Venture(US:VEMLY) Xin Lang Cai Jing·2025-12-31 07:20Core Viewpoint - The A-share market is expected to rise above 4000 points in 2026, with institutions generally optimistic about the market's performance [1][15]. Market Performance - The three major stock indices showed mixed results, with the Shanghai Composite Index closing at 3968.84 points, up 0.09%, while the Shenzhen Component Index fell by 0.58% to 13525.02 points, and the ChiNext Index dropped 1.23% to 3203.17 points [3][14]. - In 2025, the A-share market exhibited characteristics of a "structural bull market," with the ChiNext Index leading with a 49.57% annual increase, and the Shanghai Composite Index breaking the 4000-point barrier for the first time in nearly a decade, rising 18.41% overall [3][14]. Sector Highlights - The technology growth sector was the core theme throughout the year, with the CPO (Co-Packaged Optics) AI computing infrastructure sector leading with a remarkable annual increase of 304.91% [4][16]. - The small metals and precious metals sectors also performed well, with increases of 99.88% and 97.19% respectively, while zinc and lead metals saw gains of 85.40% and 83.32% [4][16]. Investment Outlook - Looking ahead to 2026, most institutions believe the market will transition from a "structural bull" to an "index bull," with a focus on AI application implementation, humanoid robot mass production, and deepening mergers and acquisitions [4][15]. - The pharmaceutical sector is expected to benefit from strong policy support for innovative drug companies, with increasing attention on companies that can demonstrate profitability [22]. - The computer sector's fundamentals are anticipated to improve, with institutions holding historically low positions, suggesting potential future growth opportunities [22].