Galaxy Securities pointed out that since the end of February, the escalation of the US-Iran conflict has repeatedly disturbed market sentiment. Large fluctuations in oil prices have driven up inflation expectations, expectations of the Federal Reserve's interest rate cut have been thwarted, and risk asset performance has been suppressed. In comparison, in a state of general adjustment in the global equity market, the A-share market has shown strong resilience. The 2026 government work report focuses on tasks such as leading domestic demand, cultivating and expanding new momentum, and self-reliance and self-improvement in high-level science and technology. The outline of the “15th Five-Year Plan” is also based on the position of embracing the future, with high-quality development as the primary goal, highlighting the strategic position of building a modern industrial system and self-reliance on a high level of technology, adhering to the strategic basis of expanding domestic demand, and further clarifying the investment logic of seeking “quality” from a long-term perspective. Supported by the resilience of the A-share market itself and the connotation of “focusing on me”, the subsequent market will gradually return from “emotion-driven” to “fundamental-driven”, and performance will become the core anchor for the next phase of the market.

Galaxy Securities pointed out that since the end of February, the escalation of the US-Iran conflict has repeatedly disturbed market sentiment. Large fluctuations in oil prices have driven up inflation expectations, expectations of the Federal Reserve's interest rate cut have been thwarted, and risk asset performance has been suppressed. In comparison, in a state of general adjustment in the global equity market, the A-share market has shown strong resilience. The 2026 government work report focuses on tasks such as leading domestic demand, cultivating and expanding new momentum, and self-reliance and self-improvement in high-level science and technology. The outline of the “15th Five-Year Plan” is also based on the position of embracing the future, with high-quality development as the primary goal, highlighting the strategic position of building a modern industrial system and self-reliance on a high level of technology, adhering to the strategic basis of expanding domestic demand, and further clarifying the investment logic of seeking “quality” from a long-term perspective. Supported by the resilience of the A-share market itself and the connotation of “focusing on me”, the subsequent market will gradually return from “emotion-driven” to “fundamental-driven”, and performance will become the core anchor for the next phase of the market.