Head brokerage firms forming three major "spring consensus"

As more than ten top securities firms successively hold their 2026 spring strategy meetings, the investment landscape for the new year is gradually becoming clear. Although each institution has its own focus on investment pace and segments, consensus is forming on macroeconomic judgments, market trends, and core strategic layouts. Firstly, the pricing logic of the A-share market is shifting from "liquidity-driven" to "profit-driven". Secondly, the optimization of economic structure is accelerating, and the growth model is transitioning from "scale expansion" to "value creation". Thirdly, the dual drivers of "technology + cycle" are outlining a brand new investment landscape.