Guo Jin Securities: AI and "Anti-Internal Competition" may become the main theme of A-shares in 2026.

Guotai Junan Securities macro team released a research report stating that since the beginning of 2026, the AI-driven market trend is extending from upstream computing power infrastructure to downstream AI applications, while geopolitical conflicts are catalyzing the non-ferrous metals and military sectors. The team believes that AI driving is reflected not only in the trend of the A-share market but also in the marginal changes in the macro economy. In December 2025, China's PPI rose to its highest level since 2024. From the driving factors perspective, AI's contribution to the improvement in PPI is mainly reflected in the rise of non-ferrous metals and technology sub-item prices. Based on this, the team stated that behind the improvement in PPI, two main themes for the pricing of the A-share market in 2026 are AI and "anti-coil", and from the current market deduction, "anti-enclosure" has not yet been fully priced in.