[Shenwan Hongyuan Fu Jingtao: The next round of rise is likely to be dominated by AI, and the "second phase of rise" is expected in the second half of 2027] On November 10, at the Shenwan Hongyuan 2027 Capital Market Investment Annual Conference, Fu Jingtao, head of the allocation research team of the Macro Allocation Research Center, analyzed that the adjustment in 2026H2 has not yet broken through historical patterns, and the next round of large-band rise is likely to be dominated by the trend of the AI ​​industry. Before March and April 2027, there may be an oversold rebound, and A-shares in general will no longer have a window to hit new lows. After March-April 2027, this round of market adjustment may reach the bottom area, followed by increased structural opportunities and active themes, and a new consensus may be condensed in the process. In 2027H2, we look forward to the construction of the "second stage of rise", and there may be a clear turning point from the resonance headwinds of the asset allocation environment, industry trends, and capital supply and demand to the resonance tailwinds. (Reporter Zhao Xinrui)