行业风格方面，傅静涛展望2026年节奏如下："1.0"阶段已处于高位区域，2026年春季前科技成长至少 还有一波机会，"1.0"至"2.0"的过渡阶段，高股息防御或占优；"2.0"阶段将"周期搭台，成长唱戏"，周 期引领指数突破后，科技产业趋势和制造业全球影响力提升将成主线。三大结构线索值得关注，分别是 复苏交易（基础化工、工业金属等）、科技产业趋势（AI产业链、人形机器人等）和制造业影响力提 升（化工、工程机械等）。 ◎记者 徐蔚 在傅静涛看来，"1.0"阶段可能在2026年春季达到高峰。当前，AI产业趋势还有纵深，但A股AI产业链股 价已处于长期低性价比区域。这神似2014年初的创业板、2018年初的食品饮料和2021年初的新能源。历 史上，通常需经历季度级别的调整，再延续产业趋势行情。 11月18日，申万宏源2026资本市场投资年会举行。申万宏源党委书记、董事长刘健在主论坛致开幕辞， 申万宏源首席经济学家赵伟、A股策略首席分析师傅静涛等围绕2026年中国经济与资本市场走势展开深 度解读，提出"向改革要红利""上涨行情两段论"等核心观点，为明年投资方向勾勒清晰蓝图。 对于"2.0"阶段，傅静涛预测2026 ...

Group 1 - The core viewpoint from Goldman Sachs suggests that adjusting investment portfolios according to overall policy trends can yield excess returns [1] - The chief analyst from Shenwan Hongyuan presents a two-phase bullish outlook for A-shares, with the first phase in 2025 focusing on technology and a potential peak in spring 2026, followed by a comprehensive market rally in the second half of 2026 [2] - UBS forecasts a prosperous year for the Chinese stock market, driven by favorable factors continuing from 2025 [2] Group 2 - Recent reports indicate strong demand in the lithium carbonate market, with expectations for increased storage demand impacting consumption structure [2] - The main contract for lithium carbonate reached a ceiling price of 95,200 yuan/ton, driven by supply constraints and low inventory [2] - The MACD golden cross signal formation indicates positive momentum for certain stocks [3]