2 1 Shi Ji Jing Ji Bao Dao·2025-11-18 04:52Core Viewpoint - The analysis presented by Shenyin Wanguo's chief analyst suggests a two-phase bull market, with 2025 representing the "Bull Market 1.0" focused on technology, and a potential transition to a broader bull market in the second half of 2026 [1] Group 1: Market Phases - The "Bull Market 1.0" in 2025 is characterized by a technology-driven structure, with expectations of a peak in the spring of 2026 [1] - The second half of 2026 may initiate a comprehensive bull market, termed "Bull Market 2.0" [1] Group 2: AI Industry Insights - The AI industry trend is expected to continue evolving, but the stock prices of A-share AI industry chain companies are currently in a long-term low cost-performance zone [1] - This situation is reminiscent of previous market phases, such as the early 2014 ChiNext, early 2018 food and beverage sector, and early 2021 new energy sector [1] Group 3: Historical Context - Historically, markets often undergo a phase of skepticism before continuing with industry trend-driven rallies [1]