At Shenwan Hongyuan's 2027 capital market investment annual conference, Fu Jingtao, head of the allocation research team at the Macro Allocation Research Center, analyzed that the 2026H2 adjustment has not yet broken through historical rules, and the probability of the next big wave increase is still dominated by AI industry trends. The period from March to April 2027 may be an interpretation of a sharp decline and a rebound. Overall, there is no window for A-shares to reach new lows. After March to April 2027, the current round of market adjustments may reach the bottom zone, then structural opportunities will increase, themes will be active, and new consensus may be forged in the process. 2027H2 is expected to be built in the “second phase of upward growth”, and there may be a major inflection point where the asset allocation environment, industry trends, and capital supply and demand resonance resonance are clearly distinguished.

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