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Starting November 4, brokerages including Dongwu, Guotai Haitong (GTHT), Kaiyuan, and Huatai have held strategy conferences. According to statistics, next week will see another wave of such meetings.

Fang Yi, Chief Strategist at Guotai Haitong, stated that 2025 will mark a major development cycle for China's stock market, driven by capital market reforms and economic restructuring—a hallmark of the "transformation bull market." He emphasized that the upward trend of China's "transformation bull market" in 2026 is far from over, with economic transformation, declining risk-free returns, and capital market reforms amplifying bullish sentiment. Market highs may exceed consensus expectations and challenge the decade-high.

China's market revaluation is broad-based, offering opportunities in both tech and non-tech sectors, shifting from a barbell strategy to a quality strategy. Emerging technology remains the main theme, while cyclical and consumer sectors focus on transformation. Financial stocks continue to be favored.

The mention of the decade-high immediately drew widespread attention. Research shows that the Shanghai Index's decade-high was set in June 2015 at 5,178.19 points.

Wei Jixing, Chief Strategist at Kaiyuan Securities, noted that 2026 will transition from "asset revaluation" to "earnings recovery," likely resulting in a "flat-top slow bull" rather than a "sharp-top short bull." He highlighted technology as the strongest theme, supported by relative earnings advantages, overseas parallels, and a global semiconductor upcycle. However, sector performance in 2026 will be more balanced than in 2025.

Zhang Jiqiang, Director of Huatai Securities Research Institute and Chief Fixed Income Analyst, pointed out that this year's market was driven by sentiment, liquidity, and valuation, while next year may shift to earnings validation. He Ke, Chief Strategist at Huatai Securities, expressed optimism for the "old economy," noting that while AI-led sectors are supported by growth and global trends, valuations appear stretched.

Lu Zhe, Chief Economist at Dongwu Securities, stressed the importance of price recovery for economic growth and capital markets. This year's A-share gains stemmed from valuation expansion, but earnings face pressure, making price trends critical for profit recovery.

Information sourced from multiple financial platforms.