The recent correction in A-Shares has triggered market panic, with many retail investors selling their positions and shouting that “the bull market is over”. But the truth is, the 2026 bull market is not only not over, but even only in the middle stage. The current adjustment is just a “gas station” on the road of the bull market, not the “terminal station”.

From the perspective of core data, starting from 2689 points in September 2024 and reaching 4197 points in April 2026, the index has increased by about 56% cumulatively. Looking back at the three complete bull markets in A-Shares history, this increase is not even the middle stage of the main upward wave— the bull market from 2005 to 2007 increased by more than 51 times, the 2013-2015 increase was 1.8 times, and even the institutional bull market from 2019 to 2021 had the same early increase as the current one. The real market is still ahead.

From the time dimension, this market has only lasted 1 year and 7 months, while the cycle of a complete A-Shares bull market has never been shorter than 1.5 years. The shortest bull market from 2013 to 2015 also took 1 year and 11 months, and the current market is in the middle stage. More importantly, none of the three major signals of a bull market peak— a nationwide account opening boom, a full-market valuation bubble, and a tightening of monetary policy— have appeared so far.

The capital and policy levels provide solid support. In the first three months of 2026, the average daily new issuance scale of equity-oriented funds reached 5.2 billion yuan, northbound funds continued to increase their positions, and institutional positions remained high; the policy side focused on new quality productive forces, with key support for tracks such as computing-power coordination, AI computing power, and innovative drugs. For investors, there is no need to panic at present. The correction is an opportunity to layout high-quality targets. Only by avoiding the trap of washing dishes can we hold on to the subsequent profits.