In a research report, Xun Yugen, Chief Economist at Guosen Securities, noted that compared to the 2025 bull market, the 2026 bull market remains unchanged in one key aspect: policy continues to be accommodative. The bull market that began on September 24, 2024, is similar to the one that started on May 19, 1999, in that deflation persists and the accommodative policy environment remains unchanged; the bull market cycle is not yet over. Drawing on historical patterns of bull and bear cycles, the time and space for this bull market have not yet arrived, and market sentiment has not yet reached its extreme. Changes: Fundamental recovery will spread from specific sectors to the broader market, coupled with retail investors entering the market, propelling the bull market into the latter half of its second phase and into its third phase; the technology sector is expected to expand from computing power infrastructure to applications, while traditional blue-chip assets such as liquor consumption and real estate will have opportunities for revaluation.