Guo Jin Asset Management: The bond market yield may maintain wide fluctuations in 2026, and the stock market opportunities will be more diverse.

On December 25th, Guojin Asset Management released the 2026 multi-asset outlook. Regarding the bond market, it is expected that next year, the proactive fiscal policy may continue to exert force, inflation expectations may gradually rise, institutional behavioral disturbances may intensify, and the downward space for bond market interest rates may be hindered. However, the fundamentals still face some downward pressure, the central bank liquidity may remain loose to support the implementation of fiscal policies, the policy toolbox still has some space, and the yield of the bond market in 2026 may continue to maintain a volatile trend. As for the stock market, the investment opportunities in the equity market may have more breadth and depth. The current liquidity environment and regulatory environment continue to improve, long-term funds show a trend of continuous inflow, and the ongoing breakout in technology and the structural highlights in the economy are expected to bring structural opportunities for some industries with upward fundamental prospects.