Galaxy Securities has indicated that following the holiday break, the robust performance of the Hong Kong stock market and the RMB exchange rate's stability during the holiday period are poised to significantly bolster investor confidence. Consequently, the A-share market is likely to sustain its structural upward trend. The subsequent pace of this market ascent will hinge on policy expectations and notable advancements in industrial trends. Driven by these positive influences, the anticipated spring market rally could potentially commence ahead of its usual schedule. Nevertheless, it remains crucial to remain vigilant about the short-term repercussions of uncertain elements, such as overseas geopolitical risks.

As we look towards 2026, marking the inaugural year of the '15th Five-Year Plan', there is an anticipated strengthening of expectations surrounding reform policies. Factors like the appreciation of the RMB exchange rate are expected to foster a favorable liquidity environment, thereby enhancing overall market confidence. In this context, it is advisable to concentrate on technology-driven market leaders that demonstrate a proven track record of performance delivery, aligning with the logic of earnings recovery. Additionally, cyclical sectors that stand to gain from expectations of a rebound in price levels should also be considered for investment focus.