CICC: By 2026, the style of the A-share market may become more balanced. It is recommended to focus on three main themes.

The research report of Zhongjin Company believes that looking forward to 2026, the reconstruction logic of the international monetary order will be further strengthened, the AI revolution will enter a critical application period, China's innovative industries will see performance realization, and these trends will continue to support the performance of Chinese assets. The importance of A-share fundamentals will continue to rise in 2026, and global funds and domestic residents' funds trends are also important factors that cannot be ignored. In terms of allocation, the trend of "seeking new" will continue, and the "temperature difference" will converge. The current global macro environment and trends in innovative industries are still relatively favorable for growth styles, but after more than a year of rising in the growth sector, valuations have also increased significantly. The style of the A-share market in 2026 may tend to be more balanced, with the driving force for this change mainly coming from the past three years of capacity reduction cycles, combined with policy advancement on "anti-inner loops", more and more pro-cyclical industries are expected to approach supply-demand balance. It is recommended to focus on three main themes: 1) Prosperity growth, 2) Breaking through external demand, 3) Cyclical reversal.