Huaxi Securities: Three major price increase themes support A-share market trends.

Huaxi Securities pointed out that in 2026, the structural theme will switch from technology to the price increase chain. From the perspective of SW primary industries, in 2026, petroleum and petrochemicals, coal, chemicals, and non-ferrous metals have led the price increase. Under the catalysis of geopolitical situation, the trend of the price increase chain may continue to unfold. In terms of input inflation, focus on the energy chain, non-ferrous metals, and agricultural products. Among them, the energy chain is more certain to increase in price under the influence of the geopolitical situation, and related sectors include oil and gas, coal chemical industry, upstream raw materials of chemicals, and shipping. In terms of non-ferrous metals, the certainty of price increase in minor metals and aluminum is relatively high, while gold and copper show a pattern of mixed long and short positions. In terms of agricultural products, pay attention to feed raw materials, fertilizers, and pesticides. In terms of endogenous inflation, pay attention to traditional industries that are anti-involution, including chemicals, steel, coal, building materials, and live pigs. Among them, the chemical industry sector is driven by the increase in crude oil prices and has already entered the price increase range first; coal, steel, building materials, and live pig prices continue to operate at low levels, with the possibility of recovery. In terms of technology price increases, focus on the upstream links of the AI computing power industry chain, including computing power infrastructure, storage chips, optical communication, and upstream materials and electric power sources for PCB.