Open Source Securities Wei Jixing: Around 2026, there may be a "low slope slow bull" instead of a "sharp peak short bull".

At the main forum of the Open Source Securities 2026 Annual Strategy Conference, Chief Analyst Wei Jixing analyzed the outlook for asset allocation in 2026. He believes that next year may not necessarily see a traditional peak, with the valuation center under the "institutional bull" potentially leading to a more moderate transition phase of a slow bull market. It is more likely that a "low-slope slow bull" will occur around 2026, rather than a "sharp peak short bull". Looking at the external environment, there are still challenges overseas, intensified foreign trade competition under the game of stock-in-trade, and the stability of the monetary system is decreasing due to the worsening global debt issue, so it is important to prioritize oneself. In terms of market structure, from the "valuation bull" to the "institutional bull", "technology first" is the strongest theme of this bull market, but the style in 2026 is expected to be more balanced, shifting from industry beta investments to factor investments, with factor selection being more crucial.