New Narrative for the Third Phase of A-Share Bull Market

Guosen Securities stated that the new narratives are, first, technology moving from upstream to downstream, shifting from export logic to domestic substitution, with attention on domestic substitution in computing power, AI applications, and technology extension areas such as innovative drugs and brokerages; second, the resonance of policy stimulus for domestic demand with low stock prices, as export data is expected to weaken marginally in the future, and stable growth requires domestic demand to take over, such as in baijiu and real estate.