高盛中国董事长、中国投行联席主管范翔：全球化、科技创新、竞争是2026三大关键词

Group 1 - The market sentiment has significantly improved compared to last year, with investors increasingly recognizing Chinese innovation, which will be a key theme throughout the year [1] - Unlike the focus on "DeepSeek moment" at the beginning of 2025, the start of 2026 has seen unprecedented market enthusiasm, with a strong belief in "Chinese innovation" extending from frontier sectors to more traditional industries [1] - There is a noticeable increase in trading activity, with many companies advancing their capital market activities both domestically and internationally, reflecting the market's enthusiasm [1] Group 2 - Despite the need for observation regarding the recovery of real estate and consumption, the widespread recognition of Chinese innovation, combined with the ongoing popularity of themes like AI and robotics, is expected to provide strong support for market sentiment throughout 2026 [1] - Three core themes identified from discussions with various CEOs include globalization, technological innovation and competition, and capital market support [1] - Globalization has become a strategic focus for both manufacturing and service industries amid intensified domestic market competition, while improving operational efficiency and profitability remains a common goal for enterprises [1] Group 3 - Three macro variables are highlighted for 2026: geopolitical uncertainties, including regulatory policy adjustments and the trajectory of US-China relations, which will directly impact the market trading environment [2] - The evolution of AI and robotics technology and its cross-industry application will be crucial for enhancing corporate returns and operational efficiency [2] - Central government policies aimed at promoting consumption are expected to inject momentum into corporate operations and related industry growth [2]