Xin Lang Cai Jing·2026-01-16 08:13Group 1 - The core argument presented by Fu Jingtao is the distinction between structural bull markets and comprehensive bull markets, emphasizing that structural bulls are characterized by the dominance of AI and related industries, while comprehensive bulls are driven by the overall rise of the market due to alpha investments in the AI industry chain [3][7] - Fu compares the current stage of AI development to the internet boom from 1995 to 1998 and the mobile internet phase from 2010 to 2012, suggesting that if the U.S. succeeds in AI application models, it will lead to substantial performance support for leading internet companies in A-shares and Hong Kong stocks [3][7] - The interaction between primary and secondary markets is highlighted, with Fu noting that the secondary market is currently in a bullish phase, which is influencing the primary market, similar to historical patterns observed in 2013, 2019, and the current year of 2025 [3][7] Group 2 - Fu predicts that 2026 will be a year of improvement for the primary market, while the secondary market will continue to uncover new trends and directions in emerging industries [3][7] - The overarching theme of both structural and comprehensive bulls is the continuity of industrial trends, with technology remaining a dominant focus, particularly in areas beyond just computing power, such as semiconductors [3][7]