2026年伊始，A股市场迎来强劲开局，牛市行情持续升温。市场放量上攻，沪指实现历史性的17连阳。 周一成交量显著放大，超过前一交易日，连续两个交易日突破3万亿元，标志着市场已进入量价齐升阶 段，春季攻势正式展开。 我在去年底发布的2026年十大预言中明确指出，支撑本轮牛市的逻辑并未改变，市场有望从跨年行情延 伸至春季攻势。历年1月通常是全年信贷投放的高峰期，规模预计在3至5万亿元左右，其中相当一部分 资金有望通过不同渠道流入资本市场。尤其在股市确立牛市格局后，场外资金入场节奏将进一步加快。 当前市场的强势上涨，不仅有效压制了空方力量，也显著增强了投资者的信心。 本轮牛市可谓十年一遇的重大投资机遇。在房地产市场投资机会收缩的背景下，居民储蓄正在向资本市 场大规模转移，其力度可能超出很多人预期。过去五年，我国居民存款累计增长超过60万亿元，总规模 已达约165万亿元。与此同时，银行存款利率经过多次下调，已处于较低水平，一年期存款利率甚至跌 破1%，这将进一步推动储蓄资金寻找更高收益的投资渠道。 以往居民财富配置主要流向楼市，但2026年房地产市场整体仍处于调整阶段，房价上涨预期已发生根本 性变化。多数二三线城市住 ...

Core Viewpoint - The A-share market experienced a strong rebound in the third quarter, leading to improved investor sentiment and profitability, with over 55% of surveyed investors reporting gains [6][7][24] Market Performance - The Shanghai Composite Index rose from below 3500 points to close at 3882.78 points by September 30, marking a cumulative increase of 12.73% for the quarter [7] - The Shenzhen Component Index and the ChiNext Index saw even larger gains, increasing by 29.25% and 50.4% respectively [7] Investor Sentiment - 55% of investors reported profitability in Q3, an increase of 7 percentage points from Q2 and 13 percentage points from Q1 [7][8] - Over 70% of surveyed investors are optimistic about the A-share market in Q4, with many expecting the Shanghai Composite Index to reach around 3900 points [19][20] Asset Allocation Trends - The proportion of personal financial assets allocated to securities increased to 42.2%, up from 40.87% in Q1 [10] - 38% of investors increased their stock market investments in Q3, while 41% reduced their holdings [9] Sector Focus - The technology sector remains a focal point for investors, with nearly half expecting a style shift in Q4, while 30% believe technology stocks will continue to perform strongly [14][16][18] - The average holding in technology growth stocks rose to 26.64%, significantly higher than other sectors [15] Gold Investment - 67% of investors anticipate further increases in gold prices, with many viewing it as a hedge against geopolitical risks and inflation [12] - The average gold price rose from $3300 to $3800 per ounce during the quarter [12] Hong Kong Market Interest - 24% of investors increased their Hong Kong stock investments in Q3, with a profitability rate of 40% [22] - Investors are optimistic about the long-term potential of the Hong Kong market, with many viewing it as a value opportunity [22][24]