Galaxy Securities pointed out that after the holiday season, the stronger performance of the Hong Kong stock market and RMB exchange rate during the holiday period helped boost investor confidence, and the A-share market may continue to be structured. The subsequent upward pace also requires observing breakthroughs in policy expectations and industry trends. Supported by the above factors, the restless spring market may start early. At the same time, we still need to pay attention to short-term disturbances caused by uncertain factors such as overseas geographical risks. Looking ahead to 2026, the beginning of the “15th Five-Year Plan” reform policy is expected to be strengthened, and price factors such as an increase in the RMB exchange rate support improved liquidity, and market confidence is expected to be boosted. Focus on the cyclical sector, which is a technology leader with the ability to deliver on performance under the profit repair logic and benefits from expectations of a recovery in price levels.

Galaxy Securities pointed out that after the holiday season, the stronger performance of the Hong Kong stock market and RMB exchange rate during the holiday period helped boost investor confidence, and the A-share market may continue to be structured. The subsequent upward pace also requires observing breakthroughs in policy expectations and industry trends. Supported by the above factors, the restless spring market may start early. At the same time, we still need to pay attention to short-term disturbances caused by uncertain factors such as overseas geographical risks. Looking ahead to 2026, the beginning of the “15th Five-Year Plan” reform policy is expected to be strengthened, and price factors such as an increase in the RMB exchange rate support improved liquidity, and market confidence is expected to be boosted. Focus on the cyclical sector, which is a technology leader with the ability to deliver on performance under the profit repair logic and benefits from expectations of a recovery in price levels.