Core Viewpoint - The recent annual investment strategy conference held by Shenwan Hongyuan featured an outdoor clothing sale, which attracted attention but was stated to have no significant impact on the conference itself [4][5]. Company Overview - Shenwan Hongyuan hosted its annual investment strategy conference at the Grand Hyatt Hotel in Shanghai, with over 1,900 investors and representatives from 518 listed companies in attendance [8]. - The conference included a main forum and 12 sub-forums covering various core areas such as asset allocation, high-end manufacturing, artificial intelligence, consumption, and cyclical sectors [8]. Market Outlook - The macroeconomic outlook for 2026 suggests that the "15th Five-Year Plan" will accelerate reform dividends, with nominal GDP expected to improve and the economy transitioning from atypical recovery to a virtuous cycle [10]. - The strategy indicates a two-phase bull market for A-shares, with an initial high-level adjustment followed by a comprehensive bull market in the second half of 2026 [10]. - The bond market is anticipated to experience fluctuations, focusing on "asset allocation rebalancing" and "price recovery" as key themes for 2026 [10].