Xun Yugeng: The 26-year bull market will gradually enter its third phase, with the tech rally expected to shift from computing power infrastructure to application expansion.

According to Golden Ten Data on January 3, Guosen Securities Chief Economist Xun Yugeng pointed out in a research report that compared to 2025, the bull market in 2026 remains unchanged: policies will continue to be accommodative. The bull market that started on September 24, 2024, is similar to the one on May 19, 1999, with persistent deflation and an unchanged environment of policy easing; the bull market cycle is not yet over. Drawing on historical bull and bear market cycles, this round of the bull market has not yet reached its temporal and spatial limits, and market sentiment has not peaked. Changes: The recovery of fundamentals will spread from points to the broader market, and with the inflow of household funds, the bull market will enter the latter part of the second stage and the third stage; the technology rally is expected to expand from computing power infrastructure to applications, and traditional assets such as liquor consumption and real estate may have opportunities for revaluation.