杨德龙：牛市下半场宜采取均衡配置策略

Core Viewpoint - The market is currently at a critical juncture around the 4000-point level, with differing opinions on whether it marks the end or the beginning of a new bull market phase [1][2]. Market Sentiment - Investors are divided on the significance of the 4000-point level, with pessimists viewing it as a potential peak and optimists seeing it as a starting point for further gains [1]. - Recent data indicates a significant increase in new stock accounts, surpassing 25 million this year, suggesting a shift of household savings into the capital market [2]. Sector Focus - The technology sector has been the primary beneficiary of market funds, with a notable performance in hardware companies compared to software firms [3][5]. - Investment interest is shifting towards specific sub-sectors such as humanoid robots, semiconductor technology, and innovative pharmaceuticals, which are expected to drive future growth [3]. Investment Strategy - The current market phase is characterized by a structural bull market, with expectations of transitioning to a more comprehensive bull market in the coming year [2][5]. - Investors are advised to balance their portfolios between high-growth technology stocks and traditional blue-chip stocks, particularly as market conditions evolve [6][7]. Long-term Outlook - The long-term trajectory of the humanoid robot industry is anticipated to follow a similar path to that of the electric vehicle sector, with significant production goals set by companies like Tesla [4]. - The market is expected to maintain a slow bull trend through 2026, encouraging investors to adopt a value investment approach for sustainable growth [7].