券商中国·2025-11-09 23:38Group 1 - The overall sentiment among brokerages for the A-share market in 2026 is optimistic, with expectations of a sustained slow bull market and potential to challenge ten-year highs [2][3]. - Brokerages believe that A-share valuations remain low, with anticipated improvements in earnings and continued liquidity support, alongside policy backing, contributing to upward market movement [2][4]. - The current market position is viewed as a potential starting point for a long-term bull market, driven by gradual improvements in fundamentals and industry highlights, with significant room for index growth [4][5]. Group 2 - Multiple brokerages emphasize the importance of corporate earnings recovery as a key driver for the A-share market, with expectations that the earnings cycle will gradually improve [5][6]. - Predictions indicate that the net profit growth rate for non-financial companies in the A-share market will be 6.4% in 2025 and 12.9% in 2026, with specific sectors like oil and petrochemicals expected to see higher growth [6]. - The liquidity environment is expected to support the market, although low-risk preference funds have been slow to enter the equity market, indicating a long-term process for significant capital inflows [7]. Group 3 - The technology sector is highlighted as a key focus for investment in 2026, with expectations of balanced industry performance and opportunities in advanced manufacturing and TMT sectors [8]. - Brokerages suggest a shift from a barbell strategy to a quality strategy, with emerging technologies being the main focus while also considering cyclical consumption and financial stocks [8].