Zhang Qiyao, chief strategy analyst at Societe Generale Securities, said that looking ahead to 2026, fundamental restoration is expected to support a further upward trend in the market. He analyzed that after disassembling the results of listed companies for the first three quarters of 2025, it can be seen that revenue has been steadily recovered, but gross margin is still declining. This indicates that prices are still the main drag on profits. However, since the second half of 2025, prices in fields such as resource products have rebounded and led to an improvement in gross margin, driven by policies such as “anti-internal circulation”. Zhang Qiyao said that in 2026, nominal economic recovery and price recovery will become the clearest trend in the market. Referring to the IMF's latest forecast, China's nominal GDP growth rate in US dollars is expected to reach 6.45% in 2026, a significant increase from 2025, and the profits of listed companies will continue to improve. Meanwhile, the global liquidity easing pattern continues, and A-shares are likely to continue their upward trend in 2026. At the level of industry allocation, the market is in a structural recovery stage in 2025. The prosperity of various industries is significantly divided, and capital “eliminated” weak industries around the main line of prosperity. Entering 2026, as more industries enter profit recovery channels, the market allocation logic may change — selecting the winning industries from within each sector through a “racing” model. The proposal focuses on four core clues: AI industry trends, the “price increase chain”, the “offshore chain”, and the structural recovery of domestic demand.

Zhang Qiyao, chief strategy analyst at Societe Generale Securities, said that looking ahead to 2026, fundamental restoration is expected to support a further upward trend in the market. He analyzed that after disassembling the results of listed companies for the first three quarters of 2025, it can be seen that revenue has been steadily recovered, but gross margin is still declining. This indicates that prices are still the main drag on profits. However, since the second half of 2025, prices in fields such as resource products have rebounded and led to an improvement in gross margin, driven by policies such as “anti-internal circulation”. Zhang Qiyao said that in 2026, nominal economic recovery and price recovery will become the clearest trend in the market. Referring to the IMF's latest forecast, China's nominal GDP growth rate in US dollars is expected to reach 6.45% in 2026, a significant increase from 2025, and the profits of listed companies will continue to improve. Meanwhile, the global liquidity easing pattern continues, and A-shares are likely to continue their upward trend in 2026. At the level of industry allocation, the market is in a structural recovery stage in 2025. The prosperity of various industries is significantly divided, and capital “eliminated” weak industries around the main line of prosperity. Entering 2026, as more industries enter profit recovery channels, the market allocation logic may change — selecting the winning industries from within each sector through a “racing” model. The proposal focuses on four core clues: AI industry trends, the “price increase chain”, the “offshore chain”, and the structural recovery of domestic demand.