NO.2中金：2026年A股市场风格可能更趋于均衡 中金指出，当前全球宏观环境及创新产业趋势等仍然相对利好成长风格，但成长领域经历一年多上涨 后，估值也有较多提升。我们认为2026年A股市场风格可能更趋于均衡，原因主要是去产能的推进。建 议关注三条主线：1）景气成长：AI技术领域经历3年高速发展，2026年有望逐步进入产业应用兑现阶 段，算力、光模块、云计算基础设施层面仍有机会，但可能更偏国产方向；应用端关注机器人、消费电 子、智能驾驶、商业航天和软件应用等。此外，创新药、储能、固态电池等方向也在步入景气周期。 2）外需突围：出海仍然是当前较为确定性的增长机会，结合出海趋势和对美敞口，建议关注家电、工 程机械、商用客车、电网设备和游戏，以及有色金属等全球定价资源品。3）周期反转：结合产能周期 位置，建议关注供需问题临近改善拐点或政策支持领域，关注化工、养殖业、新能源等。此外，当前地 产链和泛消费行情或仍偏左侧，2026年宏观环境变化及政策改革红利有望平衡新老经济"温差"。高股息 风格或仍多为结构性、阶段性机会。 NO.3国金证券：从高可靠性迈向高性价比，太空光伏超高壁垒铸就蓝海市场 ｜2026年1月6日 星期 ...

Core Viewpoint - The report from China International Capital Corporation (CICC) suggests that by 2026, the restructuring of the international monetary order will be further reinforced, and the AI revolution will enter a critical application phase, supporting the performance of Chinese assets [1] Group 1: Market Outlook - By 2026, the importance of A-share fundamentals will continue to rise, with global and domestic capital flows being significant factors [1] - The current global macro environment and trends in innovative industries remain favorable for growth styles, although valuations have increased after more than a year of growth in these sectors [1] Group 2: Investment Strategy - The market style in A-shares may become more balanced by 2026, driven by a three-year de-capacity cycle and policies promoting "anti-involution," leading to more cyclical industries approaching supply-demand balance [1] - Three main investment themes are recommended: 1) Growth in favorable conditions, 2) Breakthroughs in external demand, 3) Cyclical reversals [1]

Core Viewpoint - The report from China International Capital Corporation (CICC) suggests that by 2026, the restructuring of the international monetary order will be further reinforced, and the AI revolution will enter a critical application phase, supporting the performance of Chinese assets [1] Group 1: Market Outlook - By 2026, the importance of fundamentals in the A-share market will continue to rise, with global and domestic capital flows being significant factors [1] - The current global macro environment and trends in innovative industries remain relatively favorable for growth styles, although valuations in growth sectors have increased after more than a year of gains [1] Group 2: Investment Strategy - The market style in A-shares may trend towards balance in 2026, driven by a three-year capacity reduction cycle and policies promoting "anti-involution," leading to more cyclical industries approaching supply-demand balance [1] - Three main investment themes are recommended: 1) Prosperous growth, 2) Breakthroughs in external demand, 3) Cyclical reversals [1]