CITIC Securities: It is expected that the A-shares market will welcome a substantial amount of incremental funds in 2026, which is expected to drive the continuation of the slow bull market.

CICC research report pointed out that the A-share market is expected to welcome a substantial amount of incremental funds in 2026, which may drive the continued slow bull market. In terms of rhythm, the first quarter is the peak period for regular deposits to mature. Funds may enter the equity market from insurance and wealth management channels, making it the most abundant period for incremental funds throughout the year. In terms of structure, medium- to long-term funds account for about one-third of all fund inflows, becoming a key cornerstone of A-share micro liquidity; public offering and private equity funds are expected to be the two major directions for marginal improvement, and their asset preferences may affect market style performance. In 2026, the main contradiction in the market will shift towards economic verification and performance realization. Medium- to long-term funds provide a safety net, while active funds such as public offering and private equity further strengthen the dual main themes of "technology + resources" in the market. At the same time, sector rotation may accelerate.