多家券商发布2026年投资展望！

Core Viewpoint - The majority of brokerages predict that the A-share market will transition from valuation-driven growth to earnings-driven growth in 2026, leading to a "slow bull" market as the economic fundamentals gradually recover [2][3]. Group 1: Market Outlook - The A-share market is expected to continue its "slow bull" trend, with sufficient support for index stability. Analysts forecast a profit growth rate of around 12% for A-shares in 2026 [3]. - The market is likely to shift from a "valuation bull" to a "system bull," with a more balanced style, favoring technology and high-dividend assets [3][4]. - Analysts emphasize the importance of focusing on sectors that align with economic transformation, particularly technology and consumer sectors, which are expected to see a resurgence [4][5]. Group 2: Technology Sector - The technology sector remains the core focus for 2026, with analysts highlighting areas such as artificial intelligence, computing power, and other advanced technologies as key drivers of market performance [5][6]. - Specific sub-sectors within technology that are favored include autonomous control technologies, semiconductor industries, and applications related to AI and robotics [6]. - The investment landscape for AI is evolving, with a noted divergence in performance between core AI assets and broader "pan-AI" assets benefiting from macroeconomic effects [6]. Group 3: Consumer Sector - The consumer sector is gaining attention, with expectations of a recovery driven by consumption stimulus policies and economic growth [7]. - Analysts suggest that the focus should be on sectors benefiting from domestic demand and policy incentives, particularly in services and new consumer goods linked to technological advancements [7]. - The central economic work conference has prioritized expanding domestic demand, which is anticipated to revitalize the consumer sector, especially in areas like travel, hospitality, and food and beverage [7].