock market for the first time since 2022 [5] - The coal industry is anticipated to maintain a weak supply-demand balance in 2026, but with supportive policies, coal prices may perform better than in 2025, improving profit and dividend expectations for listed companies [5] - The TMT and consumer sectors are expected to show resilience in growth rates, while public utilities and transportation may face greater earnings pressure [11]