Guangda Securities Chief Strategy Analyst Zhang Yusheng: With the "triple resonance" of policy, industry, and funds, the A-share market will remain optimistic in 2026.

Looking ahead to the market in 2026, Zhang Yusheng's core judgment is "the continued slow bull market pattern, with structural opportunities becoming more prominent." 2026, as the beginning year of the "14th Five-Year Plan," will see upward momentum driven by a triple resonance of policy, industry, and capital: on the policy side, the release of industry support and domestic demand stimulus will bring dividends; on the industry side, breakthroughs in areas such as AI and advanced manufacturing will foster high-growth enterprises; on the capital side, residents' shift from deposits to lower-risk preferences will continue, and mechanisms for the entry of medium- to long-term funds into the market will be improved. He predicts that A-share profits in 2026 will "steadily increase in total, with continuous structural optimization," with highlights in profit growth coming from sectors such as scientific innovation, advanced manufacturing, and domestic consumption. Additionally, in the past, A-shares have seen volatility and upward trends in the beginning years of five-year plans, mainly due to the dense implementation of policies resulting in development dividends.