18 6600 3 魏凤春 深圳商报记者 陈燕青 2026年，市场定价从"预期透支"回归"盈利兑现"。产业选择的核心标尺从"赛道故事"转向"盈利验证"，业绩 确定性成为估值锚定的核心依据。 在投资机会方面，一是新质生产力赛道（电子、高端装备），二是中游制造及上游资源品。 2025年，A股整体呈现震荡上涨态势：沪指上涨近两成，一度冲上4000点；科技成长股领涨，创业板指大涨 五成。进入2026年，A股会否延续反弹？市场风格又将如何演绎？近日，创金合信基金首席经济学家魏凤春 在接受深圳商报记者采访时表示，2026年A股有望延续此前的上涨态势，但市场的驱动逻辑切换为盈利主 导，看好新质生产力赛道和中游制造。 2026年A股有望延续上涨态势 2025年，A股整体呈现科技股领涨的成长风格。从大的板块来看，科创50、创业板指数全年分别大涨近四成 和约五成，明显超过上证50、沪深300等蓝筹股指数。 创金合信基金首席经济学家魏凤春认为，过去一年市场的结构性分化，核心源于资产定价逻辑的三重维度演 进。首先，2025年呈现向科技成长端集中的结构性倾斜，本质是新质生产力引领的主导产业更替进入质变 期，AI+赋能与科技自立自强形成 ...

此次试飞完成了首次跨省（直辖市）域低空文旅航线试飞，是川渝两地深化低空领域协同、探索常态化 运营的关键一步——空域统筹上，川渝两地低空空域管理部门建立了高效联动审批机制，"一方受理、 协同审批、信息互认"，显著简化流程；航线实测上，实地检测沿线空域适配性、起降点承载能力，同 步收集沿线空域数据、气象条件和通讯信号质量，为后续eVTOL安全运营与航线优化积累重要参数； 监管协同上，两地监管部门实时共享飞行动态，建立应急联动预案，确保飞行全程安全可控。 当千年石刻文化遇见低空经济，巴蜀文旅融合迎来新机遇——12月19日，中共四川省委军民融合办与中 共重庆市委军民融合办在资阳安岳签署《川渝地区跨省低空飞行协同管理工作机制（试行）》，并联合 民航西南地区管理局发布了《北线、中线、南线三条川渝低空大通道计划》，为全国低空文旅跨省合作 提供了制度性范例。 同时，巴蜀低空文旅走廊第二站——"川渝石窟寺国家遗址公园试飞"举行，完成了川渝首条跨省（直辖 市）域低空文旅航线试飞。当天，"川渝低空区域协同发展活动"正式举办，推动低空文旅合作从"单点 场景试点"向"制度化保障"跨越。现场，川渝两地签署的《川渝地区跨省低空飞行协同管理 ...

12月19日，巴蜀低空文旅走廊第二站——"川渝石窟寺国家遗址公园试飞暨低空区域协同发展活动"在四 川省资阳市安岳县启动。此次试飞突破行政边界，是川渝首条跨省（直辖市）域低空文旅航线。 此次试飞聚焦"川渝石窟寺"景区串联，完成了首次跨省（直辖市）域低空文旅航线试飞，也标志着川渝 低空合作从单点单线探索，正式迈向机制化构建、协同化运行、场景化运营的立体推进新阶段。在今年 10月，"巴蜀低空文旅走廊"首站试飞成功。 12月19日下午，沃飞长空运营的直升机从资阳市安岳县的石窟数展中心起飞，约15分钟后抵达重庆市大 足区的大足石刻景区，较地面驾车节省近1小时的时间。航程途径毗卢洞、茗山寺等核心石窟群，成功 验证了"低空景区直达"与"空中观光"的可行性。 在当天的活动上，川渝两地还联合发布《北线、中线、南线三条川渝低空大通道规划》。据了解，这三 条贯穿川渝、连接重要经济节点、文化旅游资源与产业集聚区的空中走廊，将极大提升区域间人员往 来、应急救援的效率，将有力带动通用航空制造、运营服务、文旅休闲等全产业链的聚集与发展。 沃飞长空还公布了后续试飞计划，除石窟寺文化线外，还将陆续开通多条巴蜀文旅体验航线，形成多元 主题的低空 ...

后续，川渝将依托试飞经验与数据优化航线网络、完善运营机制。随着沃飞长空AE200系列机型取证量 产，低空交通网络重塑区域文旅格局正加速到来。 寺国家遗址公园"航线试飞启动仪式现场。记者 刘忠俊 摄 中新网资阳12月19日电(记者 刘忠俊)12月19日，"川渝低空区域协同发展活动"在四川资阳市安岳县举 行，现场完成"川渝石窟寺国家遗址公园"航线试飞，这是川渝首条跨省(直辖市)域低空文旅航线。 川渝两地签署《川渝地区跨省低空飞行协同管理工作机制(试行)》现场。记者 刘忠俊 摄 活动现场，四川省委军民融合办与重庆市委军民融合办签署《川渝地区跨省低空飞行协同管理工作机制 (试行)》，并联合民航西南地区管理局发布《川渝低空大通道计划(北线、中线、南线)》，为全国低空 文旅跨省合作提供了制度性范例，标志着川渝低空文旅合作从"单点试点"迈向"制度保障"阶段。 根据签署的《川渝地区跨省低空飞行协同管理工作机制(试行)》，两地将探索构建"审批一体化、管理 协同化、空域网格化、服务标准化"的低空空域协同运行机制，实现跨省低空飞行审批便捷化、安全高 效化；发布的《川渝低空大通道计划(北线、中线、南线)》，则绘就了未来川渝低空互联互 ...

沃飞长空运营的直升机从安岳石窟数展中心起飞 沃飞长空相关负责人表示，随着三条低空大通道的建设推进与AE200系列产品的逐步投入，巴蜀低空文 旅走廊有望实现从"阶段性试飞"到"常态化运营"的跨越，让"空中览古迹、打飞的逛景区"成为川渝文旅 新名片。（编辑：张薇，校对：张彤，审核：程凌） 据悉，本次试飞是"巴蜀低空文旅走廊试飞活动"的第二站，前期使用传统直升机验证测试景区间转场和 观光飞行航路，后期将更换为沃飞长空旗下电动垂直起降航空器（eVTOL）AE200系列。 《中国民航报》、中国民航网 记者刘九阳 报道：12月19日下午，由沃飞长空运营的直升机从四川资阳 安岳起飞，约15分钟后抵达重庆市大足石刻景区，较地面自驾节省近1小时。航线途经毗卢洞、茗山寺 等核心石窟群，验证了"低空景区直达"与"空中观光"的可行性。此次试飞是川渝首条跨省（市）低空文 旅航线，为后续文旅场景商业化奠定了基础。 同日，中共四川省委军民融合发展委员会办公室与中共重庆市委军民融合发展委员会办公室共同签署 《川渝地区跨省低空飞行协同管理工作机制（试行）》，并联合民航西南地区管理局发布了《北线、中 线、南线三条川渝低空大通道计划》。据了解，这 ...

12月10日至11日举行的中央经济工作会议为2026年经济工作指明了方向。会议提出的"稳中求进"总基调 以及一系列宏观政策与产业部署，成为资本市场关注的焦点。多位基金经理表示，政策组合拳为资本市 场提供了有利的基本面、资金面和情绪面支撑。机构预计，会议释放的关键信号将催生消费升级、科技 创新及基建与统一大市场配套等领域的结构性投资机遇。 政策组合拳护航资本市场 ● 本报记者张凌之 一是消费升级领域。某大型基金公司研究人士认为，"坚持内需主导"居于2026年经济工作任务的首位， 大消费板块料获得持续助力。上述资深基金经理表示："耐用消费品及智能消费，包括智能家居、智能 网联汽车、AI消费电子等品类将受益于以旧换新政策扩围；同时，服务消费方面，养老康养、文旅休 闲、医疗健康等赛道，有望获得财政补贴和政策支持。" 二是新质生产力相关领域。某大型基金公司研究人士表示，"坚持创新驱动，加紧培育壮大新动能"的表 述凸显了科技突破的紧迫性，以人工智能等为代表的科技创新板块有望成为长期投资主线。上述资深基 金经理详细列举了新质生产力相关领域，包括以AI应用、半导体、商业航天为代表的硬核科技，以新 能源汽车、高端装备、储能为代 ...

Core Insights - The article discusses the significant rise of the middle class in China, projecting an increase of 400 million middle-class individuals over the next decade, bringing the total to over 800 million, which is likened to "recreating a Europe" [3] - The "14th Five-Year Plan" outlines a goal for China to achieve basic socialist modernization by 2035, with per capita GDP expected to exceed $23,000 [3] - The focus is on not just economic growth but also on strengthening the economy through consumption upgrades, industrial advancements, and green transformations [3] Economic Projections - By 2025, the total retail sales of consumer goods in China are expected to surpass 50 trillion yuan [3] - Key industries such as smart home appliances, cultural tourism, and new energy vehicles are anticipated to enter a rapid growth phase [3] Government Initiatives - The government is enhancing resident confidence through income distribution reforms, social security improvements, and more effective public investment [3] - New productive forces such as "artificial intelligence," "low-altitude economy," and "brain-computer interfaces" are expected to accelerate in the coming decade [3] Strategic Economic Shift - The focus of the Chinese economy is shifting from GDP to GNI, emphasizing both national accounts and individual wealth [3] - This transition aims to synchronize wealth creation with the sharing of economic benefits among the population [3] Role of the Middle Class - The 800 million middle-class individuals are positioned not only as consumers but also as the main force driving China's modernization [3]

Group 1 - The core viewpoint is that a series of policies aimed at expanding domestic demand and promoting consumption have effectively stimulated China's consumption market, leading to stable growth and a stronger role as the "main engine" of economic growth [1] Group 2 - The policy of replacing old consumer goods has significantly boosted sales, with related sales exceeding 1.9 trillion yuan and benefiting over 320 million people by August 14, 2023 [1] - The automotive sector saw over 7.3 million vehicles replaced, while over 110 million home appliances and 789 million digital products were upgraded [1] - High-efficiency home appliances are experiencing rapid sales growth, indicating a trend towards quality large items [1] Group 3 - Service consumption demand has been consistently released, with an increase in tourism during the summer, leading to a new lifestyle where people travel for events [3] - Cultural venues have extended their opening hours, enhancing the cultural experience for visitors [3] - Related consumption in tourism, leisure, and cultural services has shown rapid growth, with retail sales in these sectors maintaining double-digit growth [3] Group 4 - Online consumption has gained momentum, with online retail sales increasing by 9.2% year-on-year in the first seven months of the year, marking a new high for the year [5]

Economic Performance Overview - In July, the industrial added value above designated size increased by 5.7% year-on-year, indicating stable growth in production supply [1][2] - The total retail sales of consumer goods rose by 3.7% year-on-year, reflecting a steady increase in consumption [1][2] - The total import and export of goods grew by 6.7% year-on-year, showing resilience in foreign trade [1][2] Production and Investment - The equipment manufacturing sector saw a significant increase, with added value rising by 8.4% in July, outpacing the overall industrial growth [2] - High-tech manufacturing also performed well, with a year-on-year increase of 9.3% in added value [3] - Investment in water conservancy and electricity has rapidly increased, driven by large-scale equipment updates [7] Consumer Market Dynamics - The consumer market is supported by policies aimed at boosting consumption, with a combined growth of approximately 5% in retail sales of goods and services from January to July [4] - Specific categories such as home appliances and cultural products saw substantial growth, with retail sales increasing by 28.7% and 13.8% respectively in July [4] - The service retail sector experienced robust growth, particularly in tourism and cultural services, with double-digit growth rates in several categories [4] Future Outlook - The economic foundation remains strong, with ongoing macroeconomic policies expected to support stable growth [6][7] - The International Monetary Fund has raised its forecast for China's economic growth by 0.8 percentage points, indicating increased confidence from the international community [7] - Continued efforts to enhance consumption and diversify foreign trade markets are anticipated to further stabilize economic performance [7]

Group 1 - The rapid development of new productive forces such as artificial intelligence large models and humanoid robots is driving growth in emerging service industries like scientific research and technology services, with significant revenue increases in information services and R&D sectors [1] - Consumer spending is showing sustained growth, with retail service revenue increasing by 5.2% year-on-year from January to July, maintaining stability compared to the first half of the year, and notable growth in tourism and leisure-related consumption [1] - New policies for personal consumption loan interest subsidies and service industry loan interest subsidies are expected to boost consumption growth, particularly in the context of summer and National Day travel [1] Group 2 - The focus on strengthening domestic circulation has led to improved flows of people, goods, and capital, with railway passenger volume increasing by 6.6% year-on-year in July and freight volume reaching 452 million tons, a 4.5% increase [2] - The narrowing "scissors gap" between M2 and M1 year-on-year growth rates indicates improved capital circulation efficiency, aligning with trends of increased economic activity [2] - The economic outlook remains stable, supported by strong fundamentals, resilience, and potential for growth, with macro policies expected to maintain continuity and stability, focusing on service consumption and risk prevention [2] Group 3 - Upcoming projects supported by national and local government bonds are likely to accelerate, with a series of related policies aimed at expanding domestic demand [3] - Various levels of policies (macro, meso, and micro) are expected to intensify efforts across different sectors [3]