近日，国海富兰克林基金发布了 2026 年度 A 股市场展望报告。报告回顾称， 2025 年 A 股呈现典型的慢牛叠加结构性行情，创业板指领涨近 50% ，上证指数逼近 4000 点整数关 口，市场展现出鲜明的 " 哑铃型 " 结构分化特征。 国海富兰克林基金分析指出，哑铃的一端，是科技成长主线主导全年行情，表现为海外 AI 算 力需求爆发式增长，半导体国产替代进程持续加速，人形机器人商业化落地节奏超预期，创 新药 " 中国超市 " 格局初步形成。哑铃另一端，则是流动性与供给端双重扰动下的资源品价 值重估，有色金属价格迎来大幅上涨。而哑铃的中间地带，是以内需为核心的传统行业 —— 消费、地产及银行板块，其涨幅显著落后于各类宽基指数。该公司认为，若对市场特征做进 一步简化，可清晰划分为外需驱动型与内需驱动型两大阵营。两类不同需求驱动的企业，不 仅在行业间呈现出极端的涨跌幅差异，即便是同一行业内部，分化程度也同样显著。这一市 场特征，与宏观经济所展现出的运行规律高度一致。 展望后市，国海富兰克林基金从科技、资源、内需和国家竞争四大维度，系统阐述了对 2026 年的展望。 言，国海富兰克林基金认为，随着国内先进制程 ...

Group 1 - The competition between systems is a long-term process with no guaranteed outcomes, emphasizing the importance of seizing opportunities and creating history [1][2] - The military parade reflects the operation results of the military-industrial complex, highlighting the significance of technology and industry in Chinese nationalism [3][4] - Key decisions and investments in education, internet, and infrastructure are crucial for fostering future innovation in China [3][4] Group 2 - The absolute strength of technology is not as critical as the accumulation of wealth, population, and effective governance in determining national competition outcomes [4][5] - The rise of individual experiences and feelings in society marks a significant shift in the collective narrative, reflecting a more stable and affluent lifestyle [5][6] - Recent changes in fiscal policy, including increased spending on livelihoods and a decline in non-tax revenue, indicate a positive shift towards supporting entrepreneurship and economic recovery [6][7]