Last week, A-shares showed an overall “Shanghai weak, Shenzhen strong” trend. The GEM index rose by a cumulative total of 2.74%, the Shenzhen Stock Exchange Index rose 0.84%, while the Shanghai Composite Index fell 0.34%. In the industry sector, topics such as AI computing power and commercial aerospace are showing active performance, while trends in procyclical sectors such as coal, petroleum and petrochemicals are relatively weak. Institutional research reports show that the Central Economic Work Conference sets the policy tone for 2026, whether it is an improvement in corporate profits or market expectations and confidence, which will be a big boost. The underlying logic of the current rise in A-shares has not changed. The New Year's Eve market is about to gradually unfold, and the main line of technological growth will usher in a second wave of growth.

Last week, A-shares showed an overall “Shanghai weak, Shenzhen strong” trend. The GEM index rose by a cumulative total of 2.74%, the Shenzhen Stock Exchange Index rose 0.84%, while the Shanghai Composite Index fell 0.34%. In the industry sector, topics such as AI computing power and commercial aerospace are showing active performance, while trends in procyclical sectors such as coal, petroleum and petrochemicals are relatively weak. Institutional research reports show that the Central Economic Work Conference sets the policy tone for 2026, whether it is an improvement in corporate profits or market expectations and confidence, which will be a big boost. The underlying logic of the current rise in A-shares has not changed. The New Year's Eve market is about to gradually unfold, and the main line of technological growth will usher in a second wave of growth.