The research reports issued by Guotai Junan Securities and Haitong Securities highlight that the bull market, sparked by the '924' rally in 2024, remains in full swing and has now transitioned into its second phase. This new phase is characterized by a shift in momentum from market sentiment to underlying economic fundamentals. Projecting forward to 2026, the technology sector is poised to dominate market trends, with the development trajectory evolving from a focus on computing power to a broader emphasis on application deployment. Investors are advised to keep a close eye on emerging areas such as AI-powered glasses, robotics, autonomous driving, AI-driven programming, and AI applications in life sciences.

As the bull market progresses into its mid-cycle, it is anticipated that there will be rotations in investment styles. In this context, it may be prudent to consider, on a phased (or periodic) basis, sectors that have previously underperformed, including real estate, securities firms, and premium liquor consumption. Furthermore, given the subpar performance of dividend-yielding assets in 2025 and the prevailing scarcity of financial assets, it remains advisable to uphold a certain allocation to these assets as a foundational component of one's investment portfolio.