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Guosen Securities: Bull Market Continues, Tech Sector Shifts Focus from Computing Power to Applications

Guosen Securities released a research report stating that the bull market, which began with the "September 24" rally in 2024, is not yet over and has now entered its second phase, with the driving...

Guosen Securities: Bull Market Continues, Tech Sector Shifts Focus from Computing Power to Applications

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Looking ahead to 2026, technology remains the main theme, with the narrative transitioning from computing power to applications. Key areas to watch include AI glasses, robotics, autonomous driving, AI programming, and AI+life sciences. Mid-cycle style rotations are expected in the bull market, with temporary attention on previously underperforming sectors such as real estate, brokerages, and consumer staples like baijiu. Additionally, despite underperformance in 2025, dividend assets can still maintain a strategic allocation given the backdrop of financial asset scarcity.</p>\n<p>Guosen Securities' key views are as follows:</p>\n<p>**Bull Market Continues, Driven by Fundamentals**  \nA complete bull market consists of three stages: incubation, breakout, and frenzy. The current cycle resembles the 1999 \"519\" rally and is now in the breakout phase. Structural market trends are evident, with \"new economy\" assets outperforming traditional ones. In 2026, the bull market will be driven by improving fundamentals, including steady ROE recovery among listed companies, year-on-year contract liability growth, and upward earnings revisions. Micro-liquidity remains supportive:  \n1) Domestically, the trend of \"spending deposits\" continues, with maturing medium- to long-term fixed deposits accelerating capital reallocation.  \n2) Globally, uncertainty around the U.S. midterm elections and redistricting could heighten political volatility, while the Fed's preventive rate cuts in the latter half of the cycle may drive capital flows into emerging market risk assets.</p>\n<p>**Technology as the Main Theme: Embracing the \"New Economy\" Era**  \nHistorically, bull markets have had clear themes—from \"coal and non-ferrous metals\" and \"mobile internet\" to \"energy revolution\" and \"AI wave.\" This cycle’s theme is technology, with 15 tech giants contributing 10% of the A-share market’s gains, while companies like SMIC, Hygon, and Cambricon drove half of the STAR 50 Index’s rise. Both China and the U.S. lead in AI development, with China focusing on breadth and the U.S. on depth. Over a third of China’s hard-tech firms are still in growth phases, offering greater margin expansion potential compared to U.S. peers. The \"Scaling Law\" continues to hold, with major tech firms raising capital expenditures, and policy support for emerging industries in the \"15th Five-Year Plan\" likely to generate alpha.</p>\n<p>Guosen Securities notes that overseas computing power plays, such as optical modules, have seen significant gains since 2025. In 2026, the focus should shift to application-layer opportunities, including AI glasses, robotics, autonomous driving, AI programming, and AI+biotech.</p>\n<p>**Other Allocation Opportunities**  \nMid-cycle style rotations may favor baijiu (low valuation, high dividends), brokerages (rising trading volumes, strong earnings growth), and real estate (price recovery ahead of fundamentals). Despite underperformance in 2025, dividend assets remain a viable strategic allocation due to their resilience across market cycles and appeal to risk-averse investors seeking yields above mortgage rates.</p>\n<p>**Risk Warnings**  \nUncertainty around overseas monetary policy adjustments; historical performance of indices and stocks mentioned does not constitute investment advice.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Guosen Securities: Bull Market Continues, Tech Sector Shifts Focus from Computing Power to Applications</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGuosen Securities: Bull Market Continues, Tech Sector Shifts Focus from Computing Power to Applications\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036600163\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/b3bf6d02ad1a6e9e7377eebbb162346a);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Stock News </p>\n<p class=\"h-time\">2025-11-16 08:18</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Guosen Securities released a research report stating that the bull market, which began with the \"September 24\" rally in 2024, is not yet over and has now entered its second phase, with the driving force shifting from sentiment to fundamentals. Looking ahead to 2026, technology remains the main theme, with the narrative transitioning from computing power to applications. Key areas to watch include AI glasses, robotics, autonomous driving, AI programming, and AI+life sciences. Mid-cycle style rotations are expected in the bull market, with temporary attention on previously underperforming sectors such as real estate, brokerages, and consumer staples like baijiu. Additionally, despite underperformance in 2025, dividend assets can still maintain a strategic allocation given the backdrop of financial asset scarcity.</p>\n<p>Guosen Securities' key views are as follows:</p>\n<p>**Bull Market Continues, Driven by Fundamentals**  \nA complete bull market consists of three stages: incubation, breakout, and frenzy. The current cycle resembles the 1999 \"519\" rally and is now in the breakout phase. Structural market trends are evident, with \"new economy\" assets outperforming traditional ones. In 2026, the bull market will be driven by improving fundamentals, including steady ROE recovery among listed companies, year-on-year contract liability growth, and upward earnings revisions. Micro-liquidity remains supportive:  \n1) Domestically, the trend of \"spending deposits\" continues, with maturing medium- to long-term fixed deposits accelerating capital reallocation.  \n2) Globally, uncertainty around the U.S. midterm elections and redistricting could heighten political volatility, while the Fed's preventive rate cuts in the latter half of the cycle may drive capital flows into emerging market risk assets.</p>\n<p>**Technology as the Main Theme: Embracing the \"New Economy\" Era**  \nHistorically, bull markets have had clear themes—from \"coal and non-ferrous metals\" and \"mobile internet\" to \"energy revolution\" and \"AI wave.\" This cycle’s theme is technology, with 15 tech giants contributing 10% of the A-share market’s gains, while companies like SMIC, Hygon, and Cambricon drove half of the STAR 50 Index’s rise. Both China and the U.S. lead in AI development, with China focusing on breadth and the U.S. on depth. Over a third of China’s hard-tech firms are still in growth phases, offering greater margin expansion potential compared to U.S. peers. The \"Scaling Law\" continues to hold, with major tech firms raising capital expenditures, and policy support for emerging industries in the \"15th Five-Year Plan\" likely to generate alpha.</p>\n<p>Guosen Securities notes that overseas computing power plays, such as optical modules, have seen significant gains since 2025. In 2026, the focus should shift to application-layer opportunities, including AI glasses, robotics, autonomous driving, AI programming, and AI+biotech.</p>\n<p>**Other Allocation Opportunities**  \nMid-cycle style rotations may favor baijiu (low valuation, high dividends), brokerages (rising trading volumes, strong earnings growth), and real estate (price recovery ahead of fundamentals). Despite underperformance in 2025, dividend assets remain a viable strategic allocation due to their resilience across market cycles and appeal to risk-averse investors seeking yields above mortgage rates.</p>\n<p>**Risk Warnings**  \nUncertainty around overseas monetary policy adjustments; historical performance of indices and stocks mentioned does not constitute investment advice.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK0188":"融资融券","002736":"国信证券","BK0028":"国家队","BK0276":"资本市场","BK0183":"MSCI概念"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109195633","content_text":"Guosen Securities released a research report stating that the bull market, which began with the \"September 24\" rally in 2024, is not yet over and has now entered its second phase, with the driving force shifting from sentiment to fundamentals. Looking ahead to 2026, technology remains the main theme, with the narrative transitioning from computing power to applications. Key areas to watch include AI glasses, robotics, autonomous driving, AI programming, and AI+life sciences. Mid-cycle style rotations are expected in the bull market, with temporary attention on previously underperforming sectors such as real estate, brokerages, and consumer staples like baijiu. Additionally, despite underperformance in 2025, dividend assets can still maintain a strategic allocation given the backdrop of financial asset scarcity.\nGuosen Securities' key views are as follows:\n**Bull Market Continues, Driven by Fundamentals**  \nA complete bull market consists of three stages: incubation, breakout, and frenzy. The current cycle resembles the 1999 \"519\" rally and is now in the breakout phase. Structural market trends are evident, with \"new economy\" assets outperforming traditional ones. In 2026, the bull market will be driven by improving fundamentals, including steady ROE recovery among listed companies, year-on-year contract liability growth, and upward earnings revisions. Micro-liquidity remains supportive:  \n1) Domestically, the trend of \"spending deposits\" continues, with maturing medium- to long-term fixed deposits accelerating capital reallocation.  \n2) Globally, uncertainty around the U.S. midterm elections and redistricting could heighten political volatility, while the Fed's preventive rate cuts in the latter half of the cycle may drive capital flows into emerging market risk assets.\n**Technology as the Main Theme: Embracing the \"New Economy\" Era**  \nHistorically, bull markets have had clear themes—from \"coal and non-ferrous metals\" and \"mobile internet\" to \"energy revolution\" and \"AI wave.\" This cycle’s theme is technology, with 15 tech giants contributing 10% of the A-share market’s gains, while companies like SMIC, Hygon, and Cambricon drove half of the STAR 50 Index’s rise. Both China and the U.S. lead in AI development, with China focusing on breadth and the U.S. on depth. Over a third of China’s hard-tech firms are still in growth phases, offering greater margin expansion potential compared to U.S. peers. The \"Scaling Law\" continues to hold, with major tech firms raising capital expenditures, and policy support for emerging industries in the \"15th Five-Year Plan\" likely to generate alpha.\nGuosen Securities notes that overseas computing power plays, such as optical modules, have seen significant gains since 2025. In 2026, the focus should shift to application-layer opportunities, including AI glasses, robotics, autonomous driving, AI programming, and AI+biotech.\n**Other Allocation Opportunities**  \nMid-cycle style rotations may favor baijiu (low valuation, high dividends), brokerages (rising trading volumes, strong earnings growth), and real estate (price recovery ahead of fundamentals). Despite underperformance in 2025, dividend assets remain a viable strategic allocation due to their resilience across market cycles and appeal to risk-averse investors seeking yields above mortgage rates.\n**Risk Warnings**  \nUncertainty around overseas monetary policy adjustments; historical performance of indices and stocks mentioned does not constitute investment advice.","news_type":1,"symbols_score_info":{"002736":1}},"isVote":1,"tweetType":1,"viewCount":46,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":7,"optionInvolvedFlag":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}