According to the CITIC Construction Investment Research Report, the core logic has not changed. The current round of the bull market starts with policy shifts and liquidity improvements as the core. At the same time, it is influenced by various factors such as breakthroughs in the technology industry boom, changes in the game situation between China and the US, and adjustments in global asset allocation. Looking ahead to 2026, the global liquidity easing pattern will be further deepened, and the three factors are jointly driving the weakening cycle of the US dollar; at the same time, domestic financial market policy dividends continue to increase, individual investors' motivation to enter the market is increasing, and incremental capital in the A-share market is expected to cover a larger foundation. Overall, the core logic supporting the bull market is expected to continue or even strengthen.

According to the CITIC Construction Investment Research Report, the core logic has not changed. The current round of the bull market starts with policy shifts and liquidity improvements as the core. At the same time, it is influenced by various factors such as breakthroughs in the technology industry boom, changes in the game situation between China and the US, and adjustments in global asset allocation. Looking ahead to 2026, the global liquidity easing pattern will be further deepened, and the three factors are jointly driving the weakening cycle of the US dollar; at the same time, domestic financial market policy dividends continue to increase, individual investors' motivation to enter the market is increasing, and incremental capital in the A-share market is expected to cover a larger foundation. Overall, the core logic supporting the bull market is expected to continue or even strengthen.