随着企业基本面在25H2的陆续筑底，顺周期低基数特征明显，展望2026年，弱贝塔的转向有望成为全年交易主线，但不同子行业需求修复节奏或有差异，在贝塔中寻找阿尔法依然重要，我们梳理投资思路如下：（1）内需先于外需：重点关注东南亚、拉美市场结构景气和跨境电商产业趋势。（2）上游先于下游：从内需修复的节奏看，25Q3上游反内卷对商品价格和库存的拉动初见端倪，26年初开工后的需求弹性值得重视，重点关注大宗...
Source Link随着企业基本面在25H2的陆续筑底，顺周期低基数特征明显，展望2026年，弱贝塔的转向有望成为全年交易主线，但不同子行业需求修复节奏或有差异，在贝塔中寻找阿尔法依然重要，我们梳理投资思路如下：（1）内需先于外需：重点关注东南亚、拉美市场结构景气和跨境电商产业趋势。（2）上游先于下游：从内需修复的节奏看，25Q3上游反内卷对商品价格和库存的拉动初见端倪，26年初开工后的需求弹性值得重视，重点关注大宗...
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