Looking ahead to the end of 2025 and into 2026, the market's main themes are very clear and can be summarized as two core logics: "Technological Breakthrough" and "Value Rebuilding."

In simple terms, the core of 2026 is: those developing technology (tech) need to implement it, and those doing business (traditional industries) need to make money (countering internal competition).

The three most important directions:

1. Technology: From "Competing in Computing Power" to "Competing in Applications"
This is the strongest main theme throughout the year, focusing on the widespread implementation of AI and domestic substitution.
* AI Application Explosion: No longer just about chip manufacturing, but about how AI is used. For example, AI + office work, AI + education, AI + advertising, and smart terminals (AI phones, AI PCs).
* Core Manufacturing: Humanoid robots will see breakthroughs in mass production; semiconductor equipment and materials will continue to be domestically developed; low-altitude economy (drone logistics, etc.) will begin commercial operations.
* Computing Infrastructure: Despite fierce competition, global demand for computing power continues to surge, and the domestic computing industry chain remains a hard currency.

2. New Energy and Going Global: Making Money from Foreign Markets
The era of domestic price competition is over; in 2026, it will be about who can profit globally.
* Power and Energy Storage: Global AI development causes electricity shortages, and energy storage and ultra-high voltage equipment will see explosive growth.
* Smart Vehicles: The focus is no longer just on selling cars, but on intelligence (autonomous driving, smart cockpits) and overseas sales.
* Resource Price Increases: Industrial metals like copper and aluminum may rise due to global demand recovery, making them good hedges against inflation.

3. Consumption and Countering Internal Competition: Prioritizing Face and Substance
Policies will strongly intervene to reduce vicious competition, allowing companies to make money and consumers to dare to spend.
* New Consumption: Young people are willing to spend on emotions; pet economy, trendy toys, outdoor sports are major trends; aging population will drive explosive demand for innovative drugs and medical devices.
* Internal Competition Redundancy Benefits: The government will promote mergers and restructuring in traditional industries like chemicals and building materials to reduce internal friction. High-dividend, low-valuation state-owned enterprises (such as banks and infrastructure) remain safe havens.

2026 is about: following AI implementation to find applications, following the country’s go-global strategy to find industry leaders, and following demographic changes to find consumption opportunities.