How are the investors' returns? How to plan for the Year of the Horse? Visiting Shanghai's "Street Stock Forums"

Year of the Horse New Spring, the cold in the city of Shanghai has not yet subsided, but the stock investor salon on Guangdong Road in Huangpu District is warm and lively with voices. This “street stock forum,” with nearly 30 years of history, is a gathering place for investors to exchange insights and analyze market trends weekly, and it is also a unique scenery in Shanghai.

On the eve of the Spring Festival, Securities Firm China reporters visited this lively stock investor salon, talked with investors about their investment gains in the Year of the Snake, and listened to their plans and expectations for the A-shares in 2026, the Year of the Horse.

Overall Sense of Gain Among Investors Improves

“Last year was a good trend, the index rose 1,000 points, how could it be bad?” An elderly investor chuckled when asked about his investment returns over the past year.

“From last year to now, in these two months of this year, after this wave of decline, I still have about 10% profit, less than 20%, with a peak of 30-40%,” investor Zhang Bansian (pseudonym) told Securities Firm China. Even after experiencing earlier volatility and adjustments, he still has considerable unrealized gains.

“As an investor, your overall expected return for 2026 should be lowered,” said well-known stock commentator Niu Hexing, whom the reporter met on-site. Since last year, some investors around him have gained 30%, 50%, even 80%, and he himself has achieved nearly 50% returns, becoming a genuine market beneficiary.

However, some young investors are still on the path of continuous learning and progress. A young man told Securities Firm China that he entered the stock market in 2021, with five years of experience, but his account was still in a loss in 2025. He reflected that his trading skills and psychological resilience still need improvement, as he tends to chase gains and sell at lows, buying high-priced stocks pushed to high levels by the market. Nevertheless, he remains confident in the stock market in the Year of the Horse: “My account isn’t profitable yet, but I can really feel the market is rising, and I still feel happy about it.”

On the other hand, some citizens at the scene told the reporter that investing in stocks should focus on overall returns. Although last year many felt a strong sense of gain, some investors’ accounts were still overall in loss.

Investors: Full of Confidence in the Year of the Horse

The Securities Firm China reporter noticed that at the start of the Year of the Horse, after experiencing the structural market trend in 2025, investors have both expectations and a more rational outlook for the new year.

“Definitely follow the national trend. The country is vigorously developing the financial market, and 2026 will definitely perform better. I am full of confidence,” said an optimistic investor with a firm tone. In his view, even if the market currently experiences volatility, it is only a temporary adjustment. Following the country’s development direction will help grasp the main market themes.

“Investors should first set benchmarks, such as outperforming the index in 2026. If capable, they can seek excess returns when the market offers opportunities,” Niu Hexing told the reporter. He believes this bull market is a slow-rising one, “and from my understanding, this bull market could last longer than most imagine, possibly over five or even eight years—a slow bull.”

Niu Hexing said that the core of a slow bull market lies in controlling the pace. “After the market surged above 4,000 points last year, it needed to cool down, which was actually to change the rapid upward pace and shift to a slow, spiral-like rise. This is also to make the bull market last longer.” He predicts that the overall trend of A-shares in 2026 will be oscillating upward rather than accelerating, which also means the market will bid farewell to excessive speculation and return to value.

Talking about market hotspots and layout directions for the Year of the Horse, investors on Guangdong Road have their own judgments. Some favor technology and industry-trend sectors, while others discuss the investment value of Moutai and other consumer sectors.

Investor Mr. Huang told the reporter that he is optimistic about technology and military industries in the Year of the Horse, especially AI and embodied intelligence. “Real technology should be integrated into daily life. Only when it can help enterprises and families and bring a better life for everyone is it truly promising, with great potential, future growth, and room for layout.”

Niu Hexing said that, from the perspective of short-term sentiment-driven sectors, commercial aerospace and non-ferrous metals once boosted market sentiment, and they may remain hotspots in the future. Additionally, sectors like power grid equipment have long-term logic, high capital attention, and strong development certainty, making them important directions for layout in the Year of the Horse.

(Article source: Securities Firm China)