国海证券最新研判：牛市有望进入第三阶段

Core Viewpoint - Guohai Securities held the 2026 Capital Market Annual Conference in Nanning, Guangxi, focusing on how finance can empower high-quality regional development in the context of new opportunities and challenges [1] Group 1: Conference Overview - The conference lasted three days and featured one main venue and eight parallel sub-venues, attracting over 500 listed companies, more than 60 experts from various fields, and over 35 business leaders, with more than 2,000 attendees on the first day [1][2] - Guohai Securities aims to leverage its role as a local listed securities company to facilitate connections between industries, technology, and finance, promoting the introduction of funds, resources, and talent into Guangxi [2] Group 2: Economic Insights - Jiang Xiaojun, a prominent economist, highlighted the solid foundation for stable development during the 14th Five-Year Plan, emphasizing improved innovation capabilities and the rapid development of the digital economy [3] - Summer Lei, Chief Economist at Guohai Securities, projected that China's economy has a solid foundation and significant potential for long-term growth, with consumption being the main engine of economic growth [4] Group 3: Market Outlook - The A-share market is expected to continue a "slow bull" trend, with technology remaining a key focus area, supported by a favorable liquidity environment and significant household savings [5] - The 2026 market is anticipated to enter a third phase of a bull market driven by both valuation and performance, with a focus on emerging sectors such as AI, robotics, and innovative pharmaceuticals [6] Group 4: Asset Allocation Strategies - Guohai Securities' fixed income chief suggested that interest rates are likely to remain low, providing opportunities for bond market trading within a fluctuating range [7] - The conference included discussions on eight key topics, including AI, key metals, and new materials, indicating a broad interest in innovative sectors [7][8]