#美国贸易赤字状况 A-shares have not "raised valuations" for three consecutive years, but will 2026 really be an exception?

In recent intensive surveys at the end and beginning of the year, I noticed a very clear signal: many absolute return institutional funds are quite optimistic about equity asset allocation for the new year, with the key question being—how to choose the entry timing.

A consensus is forming in the market:

Although there are differing opinions about January's market, most agree on one judgment—around 4000 points on the Shanghai Composite Index, it is unlikely to be the highest point for the entire year of 2026.

Based on this understanding, a large amount of capital is making a straightforward choice:

Rather than waiting for a pullback later, it's better to start positioning now. The logic of "the earlier you get in, the more stable" has driven a rush at the beginning of the new year.

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