12月22日热门路演速递 | 宏观韧性、科技爆发与周期反转如何共舞？

Group 1 - The recent strengthening of the RMB and the volatility in the A-share market indicate a rare divergence between exchange rates and stock markets, raising questions about traditional analytical frameworks that may misjudge currency trends [2] - The resident income increase plan is expected to reshape the domestic demand landscape, highlighting the potential for recovery in service consumption and identifying high-growth opportunities in certain chain sectors [2] Group 2 - The year 2025 is projected to be a turning point for AI large models, transitioning from "technology-driven" to "demand-driven," with 2026 anticipated as the year for large-scale implementation of enterprise-level AI, marking a new phase of value realization across industries [5] - The chemical industry is entering a significant cycle driven by demand, value, and supply, with a focus on global AI demand and domestic anti-involution measures, alongside the exit of European production capacity [7] Group 3 - The long-term bull market for A-shares in 2026 is expected, supported by solid fundamental improvements, with price factors driving profit recovery and non-financial growth projected to reach 10% [9] - The increasing risk appetite among residents is becoming a key source of incremental capital, combined with the benefits of the "14th Five-Year Plan," suggesting a slow bull market where time is prioritized over space [9]