Junbo Fund Zhu Liang: Corporate profits are expected to become the dominant factor in the A-share market in 2026.

Since 2026, the A-share market has been steadily strengthening. Zhu Liang, deputy general manager and chief investment officer of Lianbo Fund, predicts that corporate profit growth is expected to become the dominant factor in the A-share market in 2026, which means that the ability to actively select stocks is crucial. Against the backdrop of economic structural transformation, the vitality of private enterprises, and continuous improvement in corporate governance, adopting a balanced allocation strategy and considering both dividend assets and thematic assets representing future growth momentum may be a good choice. Zhu Liang stated that whether it is the S&P 500 index in the United States or the Shanghai and Shenzhen 300 index in China, the main contribution to long-term returns comes from the growth of corporate profits, rather than simply from valuation expansion. However, the profit growth in the A-share market has not fully reflected the growth of the economy in the past. Zhu Liang judges that the A-share market will enter a crucial growth stage. In this stage, the market's core focus will shift from valuation to corporate profits, and investors should pay more attention to the performance of company fundamentals.