Will A-shares continue to bull run in 2026? Experts say that the key is the growth of listed companies' performance.

In the upcoming year 2026, what will be the situation in the first and second-tier markets? Can PE/VC firms enjoy an "exit feast" by taking advantage of the IPO recovery and increasing M&A activities? Will the slow bull market of A-shares continue to play out in 2025? At the end of the year, these questions have become important concerns in the market. "This round of market rally has lasted for over a year, due to the significant improvement in the performance of listed companies, the overall market P/E ratio is not too high at present, and there is still some room for further increase," said He Qiang, professor at the School of Finance of Central University of Finance and Economics. At the 2025 financial annual conference held on December 26th, He Qiang mentioned that for the market to achieve further growth, the market capitalization of listed companies needs to continue to increase, and company performance needs to provide support. At the same time, medium and long-term funds need to continue entering the market. These are the two key factors for the stock market to go beyond the long and slow bull markets.