荀玉根：26年牛市将逐步走向第三阶段，老登资产有重估机会

Core Viewpoint - The report by the chief economist of Guosen Securities, Xun Yugen, indicates that the current bull market, which began on September 24, 2024, is expected to continue due to persistent policy easing and a recovery in the fundamentals of the economy [1] Group 1: Market Conditions - The bull market is compared to the one that started on May 19, 1999, highlighting that the environment of deflation and policy easing remains unchanged [1] - The current bull market cycle is not yet complete, as market sentiment has not reached an extreme level [1] Group 2: Fundamental Recovery - The recovery of fundamentals is expected to expand from specific sectors to a broader market, supported by increased retail investment [1] - The bull market is anticipated to enter its second and third phases, with a shift in focus from computing infrastructure to applications in the technology sector [1] Group 3: Sectoral Insights - The technology sector is projected to be the focal point of policy support, with significant advancements expected in artificial intelligence applications across various industries [1] - Historical patterns suggest that leading sectors in the latter stages of a bull market often include application areas of dominant industries, as seen in previous bull markets [1] Group 4: Technology Trends - The current technology market is expected to transition from hardware to application, with breakthroughs in cost and performance of artificial intelligence accelerating its commercialization [1]