Zhongtai Securities(SH:600918) 证券时报·2025-12-14 00:52Group 1 - The core message of the article emphasizes the importance of the capital market in supporting national strategies and empowering the real economy, with a focus on structural opportunities arising from advancements in artificial intelligence and emerging industries [1][2][3] - The 2026 capital market is expected to present more structural opportunities, particularly influenced by the fourth industrial revolution and technological advancements [3][5] - The current economic structure in China shows a surplus in supply but a lack of demand, leading to downward pressure on prices, which is a structural issue that needs long-term observation [5][7] Group 2 - The improvement in the profitability of listed companies is a key factor supporting the performance of the A-share market this year, with a year-on-year profit growth of 5.47% in the first three quarters, surpassing the actual GDP growth rate [7][8] - The growth in profitability is concentrated in sectors such as software and services, technology hardware, and materials, while industries like real estate and consumer services are experiencing significant declines [8][9] - The 2026 market outlook includes a focus on four main directions: strong performance in gold and related sectors due to geopolitical tensions, long-term growth in AI technology stocks, emerging consumption trends related to younger demographics, and the attractiveness of high-dividend and fixed-income assets [9][11]