牛市下一步怎么走？中金刘刚：跟随信用扩张的方向

Group 1 - The core viewpoint of the article is that the current market's structural differentiation and intense rotation are fundamentally due to excess liquidity, described as "too much money" chasing scarce return assets, which vary by stage [1][3][5] - The direction of capital flow is determined by "the direction of credit expansion," suggesting that investment strategies for 2026 should closely follow this trend [1][3] Group 2 - The outlook for the US market is optimistic, with expectations of an upward credit cycle and a positive view on US stocks, predicting a potential profit growth of 10-15% [5] - Despite discussions of market bubbles, it is advised not to exit the market too early, indicating confidence in continued growth [5] - Fiscal policy is noted to be more expansive compared to the previous year, with potential for exceeding expectations [5] - The US dollar is expected to remain stable, with a possibility of slight strengthening rather than significant weakening [5]