点评报告：政策定调提质增效，助力2026年A股盈利驱动行情

Group 1 - The core viewpoint of the report emphasizes the shift in policy focus from "expansion" to "quality improvement and efficiency enhancement," highlighting the importance of development quality in the economic context of 2026 [3][12][13] - The report anticipates a reasonable recovery in prices, with expectations that the Producer Price Index (PPI) will gradually narrow its year-on-year decline and eventually turn positive in 2026, supported by a combination of macroeconomic policies [4][14] - Three key supports for corporate profit recovery in 2026 are identified: the emergence of new productive forces as a growth engine, the acceleration of anti-involution policies, and resilient overseas demand contributing to strong export performance [4][15][16] Group 2 - The report suggests that the A-share market will increasingly correlate with fundamental performance in 2026, with a focus on profit recovery driven by price increases and structural improvements [5][17] - Historical patterns indicate that the A-share market will initially favor growth stocks, followed by cyclical stocks, and eventually consumer stocks, with three main investment themes: technology growth sectors led by AI, industries benefiting from anti-involution policies, and high-demand export sectors [5][17]