"在全球产业链重构与能源转型背景下，有色金属的战略地位显著提升。"郭磊认为，其角色类似于过去 几十年的原油，已成为影响全球资源格局和资产价格的核心叙事之一。 此外，郭磊称，中国经济消费结构正在发生重要转变，从以商品消费为主转向商品与服务消费并重。他 指出，文旅、养老、托育等服务消费需求旺盛，预计针对服务消费的政策红利将成为2026年宏观层面的 一条重要线索，推动内需结构优化。（智通财经记者 丁欣晴） 1月15日，在财通基金2026年投资策略会上，广发证券首席经济学家郭磊表示，当前全球大类资产表现 由多重"主流叙事"共同驱动，包括美元信用周期长期弱化、新一轮货币体系与黄金定价锚形成、全球产 业链供应链重塑、AI算力成为新阶段基础设施、以及有色金属成为"新阶段的原油"。这些叙事相互关 联，构成了一个"叙事星座"，正在系统性地重塑全球资产定价逻辑，且目前远未到叙事结束的时段。 ...

Core Viewpoints - The A-share market showed a rebound on Monday, with the Shanghai Composite Index rising by 0.55% to 3976.52 points, and the Shenzhen Component Index increasing by 0.19% [2][8] - The media industry led the gains among sectors, while the non-ferrous metals sector lagged behind [2][8] - The total trading volume in the A-share market was approximately 2.11 trillion RMB, with over 3400 stocks rising [2][8] Industry Analysis Food and Beverage Industry - The food and beverage sector continues to experience a downward trend in performance, with a year-on-year revenue growth of 0.15% for the first three quarters of 2025, totaling 831.395 billion RMB, while net profit attributable to shareholders decreased by 4.57% to 171.059 billion RMB [11] - Only soft drinks, beer, and fermented seasoning products showed positive growth in both revenue and net profit, with revenue growth rates of 30.97%, 10.93%, and 3.92% respectively [11] - The white wine sector is facing significant challenges, with revenue and net profit growth rates turning negative at -5.83% and -6.93% respectively for the first three quarters of 2025 [14] - The beer sector showed signs of recovery, with revenue and net profit increasing by 2.02% and 11.82% respectively, indicating improved profitability [15] - The snack and soft drink segments performed well, with notable growth from brands like Dongpeng Beverage, which achieved over 34% growth in both revenue and net profit [16] Social Services Industry - The social services sector reported stable revenue growth of 4.94% year-on-year, totaling 150.954 billion RMB, but net profit decreased by 2.86% to 8.697 billion RMB [19] - The tourism and scenic area segment saw revenue growth of 5.09%, but net profit fell by 17.79%, indicating a disparity in performance across different attractions [19] - The hotel and restaurant sector experienced a revenue decline of 4.05% and a significant net profit drop of 25.46%, reflecting ongoing pressure on consumer spending [19] Investment Recommendations - In the food and beverage sector, there are structural investment opportunities, particularly in the beverage, snack, and health supplement industries, with a focus on quality leaders in energy drinks and innovative snack brands [17] - The white wine industry is expected to stabilize, with low valuations and high dividends providing support, suggesting potential investment opportunities as inventory levels decrease [17] - The social services sector is anticipated to benefit from policy support aimed at boosting service consumption, particularly in tourism and education [20]