专访李超｜2026 科技领航，牛市浪潮下的投资洞察

Core Viewpoint - The A-share market is expected to enter a bull market driven by continuous interest rate declines, with a focus on the technology sector as a key investment theme for the upcoming year [1][2][3]. Group 1: Market Outlook - The bull market is supported by a significant decline in interest rates, with China's five-year yield dropping from over 4% to around 1% [2][5]. - The positive shift in market sentiment is attributed to improved diplomatic relations between China and the U.S., as well as breakthroughs in the technology sector [2][6]. - The market is expected to experience a liquidity-driven bull run, with the annual strategy titled "Sailing with the Wind" indicating a prosperous year ahead [6]. Group 2: Investment Strategy - The focus should be on high-quality development and structural transformation, with technology as the primary investment opportunity [3][6]. - A defensive strategy involving dividend stocks is recommended during periods of external risk, particularly in the context of U.S.-China relations [3][7]. - The investment strategy is summarized as "buy dividends during U.S.-China confrontation and buy technology during cooperation" [3][7]. Group 3: Future Predictions - Market expectations are anticipated to stabilize around February to mid-Q1 of the following year, influenced by political developments such as elections in Japan and potential visits from U.S. officials [4][7]. - The technology sector is expected to remain the main opportunity, although investment opportunities may fluctuate throughout the year [4][7].