南都·湾财社：四中全会审议通过的"十五五"规划建议，将"全国统一大市场建设纵深推进，超大规模市场优势持 续显现"作为经济社会发展的主要目标之一。您如何理解统一大市场与消费之间的联系？ 黄文涛：纵深推进统一大市场建设，将充分发挥我国超大规模市场优势，加快我国消费需求释放和升级，我国居 民的新科技产品、体育、旅游、养老、育儿、文化和个性等众多的、差异化的新消费，都将呈现增量提质格局。 按"十五五"时期战略部署，将加快推进"五统一、一开放"改革，统一市场基础制度，统一市场基础设施，统一政 府行为尺度，统一市场监管执法，统一要素资源市场，持续扩大对内对外开放；同时，将着力稳就业、稳企业、 稳市场、稳预期，把投资于人和投资于物更紧密结合，提升居民收入合理增长，改善国内供强需弱的阶段性结构 矛盾。 随着经济结构转型提质的效果逐渐显现，随着居民的工资性收入、财产性收入和转移性收入的增速逐步企稳回 升，我国14亿人口消费向新升级的巨大潜力释放，将是下一阶段经济增长的必然阶段。在政策促进方面，12月28 日全国财政工作会议在北京召开，会议提出，2026年财政工作排序第一的重点任务，就是要抓好坚持内需主导， 支持建设强大国内市场 ...

Group 1 - The core view is that the A-share bull market is expected to continue into 2026, with resource products likely becoming a new main direction after the technology sector [1][2] - The concept of "New Four Bulls" for A-shares and Hong Kong stocks includes "Capital Inflow Bull," "Technology Innovation Bull," "Institutional Reform Bull," and "Consumption Upgrade Bull," which will continue to drive the market upward in 2026 [1][3] - The expected GDP growth for 2026 is around 5%, supported by policy support, stable domestic demand, and industrial upgrades [2] Group 2 - In the A-share market, the index is expected to continue to rise but with a slower growth rate, and investors will focus more on fundamental improvements and economic verification [2] - Key industries to focus on include new energy, non-ferrous metals, basic chemicals, oil and petrochemicals, non-bank financials, military industry, machinery, and computers [2] - The Hong Kong market is anticipated to see increased activity due to the listing of high-quality domestic companies and the evolution of the U.S. interest rate cycle, presenting significant upward opportunities [1][3] Group 3 - In the global market, key assets to track in 2026 include precious metals like gold and silver, and under the influence of major trends, non-ferrous metals such as copper and aluminum [3] - The AI industry chain remains worth tracking amid the U.S.-China technology security competition [3] - The bond market is expected to see a steepening yield curve, with credit spreads remaining low, and convertible bonds may exhibit significant oscillation characteristics [3]