Fund managers express cautious optimism for 2026, anticipating a gradual recovery, particularly in the second half. While domestic macro conditions and policy support are seen as positive drivers, elevated valuations and global uncertainties suggest returns will be selective. Challenges from the previous year, including slow government spending and weak consumption, are expected to gradually improve with interest rate cuts and GST reforms, though market responses may be slow. Sustained growth visibility and stronger earnings momentum are key factors for market direction.