一元复始，市场启新。国内外主要投行近期陆续发布2026年度市场展望，对投资主线进行前瞻分析，成 为解读新一年投资方向的重要窗口。当前，全球宏观经济格局重塑，国内产业升级持续推进，A股加速 融入全球资本市场体系。 站在"十五五"规划开局之年，多家国内外投行认为，2026年全球资本回流中国的预期升温，有望为市场 注入增量活力。同时，资本市场盈利复苏趋势逐渐清晰，结构性机会凸显：科技革新、制造业全球化、 顺周期复苏成为核心主线，AI商业化、中企出海、资源品价值重估等方向备受关注。大宗商品方面， 黄金在央行购金和美联储降息周期支撑下有望续创新高，铜因供应受限与需求增长共振而被长期看好， 原油市场则面临供应过剩的压力。 ● 本报记者 葛瑶 胡雨 中信证券： 中国企业价值链地位将提升 "十五五"期间，中国企业在全球价值链中的位置有望进一步提升，将份额优势转化为定价权，这是A股 行情迈向低波动率上涨行情的基础。未来A股的基本面要置于全球市场需求中观察，而不是仅看本土需 求，中国资本市场也正从新兴市场逐步转型为成熟市场。A股不仅是中国的A股，也是全球的A股。 从行业配置看，有三大线索值得重视：一是资源品和传统制造产业提质升级 ...

Core Viewpoint - Jiangsu's foreign trade has achieved a growth rate of 5.1% in the first eight months of the year, driven primarily by its strong manufacturing sector [1][3]. Group 1: Manufacturing Strength - Jiangsu's total import and export value reached 3.82 trillion yuan, with exports amounting to 2.55 trillion yuan, reflecting a 9% increase [1]. - The province's manufacturing capabilities are highlighted by significant projects such as ultra-high voltage direct current (UHVDC) transmission and high-speed rail, showcasing the strength of Jiangsu enterprises on the global stage [3][5]. - Companies like Bo Rui Electric and Xi Dian Transformer are leading in UHVDC equipment manufacturing, contributing to major international projects [3][4]. Group 2: Technological Advancements - The current wave of international expansion is characterized as a technology-driven upgrade battle, with companies focusing on advanced manufacturing techniques [2]. - Jiangsu's manufacturing sector is increasingly adopting smart manufacturing and digital transformation strategies to enhance global competitiveness [12]. Group 3: Global Market Penetration - Companies such as Yadea and Youao Intelligent Technology are successfully expanding their presence in international markets, with Yadea focusing on Southeast Asia and Youao achieving a 16% global market share in mobile air conditioning [7][9]. - Yadea plans to establish local R&D and production bases to better cater to regional market needs, while Youao is diversifying its market structure and enhancing its e-commerce capabilities [8][10]. Group 4: Future Outlook - Jiangsu's manufacturing sector is set to gain more market competitiveness as it continues to upgrade its smart manufacturing capabilities [13].

Core Viewpoint - Jiangsu's foreign trade has achieved a growth rate of 5.1% in the first eight months of this year, outperforming the national average, primarily driven by its strong manufacturing sector [4][21]. Group 1: Foreign Trade Performance - Jiangsu's total import and export value reached 3.82 trillion yuan, with exports amounting to 2.55 trillion yuan, reflecting a 9% increase [4]. - The province's growth rate is 1.6 percentage points higher than the national average, indicating robust economic activity despite global market challenges [4]. Group 2: Manufacturing Sector Strength - Jiangsu's manufacturing sector is characterized by significant investments in research and development, with R&D expenditures reaching 330.17 billion yuan, accounting for nearly 80% of the province's industrial enterprises [4]. - Major projects such as ultra-high voltage direct current transmission and high-speed rail have become key exports, showcasing Jiangsu's manufacturing capabilities on the global stage [6][8]. Group 3: Key Export Products - Notable products include ultra-high voltage direct current transmission equipment and high-speed rail components, with companies like Borui Electric and Kone Electric leading in these sectors [6][8]. - Borui Electric has been involved in significant overseas projects, including Brazil's first ultra-high voltage direct current project, enhancing China's reputation in international markets [6][7]. Group 4: Global Market Expansion - Companies like Yadea and Youao Intelligent have successfully penetrated international markets, with Yadea focusing on Southeast Asia and Youao Intelligent exporting over 95% of its products [12][14]. - Yadea has established production bases in multiple countries to adapt to local market needs, while Youao Intelligent has maintained a high global market share despite challenges [12][15]. Group 5: Technological Advancements - Jiangsu's manufacturing sector is undergoing a transformation towards smart manufacturing, with initiatives to enhance digitalization and automation in production processes [20]. - The province has implemented a three-year action plan to promote intelligent transformation and digital upgrades in manufacturing, aiming to improve responsiveness to international market demands [20][21].