Group 1 - The core viewpoint emphasizes the steady progress of capital market policy reforms and their positive impact on the real economy, with expectations for further developments in 2026 [1] - The policy reforms focus on the synergy between existing and new measures, highlighting the importance of counter-cyclical adjustments and leaving room for future economic policies [2] - The reforms will concentrate on three areas: investment, financing, and trading, with specific measures to enhance the feasibility of technology routes in IPO reviews and attract institutional funds [2] Group 2 - Future policies will prioritize technological innovation and the development of new productive forces, aiming for high-quality growth [3] - The "three-run" theory identifies key industries to watch: leading sectors like renewable energy and electric vehicles, parallel sectors such as humanoid robots and AI, and emerging sectors like semiconductors and commercial aerospace [4] - The investment landscape for 2026 is expected to be driven by technology, with specific sectors like storage, CPUs, and new energy showing upward trends, while commodity markets may reflect energy transition narratives [5]
德邦证券首席经济学家、研究所所长程强：聚焦科技创新与产业突围 以红利为基搏科技弹性
Shang Hai Zheng Quan Bao·2026-02-03 18:19