Xun Yugen, chief economist at Guoxin Securities, pointed out that compared to 25, the bull market in '26 is unchanged: policies continue to be relaxed. The bull market that began in '24 is similar to '99 in 519. Deflation continues, the policy easing environment remains unchanged; the bull market cycle is not over. Drawing on the historical rules of the bull and bear cycle, the time and space for this round of the bull market have not arrived, and market sentiment is not at the extreme. Changes: Fundamental restoration will spread from point to point, in line with residents' capital entering the market, and the bull market will move to the second half and third stages; the technology market is expected to spread from computing power infrastructure to application, and old assets such as liquor consumption and real estate will have opportunities to be revalued.

Xun Yugen, chief economist at Guoxin Securities, pointed out that compared to 25, the bull market in '26 is unchanged: policies continue to be relaxed. The bull market that began in '24 is similar to '99 in 519. Deflation continues, the policy easing environment remains unchanged; the bull market cycle is not over. Drawing on the historical rules of the bull and bear cycle, the time and space for this round of the bull market have not arrived, and market sentiment is not at the extreme. Changes: Fundamental restoration will spread from point to point, in line with residents' capital entering the market, and the bull market will move to the second half and third stages; the technology market is expected to spread from computing power infrastructure to application, and old assets such as liquor consumption and real estate will have opportunities to be revalued.