2026年A股能否继续长牛？专家称上市公司业绩增长是关键

Group 1 - The core viewpoint of the articles revolves around the potential market dynamics in 2026, focusing on whether the PE/VC sectors can benefit from a recovery in IPOs and increased mergers and acquisitions, as well as the continuation of a slow bull market in A-shares in 2025 [1][2] - Professor He Qiang emphasizes that for the stock market to achieve further growth, two key factors are necessary: continuous growth in listed company performance and a steady influx of medium to long-term capital [2][3] - The "15th Five-Year Plan" is expected to provide favorable policy expectations for capital market development, which is seen as crucial for establishing a well-functioning capital market [2] Group 2 - To achieve performance growth, listed companies must prioritize being responsible to investors, shifting focus from merely financing to also considering investment [3] - The market requires a continuous influx of incremental capital to support upward movement, with daily trading volumes needing to reach between 2.5 trillion to 3 trillion yuan [3] - In the primary market, there is a call for a more inclusive venture capital environment, with suggestions to extend the evaluation and assessment periods for state-owned LPs [4][5]