At the Strategy Sub-Forum of the 2026 Investment Strategy Meeting of Societe Generale Securities, Zhang Qiyao, chief strategy analyst at Societe Generale Securities, was optimistic about investment opportunities in the 2026 A-share market. Looking ahead to 2026, from the outside world, the negative impact on the domestic market is limited. Instead, it is due to the resonance of global AI industry trends, loose liquidity, and weak US dollars, which are expected to boost A-shares. From an internal perspective, both the GDP deflator and the recovery direction of nominal growth are relatively clear. The recovery of the nominal economy and the recovery in prices are expected to support further improvements in fundamentals, and the recovery of domestic companies' profits may become the biggest highlight. On the financial side, whether it is a new round of reallocation of the wealth of domestic residents to the stock market, or the excessive return of active equity funds, the firm entry of medium- and long-term capital such as insurance funds and the national team, and the return of foreign capital to Chinese assets, these positive changes in capital trends are expected to be interpreted more deeply in 2026 and further formed positive feedback.

At the Strategy Sub-Forum of the 2026 Investment Strategy Meeting of Societe Generale Securities, Zhang Qiyao, chief strategy analyst at Societe Generale Securities, was optimistic about investment opportunities in the 2026 A-share market. Looking ahead to 2026, from the outside world, the negative impact on the domestic market is limited. Instead, it is due to the resonance of global AI industry trends, loose liquidity, and weak US dollars, which are expected to boost A-shares. From an internal perspective, both the GDP deflator and the recovery direction of nominal growth are relatively clear. The recovery of the nominal economy and the recovery in prices are expected to support further improvements in fundamentals, and the recovery of domestic companies' profits may become the biggest highlight. On the financial side, whether it is a new round of reallocation of the wealth of domestic residents to the stock market, or the excessive return of active equity funds, the firm entry of medium- and long-term capital such as insurance funds and the national team, and the return of foreign capital to Chinese assets, these positive changes in capital trends are expected to be interpreted more deeply in 2026 and further formed positive feedback.