Core Viewpoint - The report by Xun Yugen, Chief Economist at Guosen Securities, indicates that the ongoing bull market is characterized by continued policy easing, similar to the bull market that began in 1999, with persistent deflation and an unchanged policy environment [1] Group 1: Market Conditions - The bull market cycle is not yet complete, as historical patterns of bull and bear cycles suggest that the current market sentiment has not reached an extreme [1] - The recovery of the fundamentals is expected to expand from specific sectors to a broader market, supported by increased retail investment [1] Group 2: Sector Analysis - The technology sector is anticipated to shift from infrastructure development in computing power to broader applications [1] - There are revaluation opportunities in traditional assets such as liquor consumption and real estate [1]
荀玉根：26年牛市将逐步走向第三阶段 科技行情望从算力基建向应用扩散
Xin Lang Cai Jing·2026-01-03 04:26