杨德龙 | 立方大家谈专栏作者 随着年底临近，市场对2026年行情的关注度明显提升，不少投资者开始关心2026年是否仍将出现春季行情，以及本轮慢牛、长牛走势能否延续。从市场运行 情况来看，2025年A股市场一度突破4000点，基本确立了本轮慢牛、长牛行情的整体格局。预计4000点并非本轮行情的终点，而更可能是新一轮行情的起 点。尽管2025年市场内部结构分化明显，科技板块整体表现突出，银行股在追求稳定回报资金的推动下不断创出新高，而其他不少板块阶段性表现相对滞 后，导致部分投资者在指数站上4000点后仍对牛市存有疑虑，但从趋势角度看，这并不影响对本轮行情性质的判断。 综合政策环境、资金结构和市场运行特征判断，本轮慢牛、长牛行情有望持续较长时间，预计至少可延续两至三年，甚至存在延续至三至五年的可能性。由 于其本质是慢牛行情，指数的上涨节奏预计不会过快。在这种运行方式下，市场更有利于投资者通过长期持有和结构配置获得稳定收益。相较之下，快牛或 疯牛行情往往伴随剧烈波动，投资者在快速上涨阶段难以有效把握机会，而在随后的急跌中容易承受较大损失。因此，慢牛、长牛更符合多数投资者实现资 产稳步增值的需求。长期以来，A股投资 ...

Market Overview - The A-share and Hong Kong stock markets have rebounded significantly, continuing the upward trend from the previous week, indicating the start of the year-end market rally [1] - The recent market adjustment, particularly in the technology sector, is viewed as a normal correction rather than the end of the bullish trend, suggesting that the market is still in a growth phase [1] Technology Sector Insights - The current bull market is driven by multiple factors, including the recently approved "14th Five-Year Plan," which emphasizes support for technology innovation in areas such as AI, robotics, semiconductors, and biomedicine [2] - The technology sector is expected to continue leading the market, with significant profit opportunities anticipated in 2026 as the bull market deepens [2][3] Investment Strategy - Investors are encouraged to adopt a balanced allocation strategy to capture structural opportunities across various sectors, including technology, new energy, and consumer goods [3][4] - The bull market is expected to last longer than a short-term spike, providing a more sustainable investment environment that can enhance household wealth and stimulate economic recovery [4] Future Market Expectations - The technology bull market is projected to persist into 2026, with an anticipated sequence of market leadership starting with "small tech stocks," followed by "mid-tech stocks," and eventually traditional sectors [3] - The current market dynamics suggest a rotation pattern that could become a defining characteristic of this bull market, highlighting the importance of both growth and value investments [4]