六大私募展望2026：股市仍有较好机会，成长与价值风格趋于均衡

Core Viewpoint - The Chinese stock market is expected to have good opportunities in 2026, with A-shares and H-shares likely to maintain an upward trend, and a balance between growth and value styles is anticipated [3][10]. Group 1: Market Performance in 2025 - The market in 2025 showed significant structural performance, with sectors like non-ferrous metals, communication, and electronics performing well due to tightening supply-demand relationships and advancements in AI technology [5][6]. - The A-share and H-share markets exceeded initial expectations, with actual returns surpassing 20%, driven by a recovery in valuations and a strong performance in technology and small-cap stocks [6][7]. Group 2: Economic Outlook for 2026 - The domestic GDP is expected to maintain stable growth, supported by a resilient export outlook and ongoing fiscal and monetary policies [10][11]. - The stock market in 2026 will shift from valuation recovery to being driven by earnings and performance, with opportunities in technology, cyclical, consumer, and manufacturing sectors [10][12]. Group 3: Investment Opportunities - Key investment opportunities for 2026 include the AI industry chain, advanced manufacturing with real technological barriers, and traditional industry leaders with strong balance sheets and cash flows [14][15]. - The focus will be on sectors benefiting from policy support and industry optimization, particularly in technology innovation and traditional industries undergoing upgrades [14][15]. Group 4: Market Dynamics and Stock Selection - The differentiation between "old economy" and "new economy" stocks is expected to narrow, with both types of stocks showing potential for balanced performance [18][19]. - The market is transitioning from a narrative-driven approach to one focused on fundamental performance, emphasizing the importance of earnings realization in stock selection [20][21]. Group 5: Cautionary Notes - Investors should be wary of stocks that lack earnings support and those that have shown signs of bubble formation, focusing instead on undervalued quality companies [22][23].