A股开门红，多家券商来把脉

Core Viewpoint - The A-share market is expected to maintain a bullish trend through 2026, with various brokerages expressing optimism about the ongoing bull market characterized by "transformation bull," "long bull," and "structural bull" trends [1]. Market Performance - The Shanghai Composite Index reached a new high not seen in 10 years, with a closing value of 4041.59, marking an increase of 18.17 points or 0.45% on the first trading days of the new year [2][3]. Brokerage Predictions - CITIC Securities anticipates that the bull market will continue, driven by policy shifts and improved liquidity, with these core factors expected to strengthen in 2026 [4]. - Shenwan Hongyuan Securities predicts a comprehensive bull market may start in the second half of 2026, as the "policy bottom, market bottom, and economic bottom" framework becomes effective [4]. - China Merchants Securities suggests focusing on "style switching to seek cycles" and emphasizes investment opportunities in "domestic demand recovery" and "technological self-reliance," with a balanced approach to large and small caps [4]. Investment Themes - Huatai Securities identifies seven key investment themes: 1. Policy cycle focusing on domestic demand, technology, safety, and green transformation 2. Technology cycle with AI applications reaching a critical point 3. Real estate cycle expected to stabilize by mid-2026 4. Capacity cycle with a focus on clearing and quasi-clearing industries 5. Inventory cycle driven by increased consumption and global manufacturing recovery 6. Energy cycle with potential price increases due to structural supply-demand mismatches 7. Capital market reforms affecting asset allocation and state-owned asset restructuring [5]. - Changjiang Securities recommends focusing on technology, domestic circulation, strategic security, and openness, suggesting a more comprehensive bull market driven by technological manufacturing and cyclical trends [6].