Preface: The year 2025 witnessed a surge of star performers in the A-share market, as industrial transformations reshaped capital narratives. Investors experienced a capital feast driven by technological innovation alongside a significant revaluation of traditional industries undergoing renewal, with the market repeatedly hitting new highs amidst volatility. As we approach 2026—the inaugural year of the 15th Five-Year Plan period—new investment directions underpinned by national strategies and accelerating technological advancements are set to fuel capital flows across industries. Our forward-looking analysis of ten key sectors aims not merely to predict the future but to understand the current stage of each industry, grasp the new narrative logic, recognize the core principles of industrial development, and ultimately navigate the sectoral opportunities of the coming year.

1. AI (1) Memory Keywords: Sustained Strength Narrative Logic: Continued growth in capital expenditure from cloud providers, coupled with supply shortages in HBM and enterprise-grade storage. While consumer storage capacity faces constraints, memory upgrades in consumer products, exemplified by the iPhone, are driving volume and price increases industry-wide. Market Outlook: Multiple demand sources are competing for limited memory chip production capacity, suggesting the memory market will remain strong in 2026. Domestic listed companies with sufficient inventory or those already supplying the enterprise storage segment are well-positioned to benefit from this trend and maintain robust performance. Representative Companies: Jiangbolong, BIWIN Storage, Shannon Xinchuang, ChangXin Memory Technologies

(2) Circuit Boards Keywords: Capacity Expansion, Technological Upgrade Narrative Logic: Fueled by the AI boom, PCBs are evolving from mere connection carriers into the "core layer for computing power release," entering an era defined by high frequency, high power consumption, and high density. As AI demand further expands and product generations accelerate, technology-driven value re-rating and upstream material shortages will be central themes. Market Outlook: The slow expansion of high-end capacity and key materials is expected to prolong the PCB supply-demand gap. High-Density Interconnect boards, which meet the stringent requirements of AI servers, accelerator cards, CPO optical modules, and automotive domain controllers, show significant growth potential and are likely to be the fastest-growing segment, prompting manufacturers to accelerate production expansion. Representative Companies: Shengyi Technology, Unimicron, Victory Giant Technology

(3) AI Applications Keywords: Accelerating Commercialization Narrative Logic: AI applications will further transition from being AI-enhanced to AI-native, with a greater focus on the quality of generated content, the precision of personalization, and the immersiveness of multimodal interaction. Market Outlook: Resonating with continuous model iteration and declining computing costs, AI applications are moving from a "tool usability" phase to "value realization," suggesting the positive market trend will likely continue into 2026. Representative Companies: Wondershare, Kunlun Tech, Kingsoft Office, Colorful Clouds

(4) Servers Keywords: Upgrade and Restructuring Narrative Logic: The industry focus is shifting from pure hardware stacking to holistic, chain-wide collaborative upgrades aimed at breaking computing bottlenecks and managing ultra-high power consumption. Market Outlook: Supported by sustained high capital expenditure from cloud providers, demand remains vigorous. The strong performance of AI servers is anticipated to continue in 2026. Technologically, iterations will accelerate the adoption of liquid cooling. Following the launch of new super-node server products in 2025, their application and promotion are set to accelerate in 2026. Representative Companies: Sugon, Inspur, Unisplendour

2. Photovoltaics (PV) Keywords: Profit Recovery Narrative Logic: The long-awaited polysilicon "platform company" is emerging. With an industry-wide consensus against "internal competition," there is potential for price system recovery starting from the upstream supply chain. If the platform operates efficiently and prices are successfully passed downstream, 2026 could mark a year of profit recovery and industrial restructuring for PV manufacturing. Market Outlook: The PV sector is expected to see a phased recovery in 2026, primarily driven by the anticipation of the industry returning to annual profitability. Market performance will depend on whether "anti-involution" policies can effectively facilitate capacity rationalization and on changes in domestic and international demand. The growth rate of new PV installations is highly likely to decline for the first time in 2026, with weak demand constraining price increases. Representative Companies: LONGi Green Energy, Trina Solar, JA Technology, Jinko Solar, Aiko Solar, Tongwei, GCL Tech

3. Energy Storage Keywords: Total Volume Expansion, Internal Divergence Narrative Logic: As renewable energy fully integrates into the market, it drives the need for PV-coupled storage. Energy storage is genuinely transitioning to market-driven and necessity-driven models, where projects with economic viability and diversified revenue streams will stand out. Market Outlook: The energy storage sector is poised for a phase of "volume growth and profit increase" in 2026, but significant internal divergence is expected. Its trajectory will be driven by both the growth in rigid demand and reforms in electricity marketization. Representative Companies: CATL, Sungrow, Hyperstrong, Eve Energy, Narada Power

4. Robotics Keywords: Focus on Real Orders Narrative Logic: As mass production scales up in 2026, market attention will zero in on tangible orders, production ramp-up, supply chain progress, and breakthroughs in software intelligence. Market Outlook: Industry insiders suggest the focus for next year will be on Tesla's orders. Catalysts such as the expected release of Tesla's Optimus V3 in H1 2026 are likely to sustain sector momentum. Representative Companies: Sanhua, Tesla, Tuopu, iFlytek

5. New Consumption (1) Instant Retail Keywords: "Fast Delivery" and "Absolute Safety" Narrative Logic: Instant retail is at a critical juncture, approaching a trillion-yuan scale, with platforms entering a phase of refined operations. Market Outlook: The market size continues to expand, although the phasing out of platform subsidies may cause short-term disruptions. Representative Companies: Meituan, Alibaba, JD.com

(2) Emotional Economy Keywords: Defying Economic Cycles Narrative Logic: Consumers are increasingly willing to pay for emotional value, seeking personalization and social currency, allowing the emotional economy to grow counter-cyclically. Market Outlook: The emotional consumption market remains on an expansion path, with its cycle-defying characteristics being clear. Representative Companies: Pop Mart, Miniso

(3) Freshly Made Tea Beverages Keywords: From "Land Grab" to "Value Deepening" Narrative Logic: The core competitive logic is shifting from "expansion speed" to a comprehensive contest involving supply chain efficiency, franchise management, hit-product capability, and brand differentiation. Market Outlook: The industry continues to grow, but divergence is intensifying, with individual stock alpha attributes becoming increasingly prominent. Representative Companies: Mixue Group, Auntie Shanghai

(4) New Consumption Formats Keywords: Accelerated Transformation, Awaiting Results Narrative Logic: Pilot cities for new consumption formats, models, and scenarios are being established. Policy support focuses on improving首发经济 service systems, innovating diverse service consumption scenarios, and fostering cross-brand collaborations between premium consumer resources and famous IPs. Market Outlook: Demand for low-cost, high-frequency emotional consumption persists. Leading supermarkets are gradually finding successful transformation models, but household consumption willingness remains a key indicator to watch. Representative Companies: Pop Mart, Yonghui Superstores

6. Pharmaceuticals (1) Innovative Drugs Keywords: Substance Over Storytelling Narrative Logic: In 2026, the innovative drug industry enters a phase of value-based pricing. With医保 and centralized procurement rules stabilizing, market valuation anchors on clinical irreplaceability, commercial execution capability, and cash flow visibility. Me-too projects face systematic discounts, BD transactions shift from "competing on deal size" to "competing on quality," and post-reimbursement sales performance becomes the core valuation driver. Market Outlook: Clear policy direction and low valuations support a continuation of the structural recovery. Market performance will be driven by earnings delivery, BD deal closures, and sales validation. Representative Companies: Hengrui, BeiGene, Akeso, Innovent, Junshi, Hansoh, CSPC, Sino Biopharm

(2) AI Healthcare Keywords: From Concept to Reality, Focusing on Monetization Narrative Logic: In 2026, AI healthcare competition is not about models, but about who can successfully integrate AI into medical billing. Algorithms alone no longer constitute a valuation moat; the ability to embed AI into medical workflows and generate sustainable revenue becomes the core pricing basis. Market focus shifts from "model capability" to real-world application scenarios, payment capacity, and scalability. Market Outlook: AI healthcare retains long-term growth potential, but 2026 will be a year of "survival of the fittest," where the market will reward pioneers with genuine revenue and clinical validation. Representative Companies: United Imaging, Mindray, Ping An Healthcare, XtalPi, Winning Health

(3) Brain-Computer Interface (BCI) Keywords: Sci-Fi Accelerates into Reality Narrative Logic: In 2026, the BCI industry will see parallel advancement along invasive, semi-invasive, and non-invasive pathways. Implantable BCI technology may expand its indications to complex neurological diseases like Alzheimer's and Parkinson's. Market Outlook: BCI technology remains in early stages but holds immense potential in R&D and application. Capital interest is expected to shift from "concept speculation" to "value investing." Representative Companies: Step Medical, NeuroXess, Boring Kang

7. Gaming Keywords: A Year of New Game Releases Narrative Logic: A continued pipeline of high-quality game releases in 2026 will support steady industry growth. AI-enabled R&D cost reduction and user acquisition efficiency improvements are expected to boost manufacturer profit margins. Market Outlook: The gaming market's supply and demand are projected to keep improving, with industry景气度 and profit margins likely to continue rising. Representative Companies: Tencent, NetEase, Shiji Huatong, 37 Interactive

8. Low-Altitude Economy: Drones Keywords: Rapid Take-off Narrative Logic: Moving beyond theory, 2026 will see domestic leading OEMs successively obtaining Type Certificates for their eVTOL products, marking the beginning of scaled commercial operations. Market Outlook: Investment and financing activity in the low-altitude economy market is expected to remain hot next year. Representative Companies: AutoFlight, Fengfei Aviation, Zero Gravity, Yufeng Future, Volant, WoFei Changkong, Huitian, GAC High Domain, EHang

9. Autonomous Driving Keywords: Dual-Track Advancement Narrative Logic: The market exhibits a "dual-track advancement" pattern: on one end, the mass adoption of L2+/L3 features in mainstream vehicles; on the other, the expansion of "fully driverless" Robotaxi commercial services across multiple cities. Industry competition is evolving from pure technology比拼 to a comprehensive contest involving cost reduction capabilities, real-world data loop efficiency, and business model maturity. Market Outlook: Driven by factors including regulatory breakthroughs and declining core hardware costs, 2026 is predicted to be the first year of large-scale commercialization for autonomous driving. Representative Companies: Desay SV, Hesai-W, Pony.ai-W

10. Commercial Aerospace Keywords: Targeting "Value Release" Narrative Logic: The sector is transitioning from "thematic investment" to "industrial scaling," driven by the intensive deployment phase of national satellite constellations, validation and cost reduction of reusable rocket technology, and efficiency gains from the establishment of dedicated regulatory bodies. Market Outlook: Investment in commercial aerospace in 2026 will place greater emphasis on fundamental validation, with core focus areas being "accelerated constellation deployment, cost reduction, and order fulfillment." Representative Companies: China Satellite, China Satcom, Aerospace CH UAV