11 Lianyang at the end of 2025 has accumulated a full market sentiment for the start of 2026, and many positive changes in the market in the past year, such as innovative breakthroughs in AI, continuous progress in “anti-internal circulation” policies, and improvements in corporate profits, have laid a solid foundation for the further rise of the Chinese stock market in 2026. Looking ahead to 2026, it is becoming the consensus of domestic and foreign institutions that are bullish on Chinese assets, especially Chinese technology assets. Looking ahead to 2026, CITIC Securities believes that although the Shanghai Index broke out of 11 consecutive days at the end of 2025, the overall “agitation” of the market is still very restrained. Most of the capital that redeemed the earnings in the early period is still waiting for the time to enter the market, which also means that it is difficult for the market to make obvious adjustments without a significant risk of exceeding expectations. Standing at the beginning of the year, there is a higher probability that the market will fluctuate upward in an environment where people's mentality is rising. In the Asian Emerging Markets segment, J.P. Morgan Chase and Citibank Private Bank maintain overrated ratings for the Chinese market. The Goldman Sachs research team predicts that the Chinese stock market is expected to increase 38% by the end of 2027. The main driver of this increase is corporate profit growth. Goldman Sachs believes that profits of Chinese companies will increase by 14% and 12% in 2026 and 2027, respectively.

11 Lianyang at the end of 2025 has accumulated a full market sentiment for the start of 2026, and many positive changes in the market in the past year, such as innovative breakthroughs in AI, continuous progress in “anti-internal circulation” policies, and improvements in corporate profits, have laid a solid foundation for the further rise of the Chinese stock market in 2026. Looking ahead to 2026, it is becoming the consensus of domestic and foreign institutions that are bullish on Chinese assets, especially Chinese technology assets. Looking ahead to 2026, CITIC Securities believes that although the Shanghai Index broke out of 11 consecutive days at the end of 2025, the overall “agitation” of the market is still very restrained. Most of the capital that redeemed the earnings in the early period is still waiting for the time to enter the market, which also means that it is difficult for the market to make obvious adjustments without a significant risk of exceeding expectations. Standing at the beginning of the year, there is a higher probability that the market will fluctuate upward in an environment where people's mentality is rising. In the Asian Emerging Markets segment, J.P. Morgan Chase and Citibank Private Bank maintain overrated ratings for the Chinese market. The Goldman Sachs research team predicts that the Chinese stock market is expected to increase 38% by the end of 2027. The main driver of this increase is corporate profit growth. Goldman Sachs believes that profits of Chinese companies will increase by 14% and 12% in 2026 and 2027, respectively.