Core Viewpoint - The consensus among major securities firms is that the A-share market is expected to enter a "slow bull market" in 2026, with a shift in investment opportunities from technology dominance in 2025 to multiple main lines in 2026 [1][3][4] Market Outlook - Following the policy measures introduced on September 24, 2024, the A-share market has entered a new bull market, with the Shanghai Composite Index reaching a ten-year high in 2025 [2] - Securities firms predict that the market will continue to evolve within a slow bull framework, with a key feature being the shift in driving forces [3][4] Driving Forces - The driving force is expected to shift from "valuation repair" to "profit-driven" or "fundamental verification" in 2026 [4] - Estimates suggest that the overall profit growth for A-shares in 2026 could be around 4.7%, with many industries nearing performance improvement turning points [4] Investment Strategies - Major securities firms highlight three main investment lines: technology growth, Chinese enterprises going global, and cyclical resource products [9][11][13] - The technology growth sector remains a favored direction, with a focus on performance rather than concepts, particularly in application breakthroughs [10] - The trend of Chinese enterprises expanding internationally is seen as a significant configuration clue, with a focus on sectors like home appliances, engineering machinery, and electric grid equipment [12] Market Style Rotation - The potential for a style switch from "growth" to "value" around June 2026 is a focal point of discussion among securities firms [7][8] - The market is expected to trend towards a more balanced style, with cyclical industries approaching supply-demand equilibrium [8][6] Resource Products - Resource products are anticipated to become a new main line following technology, driven by global monetary easing and supply-demand gaps [13][14]

Core Viewpoint - The consensus among major securities firms is that the A-share market is expected to enter a "slow bull market" in 2026, with a shift in investment opportunities from technology dominance in 2025 to multiple main lines in 2026 [1][3]. Group 1: Market Outlook - The A-share market has entered a new bull market since the policy measures introduced on September 24, 2024, with the Shanghai Composite Index reaching a ten-year high in 2025 [2]. - Major securities firms predict that the market will continue to evolve within a slow bull framework, with a key characteristic being the shift in driving forces [3][4]. - CITIC Securities emphasizes that A-shares should be viewed from a global demand perspective, as Chinese companies' advantages in the global value chain are transforming into pricing power, forming the basis for a low-volatility slow bull market [3]. Group 2: Driving Forces - There is a general expectation among securities firms that the driving force for the market will shift from "valuation recovery" to "profit-driven" or "fundamental verification" in 2026 [4]. - CICC estimates that the overall profit growth for A-shares in 2026 could be around 4.7%, with many industries nearing performance improvement [4]. - Dongwu Securities notes that the overall revenue and profit growth for A-shares has ended a four-year downward cycle and is beginning to rebound, supported by economic reforms and improved supply-demand dynamics [4]. Group 3: Investment Styles - The debate among securities firms centers on whether the market style will shift from "growth" to "value" in 2026, with Dongwu Securities identifying June 2026 as a potential key time for this transition [6][7]. - CICC suggests that the market style may become more balanced, as many cyclical industries approach supply-demand equilibrium [8]. - Guotai Junan recommends maintaining a focus on technology while also considering previously underperforming sectors such as real estate and consumer goods during the bull market [8]. Group 4: Investment Themes - Securities firms highlight three main investment themes: technology growth, Chinese companies going global, and cyclical resource products [9][10]. - The technology growth sector remains a favored direction, with a shift in focus from concepts to performance, particularly in application breakthroughs [9]. - The trend of Chinese companies expanding internationally is seen as a significant opportunity, with recommendations to focus on sectors like home appliances, engineering machinery, and global pricing resources [10][11].

Group 1 - The US stock market indices showed mixed performance, with the Nasdaq reaching a new high and the S&P 500 briefly surpassing 6600 points, while Tesla's stock surged and Oracle's stock declined [1] - The Nasdaq China Golden Dragon Index increased by 5.5% this week, indicating a positive trend for Chinese stocks listed in the US [1] - The US Consumer Confidence Index has decreased, and the Federal Reserve is set to announce its interest rate decision soon [1][2] Group 2 - The National Development and Reform Commission of China has issued a notice to promote the regular application and recommendation of infrastructure REITs, aiming to expand the market and support private investment projects [3] - The China Semiconductor Industry Association supports the Ministry of Commerce's investigation into related US products and measures [4][5] - The Ministry of Industry and Information Technology has released a work plan for the automotive industry, targeting a total vehicle sales volume of approximately 32.3 million units in 2025, with a 20% increase in new energy vehicle sales [6] Group 3 - Public funds are experiencing a significant reshuffle, with the top ten fund sales remaining unchanged, and equity fund holdings showing rapid growth, particularly in bank-affiliated stock index funds, which surged by 37.9% [7] - Recent policies in Fujian province support the development of offshore wind power, nuclear power, and marine energy projects [8] Group 4 - The Beijing Stock Exchange will switch to new securities codes for existing stocks starting October 9, 2025, indicating a significant change in the trading system [8][9] - A draft national standard for pre-prepared food safety has passed expert review, marking a key transition for the industry towards compliance [10] Group 5 - OpenAI and Nvidia plan to invest billions in UK data center projects, highlighting strong demand for data center construction and potential benefits for the AI industry [12] - The US government has launched a pilot project to promote the safe operation of electric vertical takeoff and landing (eVTOL) aircraft, leading to a surge in related stocks [12] Group 6 - The market has shown an overall upward trend, with the Shanghai Composite Index closing at 3870.60 points, up 1.52% for the week, and the STAR 50 Index rising by 5.48% [13] - The real estate, electronics, and agriculture sectors have seen the highest gains, while banking and financial sectors have experienced declines [13][16] Group 7 - The semiconductor sector attracted the most capital inflow this week, with 8.314 billion yuan, while the banking sector saw significant outflows of 13.795 billion yuan [19] - Consumer market stability is indicated by a CPI decrease of 0.4% year-on-year in August, while the PPI has shown signs of stabilization [20]