Xin Lang Cai Jing·2025-11-18 13:49Core Viewpoint - The framework of "policy bottom, market bottom, economic bottom" is expected to return to effectiveness, potentially triggering a "Bull Market 2.0" in the second half of 2026 [2][4] Group 1: Market Outlook - The anticipated bull market may start in the second half of 2026, with a focus on the transition from "Bull Market 1.0" to "Bull Market 2.0" [2][4] - The "policy bottom" is likely to be validated around mid-2026, which could catalyze the start of the new bull market [4] Group 2: Investment Strategy - The current phase of the bull market is characterized by a significant shift in asset allocation towards equities, indicating that the bull market is far from over [3] - The A-share market is expected to see a qualitative change in profit accumulation, leading to improved conditions for incremental capital inflow over time [3] Group 3: Sector Focus - The technology sector is projected to be a key driver in the upcoming bull market, with a focus on areas such as humanoid robots, energy storage, photovoltaics, pharmaceuticals, and military industry [5] - The transition from "Bull Market 1.0" to "Bull Market 2.0" will favor high-dividend defensive stocks initially, followed by cyclical stocks and growth sectors [5] Group 4: Profit Forecast - A-share net profit growth is expected to show significant improvement, with forecasts of 7% and 14% year-on-year growth for 2025 and 2026, respectively [4]