Huatai Securities: The style of the A-share market in 2026 will enter a rebalancing rather than a switching phase

Huatai Securities, in its research report, looks ahead to the A-share market in 2026 and presents four core judgments: 1. The profit cycle is expected to rebound in the first half of next year, benefiting from the turning point of the capacity and inventory cycle; 2. There is still room for improvement in relative valuation, especially for the CSI 800's relative valuation; 3. The real estate cycle and enterprises going overseas both show positive signals; 4. The market style will enter a rebalancing phase rather than a switch