如果只能用一句话总结2026年的资产方向，那就是："政策发力、新动能崛起，A股仍是核心战场，但 结构比仓位更重要。" 2026，我们处在怎样的宏观环境？ 2025年，中国经济"前高后低"，全年"保5%"有惊无险，出口韧性与政策托底是两大支柱。 而2026年，作为"十五五"开局之年，政策将进入"全面发力期"，根据国盛证券研究表示，GDP目标预计 仍定在5%左右的高位，货币宽松（降准1-2次、降息10-20BP）、财政扩张（赤字率4%、专项债5万 亿）仍是主基调。 | 榴标 | | | 李度预测 | | | | 年度预测 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 2025Q4E | 202601E | 202602E | 202603E | 202604E | 2025E | 2026E | | 国内经济 | | | | | | | | | 实际 GDP 当季同比(%) | 4.6 | 5.2 | 5.0 | 5.1 | 4.9 | 5.0 | 5.0 | | 名义 GDP 当季同比(%) | 3.9 | 4.6 | 5.2 | 5.5 | 5 ...

继2025年录得强劲表现后，中国股市在2026年能否"再一次飞跃"？ 据追风交易台消息，11月17日，瑞银发布的最新研报《2026年中国股票策略展望：再一次飞跃？》认为，明年中国市场有望延续2025年的积极势头。 该行预测MSCI中国指数到2026年底将达到100点，较报告发布时的收盘价约有14%的上涨潜力。同时，恒生指数的目标位被设定在23000点，约有13%的 上涨潜力。 | | | UBS FY26 index target | | FY26 EPS growth forecasts | | Trailing P/E | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Last close | UBS-e UBSe vs Last close | | Consensus | UBS-e | UBSe P/E (Target Price/ FY26 EPS | Avg since 2017 | | | | | | | | | | | Std. dev. vs avg | | MSCI China | 87 | 100 | 14 ...

Core Insights - The article discusses the transformation of enterprise software towards AI, highlighting the trend among ERP vendors like Kingdee to upgrade their brands and focus on AI to enhance competitiveness in the global market [2][4][10] - The conversation emphasizes the challenges and opportunities for Chinese software companies in replacing established players like SAP, particularly in the context of the manufacturing sector [19][22] Group 1: AI Transformation in Enterprise Software - The shift towards AI in enterprise software is seen as an industry trend, with many companies still in the exploratory phase of AI application [4][10] - Kingdee's brand upgrade to "Kingdee AI" aims to leverage AI as a core driver for enhancing enterprise competitiveness [2][4] - The transition from traditional ERP systems to AI-native solutions is expected to take several years, with a focus on integrating AI into existing business processes [4][5] Group 2: Challenges and Opportunities for Chinese Software - Chinese software companies face the challenge of moving from a service-oriented model to a product-oriented model, which is essential for achieving exponential growth [25][26] - The complexity of China's manufacturing sector presents both a challenge and an opportunity for local software companies to develop competitive products [19][20] - Successful case studies of Chinese companies replacing SAP with domestic software indicate a growing acceptance and capability of local solutions [22][23] Group 3: Market Dynamics and Future Outlook - The future of enterprise software is expected to involve a hybrid model where AI plays a significant role in understanding and executing business processes [10][11] - The integration of AI into enterprise software is anticipated to create a collaborative environment between human users and AI systems, enhancing operational efficiency [10][11] - The article suggests that the market will evolve towards a structure where standardized backend systems (like those from Kingdee) support flexible front-end interactions driven by AI [18][29]

Core Viewpoint - The automotive industry is entering a critical phase next year, where only companies with strong profitability will survive, as stated by Geely's CEO [1] Group 1: Company Performance - XPeng Motors reported a significant revenue increase of 101.8% year-on-year to 20.38 billion yuan in Q3, with a narrowed net loss of 380 million yuan [3] - Li Auto achieved a revenue of 19.45 billion yuan in Q3, a year-on-year growth of 97.3%, and a net profit of 150 million yuan [3] - Geely's Q3 revenue reached 89.19 billion yuan, up 27% year-on-year, with a net profit of 3.82 billion yuan, reflecting a 59% increase [4] Group 2: Market Outlook - All three companies expressed optimism about the market outlook despite the upcoming reduction in new energy vehicle purchase tax incentives [1] - Geely's CEO indicated that 2026 will be a pivotal year for the company's exports, with expectations that new energy vehicles will account for 45%-50% of overseas sales by 2027 [5] Group 3: International Expansion - XPeng Motors has delivered 29,700 vehicles overseas from January to September, marking a year-on-year growth of over 125% [6] - Li Auto's overseas sales are projected to reach between 100,000 to 150,000 units next year [7] - XPeng plans to launch three new models for international markets in 2026, including a highly anticipated compact SUV [6]

Group 1: Autonomous Driving and Smart Mobility - Didi Autonomous Driving has announced a strategic partnership with the Abu Dhabi Investment Office (ADIO) to support the development of smart mobility and sustainable transportation in Abu Dhabi, aiming to contribute 44 billion AED to the GDP and create 40,000 jobs by 2045 [1] - WeRide has received approval from the UAE federal government to launch commercial operations of fully autonomous Robotaxi services in Abu Dhabi, marking the first city-level L4 autonomous driving license outside the US [2] Group 2: Digital and AI Solutions - The United Nations Solutions Platform (UNSH) was launched at COP30, with Tencent and other Chinese companies participating as strategic partners, aiming to accelerate carbon reduction and promote sustainable development through digital infrastructure [3] - Baidu has launched a one-stop AI learning and office platform "Oreate" overseas, which has gained over one million users and topped the Product Hunt daily chart [4] Group 3: Consumer Market Expansion - Xiaomi is set to open its first direct store in Paris, marking its continued expansion in France since entering the market in 2018 [5] - The mother and baby brand Kyte Baby, founded by a Chinese entrepreneur, has gained popularity in North America with bamboo fiber products, achieving annual revenue exceeding 10 million USD [6] - Didi's food delivery brand 99Food has launched operations in Bahia, Brazil, investing 100 million BRL to expand its market presence [8] Group 4: Entertainment and Gaming - Tencent's international gaming revenue has surpassed 20 billion CNY, driven by a 43% year-on-year growth, reflecting the success of its global strategy [9] Group 5: Globalization and Investment - Transsion Holdings plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international brand image and diversify financing channels [14] - Anker Innovations is planning to issue H-shares and list on the Hong Kong Stock Exchange to advance its global strategy [15] - Leshushi, known as the "diaper king of Africa," has listed on the Hong Kong Stock Exchange with a market value approaching 20 billion CNY on its first trading day [16] - Yushu Technology has completed its listing guidance, with its quadruped robots holding a nearly 70% market share globally [17] Group 6: Manufacturing and Infrastructure - Bowei Alloy plans to invest up to 150 million USD in Morocco to establish a production base for special alloy electronic materials, shifting from a previous project in Vietnam [11] - Ta'ziz and China Chemical Engineering Seventh Construction signed a 1.99 billion USD EPC contract to build the largest PVC plant in the UAE, expected to be operational by Q4 2028 with an annual capacity of 1.9 million tons [12]

打开百度APP畅享高清图片 上周A股 过去一周（11月10日—11月14日），A股三大指数集体下跌。截至11月14日收盘，上证指数报3990.49 点，周跌0.18%；深成指报13216.03点，周跌1.40%；创业板指报3111.51点，周跌3.01%。 具体来看，超56%的个股周内实现上涨，170股周涨超15%，23股周跌超15%。按照申万一级行业分类， 纺织服饰、商贸零售、美容护理、生物医药、食品饮料等板块上涨，通信、电子、计算机、机械设备、 国防军工等多个板块下跌。 | 名称 | 最新点位 | 涨跌幅 | | --- | --- | --- | | 上证指数 | 3990 49 | -7 07 (-0.18%) | | 深证指数 | 13216.03 | -188.03(-1.4%) | | 创业板指 | 3111.51 | -96.7 (-3.01%) | | | 日期:11月10日-11月14日 制图:21投资通 | | 隔夜外盘 纽约股市三大股指11月14日涨跌不一。截至11月14日收盘，道琼斯工业平均指数比前一交易日下跌 309.74点，收于47147.48点，跌幅为0.65%；标准普尔500 ...

纽约股市三大股指11月14日涨跌不一。截至11月14日收盘，道琼斯工业平均指数比前一交易日下跌 309.74点，收于47147.48点，跌幅为0.65%；标准普尔500种股票指数下跌3.38点，收于6734.11点，跌幅 为0.05%；纳斯达克综合指数上涨30.23点，收于22900.59点，涨幅为0.13%。 欧洲三大股指11月14日全线下跌。截至11月14日收盘，英国富时100种股票平均价格指数14日报收于 9698.37点，较前一交易日下跌109.31点，跌幅为1.11%。法国巴黎股市CAC40指数报收于8170.09点，较 前一交易日下跌62.40点，跌幅为0.76%；德国法兰克福股市DAX指数报收于23876.55点，较前一交易日 下跌165.07点，跌幅为0.69%。 国际油价11月14日上涨。截至11月14日收盘，纽约商品交易所12月交货的轻质原油期货价格上涨1.40美 元，收于每桶60.09美元，涨幅为2.39%；1月交货的伦敦布伦特原油期货价格上涨1.38美元，收于每桶 64.39美元，涨幅为2.19%。 1、国务院常务会议：增强消费品供需适配性 上周A股 过去一周（11月10日—11月14 ...

Core Viewpoint - The article highlights the significant advancements and collaborations of Chinese companies in the field of autonomous driving and cross-border e-commerce, particularly in the Middle East and Southeast Asia, showcasing the growing global influence of these sectors. Group 1: Autonomous Driving Developments - Didi Autonomous Driving has established its first overseas station in Abu Dhabi, partnering with the Abu Dhabi Investment Office to support smart mobility and sustainable transportation initiatives [5] - Two Chinese companies, Loong and WeRide, received the first commercial operation licenses for fully autonomous driving in Abu Dhabi, allowing them to operate without onboard safety personnel [5] - Cao Cao Mobility signed a memorandum of understanding with the Abu Dhabi Investment Office to promote electric and battery-swapping vehicles as part of sustainable transportation solutions [6] Group 2: E-commerce Growth in Southeast Asia - TikTok Shop's cross-border e-commerce in Southeast Asia saw a remarkable 2.3 times increase in total transaction volume during the recent Double Eleven shopping festival compared to the previous year [7] - On November 11, TikTok Shop achieved a single-day transaction volume increase of 60% year-on-year, indicating strong consumer demand in the Southeast Asian market [7] - AliExpress also reported significant success during the overseas Double Eleven event, surpassing Amazon in app downloads across multiple countries [7] Group 3: Financing and Market Expansion - Paitena Robotics completed a multi-million A round financing to enhance its development in construction robotics and international markets [8] - Surge Future secured a Pre-A round financing of over 100 million yuan, with 90% of its revenue coming from overseas markets, indicating strong international demand for its pool cleaning robots [9] - Ant Group showcased its AI products at the Singapore FinTech Festival, emphasizing its global strategy and partnerships across 24 countries [6]

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, emphasizing long-term growth logic, low valuations, and high dividend yields [12][15][22]. Core Viewpoints - The market has been characterized by a "high cut low" trend since the fourth quarter, with the dividend index rising by 8.3% from early October, significantly outperforming major indices [2][15]. - The construction sector has shown significant underperformance year-to-date, with a rise of only 11.6%, ranking 23rd among 30 industries, while valuations remain at historical lows [2][22]. - Key investment directions include overseas expansion driven by urbanization and industrialization in emerging markets, and regional economic support in areas like Sichuan and Xinjiang [3][7][15]. Summary by Sections Overseas Demand and Expansion - The report highlights the sustained high demand for overseas construction, driven by urbanization and industrialization in emerging countries, such as Saudi Arabia's "Vision 2030" and various infrastructure investment plans in Southeast Asia [3][24]. - Chinese companies are accelerating their overseas operations, with 3,667 A-share companies disclosing overseas revenue, totaling 9.52 trillion yuan, a 56.58% increase from 2020 [3][27]. - Recommended companies benefiting from this trend include China Chemical Engineering, Jinggong Steel Structure, Jianghe Group, and China National Materials [6][15][22]. Regional Economic Opportunities - The report identifies Sichuan, Xinjiang, and Tibet as regions likely to receive significant policy support, with Sichuan positioned as a strategic hub for national development [7][29]. - Investment in Xinjiang's coal chemical industry is projected to accelerate, with estimated annual investments of 690 billion yuan in 2025, 1,293 billion yuan in 2026, and 2,156 billion yuan in 2027 [7][30]. - Key companies recommended in this context include Sichuan Road and Bridge, China Chemical Engineering, Sanwei Chemical, and Donghua Technology [7][15][35]. High Dividend Yield Opportunities - Many recommended companies have committed to high dividend payouts, with Sichuan Road and Bridge promising a minimum payout ratio of 60% from 2025 to 2027, and Jinggong Steel Structure committing to at least 70% [8][35]. - Expected dividend yields for 2026 are projected at 6.6% for Sichuan Road and Bridge, 6.3% for Jinggong Steel Structure, and 5.4% for China National Materials, indicating strong investment appeal [8][35]. Semiconductor Cleanroom Sector - The report notes that the AI development wave is driving demand for semiconductor cleanrooms, with global investment expected to reach 168 billion yuan by 2025 [9][35]. - Key players in this sector include Yaxin Integration, Shenghui Integration, and Bocheng Co., which are positioned to benefit from the expanding market [9][35]. Commercial Satellite Sector - The report emphasizes the increasing support for the commercial aerospace industry, with a focus on low-orbit satellite constellations and a projected surge in satellite launches starting next year [10][11]. - Recommended companies in this area include Shanghai Port Bay, which is expected to benefit from the increase in launch activities [10][11].

Investment Rating - The investment rating for BYD is "Buy" and is maintained [6]. Core Insights - In October, BYD's total sales reached 442,000 units, a year-on-year decrease of 12.1% but an increase of 11.5% month-on-month. Passenger vehicle sales were 437,000 units, down 12.7% year-on-year and up 11.1% month-on-month [2][4][10]. - The export sales in October were 84,000 units, showing a significant year-on-year increase of 167.8% and a month-on-month increase of 17.9% [2][10]. - Cumulatively, from January to October 2025, BYD's total sales reached 3.702 million units, up 13.9% year-on-year, with cumulative export sales of 778,000 units, up 136.4% year-on-year [2][10]. Summary by Sections Sales Performance - October total sales: 442,000 units, YoY -12.1%, MoM +11.5% - Passenger vehicle sales: 437,000 units, YoY -12.7%, MoM +11.1% - Brand performance: Ocean series sales at 395,000 units, Equation Leopard at 31,000 units, and Tengshi at 10,000 units [2][10]. Export Growth - October export sales: 84,000 units, YoY +167.8%, MoM +17.9% - Cumulative export sales from January to October: 778,000 units, YoY +136.4% [2][10]. Strategic Developments - Continued focus on overseas market expansion and high-end product offerings, with new factories established in Thailand, Uzbekistan, Brazil, and Hungary, and new entries into Vietnam, Pakistan, and Tunisia [10]. - The launch of new high-end models is expected to enhance performance, with a projected net profit of 35 billion yuan for 2025, corresponding to a PE ratio of 26X [10].