Several leading domestic private equity firms specializing in discretionary stock-picking strategies—including Freshwater Spring Investment, Starstone Investment, Xuan Yuan Investment, Qinghequan Capital, and Xiangju Capital—have stated in their latest 2026 investment outlook that the A-share bull market is still underway, but the driving force may gradually shift from liquidity to fundamentals. The pace will differ from previous cycles, with the market expected to gradually shift from valuation-driven to earnings-driven growth. While stock selection will become more challenging, the value of portfolio allocations remains substantial. Investment opportunities in 2026 will center on sectors such as global expansion, artificial intelligence, anti-over-competition, and domestic demand. (Securities Times)