Zhong Guo Ji Jin Bao·2025-11-18 09:12Core Viewpoint - The 2026 Capital Market Investment Conference hosted by Shenwan Hongyuan emphasizes the importance of technological innovation and data as new driving forces for economic growth, suggesting a shift in investment strategies towards new sectors and opportunities [3][6][7]. Group 1: Economic Outlook - Liu Jian, Chairman of Shenwan Hongyuan, highlighted that the "14th Five-Year Plan" prioritizes technological innovation, which will lead to breakthroughs in industries such as artificial intelligence, biomedicine, and hydrogen energy [6]. - The conference suggests that the future growth of the Chinese economy will rely on new factors of production rather than traditional drivers, opening new spaces for capital market investments [7]. Group 2: Market Strategy - The research team at Shenwan Hongyuan proposed a "two-stage bull market" outlook, predicting that the first stage, driven by technological structure, will peak in spring 2026, followed by a comprehensive bull market in the second half of 2026 [7][8]. - The team anticipates significant improvements in A-share profitability in 2026, marking the first time in five years that both non-profitability and net profit growth will show double-digit increases [8]. Group 3: Macroeconomic and Bond Market Insights - Chief Economist Zhao Wei noted that the reforms during the "14th Five-Year Plan" will focus on systemic effectiveness, with 2026 expected to be a pivotal year for comprehensive reform and development [9]. - The bond market is entering a new phase where the core variables will shift towards price and capital flow, with a particular focus on inflation throughout 2026 [9].