Understanding the consensus expectations from over ten spring strategy meetings: brokerages unanimously favor two major investment themes!

Ask AI · How can new quality productive forces accelerate from concept to real-world industry implementation?

21st Century Business Herald reporter Cui Wenjing

In spring 2026, nearly 20 securities firms held strategy meetings in quick succession, conveying a highly consistent market outlook: China’s asset revaluation is moving from the prologue of 2025 into deeper territory, and market logic has substantively shifted from “liquidity-driven” to “earnings-driven.”

The rebound in corporate profit margins has become the key to stabilizing the A-share market in a sustained way.

In terms of specific allocation, “technology growth + cyclical upturn” forms the two core mainlines for the year.

On the technology side, new quality productive forces such as artificial intelligence and commercial aerospace are moving fully from concept to implementation across industries;

On the cyclical side, factors such as the global manufacturing recovery and geopolitical conflicts are resonating together, driving “resource product price increases” to become a high-frequency theme.

According to institutional recommendations, focus on three key coordinates:

① China’s advantage manufacturing industries that have global pricing power;

② Physical assets with strategic resource value, such as crude oil, copper, and gold;

③ Dividend assets that benefit from the “relocation” of residents’ wealth.

At the same time, regulators continue to purify the market, and it is expected that incremental capital will enter the market—an even more robust new ecosystem for the capital market is taking shape.

In 2026, leveraging the dual-wheel drive of technology and the cycle may be the key to winning the market.