Shen Zhen Shang Bao·2026-02-26 18:14Group 1 - The core viewpoint is that the A-share market is expected to continue a slow bull market in 2026, with a projected earnings growth rate of 5% to 10% for non-financial and oil companies, which will drive the market upward [1] - The overall A-share market is anticipated to be in a phase of recovering earnings growth and moderate valuation expansion, with the Shanghai Composite Index expected to rise between 10% and 15% [1] - The current upward cycle of A-shares is transitioning from a liquidity-driven phase to a profitability improvement-driven phase, with key indicators such as PPI recovery marking substantial corporate profit improvements [1] Group 2 - On the funding supply side, public funds are expected to continue their recovery trend, with potential improvements in active fund redemptions if they can overcome loss-making resistance [2] - Insurance funds are projected to see improved premium income, supported by policies encouraging increased stock market investment, making them a significant source of stable incremental capital [2] - The appreciation of the RMB is likely to attract foreign capital inflows, supporting A-share valuation expansion during this net inflow phase [2]