4000点震荡拉锯：牛市格局未变

Market Overview - A-shares showed mixed performance with the Shanghai Composite Index rising by 0.53% and the Shenzhen Component Index increasing by 0.18%, while the ChiNext Index fell by 0.92% [2] - The trading volume in the Shanghai and Shenzhen markets reached 2.17 trillion, an increase of 175.4 billion compared to the previous trading day [2] Technology Sector Analysis - The technology sector has been performing well this year, with significant gains in humanoid robots, semiconductor chips, and algorithm computing [3] - Recent adjustments in technology stocks should not be interpreted as a trend reversal; rather, they reflect profit-taking behavior from investors [4] - The "15th Five-Year Plan" emphasizes technological innovation as a key policy direction, indicating strong future support for sectors like AI and semiconductor technology [4] Investment Outlook - The market is expected to experience structural opportunities in 2026, driven by potential policy benefits and improved capital conditions [2][8] - There is a belief that the bull market in A-shares and Hong Kong stocks will continue, with a shift of household savings into the capital market already underway [8] - Historical trends suggest that a complete bull market typically benefits a wide range of industries, not just a few sectors [8] Traditional Sector Opportunities - Traditional sectors may see phase-based rotation opportunities in the coming year, although their growth may not match that of technology stocks [8] - The current market environment shows lower overall valuations and leverage compared to previous peaks, suggesting that the recent rise above 4000 points may not indicate a bubble [7][8]