杨德龙：中国科技牛行情远没有结束 2026年更多板块有望涨起来

Market Overview - Recent stabilization and rebound in A-shares and Hong Kong stocks have led to a recovery in market confidence, with expectations for a potential rally before the end of the year [1] - The recent market pullback was primarily due to profit-taking in previously high-performing technology stocks, but the overall market trend remains unchanged [1] - The bull market has been ongoing for a year, characterized by significant structural trends and sector rotation [1][2] Sector Performance - After breaking the 4000-point mark, the market is expected to continue upward, with faster sector rotation anticipated [2] - Investors are advised to diversify their portfolios rather than concentrate on technology stocks, which may be experiencing fear of heights among new investors [2] - Traditional sectors, particularly consumer stocks, may see valuation recovery opportunities as new funds enter the market [5] Global Market Influences - The potential for a rate cut by the Federal Reserve in December could lead to a global trend of monetary easing, supporting liquidity in capital markets [4] - The current low-interest-rate environment is favorable for equity asset performance, with expectations for the Fed to lower rates to around 3.5% [4] - Concerns about high valuations in U.S. tech stocks, particularly after significant gains, have led to caution among investors [3][4] Future Outlook - The bull market in A-shares and Hong Kong stocks is expected to continue into 2026, with a shift from a structural bull market to a more comprehensive bull market [6] - The Chinese technology sector, despite recent adjustments, is not expected to end its bullish trend, as it has significant growth potential in AI applications [6] - Increased foreign investment interest in the Chinese market, particularly in the technology and AI sectors, is anticipated, supported by positive outlooks from major international investment banks [6]