2026年年度策略：“十五五”规划开局之年，慢牛格局持续演绎

Investment Strategy Overview - The report indicates that the Federal Reserve's initiation of a rate-cutting cycle supports global liquidity, while domestic monetary policy is expected to remain moderately loose, creating a favorable liquidity foundation for the A-share market, which is likely to continue a slow bull market [1] - The investment focus can be centered around technology and dividend sectors, with particular attention on domestic chip manufacturing, semiconductor equipment, and humanoid robots in the technology field, and insurance, banking, and other high-dividend sectors in the dividend field [1] Macroeconomic Outlook for 2026 - In 2025, China's economy demonstrated resilience with a GDP growth of 5.2% year-on-year in the first three quarters, driven by the service sector, while industrial price transmission faced challenges [2] - The macroeconomic policy for 2026 is expected to maintain coherence and targeted measures, including more proactive fiscal policies and moderately loose monetary policies, focusing on major technology projects and advanced manufacturing upgrades as outlined in the "14th Five-Year Plan" [2] 2026 Annual Investment Strategy Technology Sector - The development of new productive forces is a key policy direction for the domestic economy, with technology and innovation companies expected to yield excess returns under a loose liquidity environment. Key areas of focus include artificial intelligence, semiconductor chips, robotics, low-altitude economy, and deep-sea technology [3] Non-Banking Financial Sector - Securities firms are expected to benefit from the slow bull market, while insurance assets will benefit from a rebound in capital returns [4] Metals Sector - Copper prices are anticipated to continue rising due to a tight supply-demand balance, driven by increased electricity demand from AI infrastructure and strong demand from the electric vehicle sector [4] - Energy metals such as lithium, cobalt, and nickel are expected to maintain a favorable outlook due to battery and energy storage demand [4] - Gold is likely to continue its upward trend amid global risk aversion and loose liquidity [4] Power Equipment Sector - AI-driven growth in electricity demand is expected to significantly benefit the power equipment sector, alongside increased demand for energy storage driven by data centers and renewable energy [5] Machinery Sector - Following the U.S. rate cuts, manufacturing activity is expected to recover, with a focus on engineering machinery and heavy trucks [6] Domestic Demand - The focus will be on boosting consumption to expand effective domestic demand, with expectations for the release of consumer spending capacity [7] Dividend Assets - Dividend assets are attractive in a low-interest-rate environment due to their stable high dividends and low valuation, appealing to risk-averse funds [8]