On November 10, Shenwan Hongyuan Securities held its 2027 Capital Market Investment Annual Meeting in Shanghai, where Fu Jingtao, head of the asset allocation research team at the Shenwan Hongyuan Securities Allocation Research Center, delivered a presentation titled "Building the 'Second-Stage Rally' — Shenwan Hongyuan's 2027 A-Share Strategy Investment Outlook."

The next major wave of gains will most likely still be driven by the AI industry trend. Before mid-2026, valuations and allocations in the computing power chain will remain largely on a one-way upward trajectory, which may merely represent the valuation and allocation peak of the "first-stage rally." The "correction phase between the two stages of gains" is typically on a quarterly-to-annual scale, and the correction in the second half of 2026 has not yet broken historical norms. It is an objective judgment that there is still room for the AI application side to open up new tracks, and it is also an objective trend that the AI industry continues to advance; the space for household asset allocation to migrate toward equities has not yet been effectively tapped. The next major wave of gains will most likely still be driven by the AI industry trend.

Investment returns in 2027 may exceed those in 2026. Before March-April 2027, the market may unfold as an oversold rebound. After March-April 2027, the current market correction may reach its bottoming zone, after which structural opportunities will increase and thematic activity will intensify, with new consensus potentially coalescing during this process. The "second-stage rally" is expected to take shape in the second half of 2027. In 2027, a major inflection point may emerge, shifting distinctly from a headwind of converging asset allocation environment, industry trends and capital supply-demand dynamics to a tailwind of converging forces. Investment opportunities in the second half of 2027 may be better than those in the first half, and investment returns in 2027 may exceed those in 2026.