Recently, several financial experts have suggested that China’s capital markets are poised to enter a structural bull market dubbed the ‘Breakthrough Bull.’ This term refers to a market rally occurring during a critical phase of economic transformation, supported by sustained policy stimulus and gradually recovering investor confidence. Despite external uncertainties and internal structural challenges, the market is expected to achieve steady gains through reform breakthroughs and industrial upgrading. Experts note that current A-share valuations are at historically low levels, while supportive factors—including intensified pro-growth policies, deepened capital market reforms (such as the full implementation of a registration-based IPO system and improved delisting mechanisms), and innovation-driven growth—provide a solid foundation for market recovery. Additionally, trends such as the return of foreign capital and a shift in household asset allocation toward equities are likely to bring continuous inflows of new funds. However, experts caution that the ‘Breakthrough Bull’ will not happen overnight and may involve periods of volatility and consolidation. Investors are advised to remain rational and focus on high-quality companies with strong core competitiveness. Overall, this market phase emphasizes quality over speed, reflecting the broader transition toward high-quality economic development.
近期，多位金融专家指出，中国资本市场有望迎来一轮被称为“攻坚牛”的结构性牛市。所谓“攻坚牛”，是指在经济转型关键期、政策持续发力与市场信心逐步修复的背景下，股市虽面临外部不确定性与内部结构性挑战，但仍能通过改革突破和产业升级实现稳健上行。专家认为，当前A股估值处于历史低位，叠加稳增长政策加码、资本市场深化改革（如全面注册制落地、退市机制完善）以及科技创新驱动等多重利好，为市场提供了坚实支撑。此外，随着外资回流、居民资产配置向权益类转移的趋势增强，增量资金有望持续流入。不过，专家也提醒，“攻坚牛”并非一蹴而就，期间可能伴随震荡调整，投资者需保持理性，聚焦高质量、具备核心竞争力的企业。总体来看，本轮行情更强调“质量”而非“速度”，是经济高质量发展在资本市场的体现。
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