As December begins, the market enters a window of upward resonance in policy, liquidity, and fundamentals. The earlier market adjustments have effectively released some valuation and sentiment risks. Overseas, the U.S. Federal Reserve still has room for rate cuts, while domestically, the tone set by the Central Economic Work Conference will serve as a key anchor for expectations.
Looking ahead to 2026, how will the A-share market perform? Which investment directions are worth watching? Here are the latest insights from Great Wall Fund’s equity fund managers:
**Yang Jianhua: A-Shares Have Rebound Potential** December requires close attention to the upcoming Politburo meeting and the Central Economic Work Conference, which will set the tone for next year’s macroeconomic outlook. The external environment is expected to remain relatively stable, and with risks in the A-share market partially released after adjustments, the market is likely to stabilize and show some rebound potential.
Current focus should be on positioning for 2026 investment opportunities. Key areas include: - New developments in the AI narrative (especially AI application rollouts). - Overseas demand sectors benefiting from the U.S. rate-cut cycle. - Resource stocks poised for gains amid a potential new wave of dollar easing. - High-dividend stocks favored by domestic incremental capital. Additionally, opportunities in cyclical sectors may emerge as domestic policies continue to stimulate demand.
**Liao Hanbo: Awaiting New Structural Highlights** The market has yet to identify a new sustainable rally theme, with capital rotating across sectors in search of fresh investment narratives. Against this backdrop, the market remains range-bound, and attention should be paid to potential new structural highlights, particularly in undervalued sectors.
**Tan Xiaobing: A Window for Strategic Positioning** In November, high-dividend and cyclical sectors outperformed due to U.S. liquidity expectations, while growth stocks lagged. For December, short-term risks persist, but the Central Economic Work Conference and potential Fed rate cuts could create a window for positioning ahead of next year’s expectations.
**Long Yufei: Bullish on AI Applications** We remain optimistic about tech-driven sub-sectors in healthcare and consumer industries, particularly AI applications. After a period of over-optimism and subsequent correction, expectations have normalized. With hardware and infrastructure (e.g., computing power) now at scale, AI applications—especially in enterprise and vertical scenarios—are gaining traction. Coupled with low market expectations, AI applications may see valuation recovery.
**Liang Furui: Focus on Clinical Data in Biotech** In biotech, two themes stand out: 1. Globalization of companies with established business development (BD). 2. Pipeline validation and overseas expansion for pre-BD firms. While negative sentiment in biotech has largely dissipated, December lacks major catalysts. Focus should shift to upcoming clinical data readouts for high-potential pipelines.
**Chen Ziyang: Resources and "Anti-Involution" Themes** Two key December events—the Central Economic Work Conference and the Fed meeting—will shape domestic economic and U.S. liquidity expectations. If outcomes are favorable, resource stocks and "anti-involution" themes (e.g., sectors less prone to overcompetition) may lead the next rally.
**Zhang Jian: Domestic Consumption, Finance, and Capital Goods** Year-end markets are likely to remain volatile. For 2026 positioning, key areas include: 1. Domestic consumption: Competitive improvements and stabilizing fundamentals make select sectors attractive, with appealing dividend yields. 2. Finance (banks, insurers): Banks may see narrower interest margin declines and growth, while insurers remain undervalued despite improving fundamentals. 3. Capital goods exports (e.g., machinery, heavy trucks), which have strong overseas potential.
**Su Junyan: Thematic Growth Sectors** Short-term caution prevails due to limited incremental capital and lack of market-leading themes. However, some capital is positioning for a potential "spring rally," which could benefit high-growth thematic and small-mid cap stocks.
**Yang Yu: AI and Energy Storage Opportunities** AI remains a high-growth sector, with further opportunities to explore. Additionally, progress in energy storage and fundamentally stable quality stocks warrant attention.
**Lin Hao: Self-Sufficiency Themes** We favor tech growth sectors with independent industrial logic, new consumption, and export-driven stocks. Structural trends may persist, with long-term focus on self-sufficiency and resource revaluation amid geopolitical tensions. Year-end profit-taking may temporarily rebalance styles, but structural trends remain intact.
**Disclaimer**: The information herein is sourced from reliable channels and analysts’ judgments, but accuracy or completeness is not guaranteed. Views are subject to change without notice. This material should not replace independent judgment or serve as investment advice. No liability is accepted for any losses arising from its use. Unauthorized distribution, reproduction, or modification is prohibited.
*MACD golden cross signals formed—these stocks are performing well!*
*For in-depth analysis, download the Sina Finance App.*
Comments