国信证券：A股26年牛市的变与不变

Core Viewpoint - The 26-year bull market is characterized by continued policy easing, an incomplete bull market cycle, and a shift in the market's fundamental recovery and structural dynamics [1][2][20]. Group 1: Unchanging Factors - The policy environment remains accommodative, similar to the 1999 bull market, with a focus on combating deflation through various monetary and fiscal measures [3][4][8]. - Historical patterns of bull and bear market cycles suggest that the current bull market is not yet at its peak, as market sentiment has not reached extreme levels [12][13]. Group 2: Changing Factors - The fundamental recovery is expected to expand from specific sectors to a broader market, supported by increased retail investor participation as the bull market progresses into its later stages [21][22][25]. - The technology sector is anticipated to shift from infrastructure development to application expansion, with traditional assets like liquor and real estate potentially facing revaluation opportunities [42][43].