前海开源基金董事总经理杨德龙：牛市的下半场将会从现在的结构性牛市走向全面牛市

Core Viewpoint - The current market is in the first half of a bull market, with the index just reaching 4000 points, and it is expected to transition into a full bull market next year [1][2]. Group 1: Market Conditions - The market is currently experiencing a shift, with a focus on small-cap stocks, while clean energy funds are nearing record highs, indicating a rotation of capital among sectors [1]. - There is a significant amount of household savings, amounting to 170 trillion yuan, as many investors struggle to find good investment channels due to a sluggish real estate market [1]. Group 2: Future Predictions - In the coming year, external funds are expected to accelerate their entry into the market, particularly benefiting traditional blue-chip stocks and sectors such as consumer goods and innovative pharmaceuticals, which are anticipated to have high future demand [2]. - The transition from a structural bull market to a full bull market is predicted for next year, as more investors gain confidence in the market's upward trajectory [2].