Galaxy Securities pointed out that as 2026 is about to open, the A-share market has entered a key window in the New Year's Eve layout, focusing on the volatile market around New Year's Day. 2026 is the beginning of the “15th Five-Year Plan”, and the pace of policy dividend release is expected to be relatively high. Structural opportunities will focus on a track where policy orientation and industrial sentiment resonate, and the restless spring market is worth looking forward to. Focus on defensive sector allocation opportunities in the short term, and at the same time lay out next year's policy dividends and the direction of industrial sentiment. Main line 1: Major changes that have not been experienced in 100 years have accelerated, and the underlying logic of the domestic economy is shifting to new quality productivity. Key areas of the “15th Five-Year Plan” such as artificial intelligence, physical intelligence, new energy, controlled nuclear fusion, quantum technology, and aerospace are worth paying attention to. Main line 2: The anti-domestic investment policy is being promoted moderately. Driven by the optimization of the supply and demand structure combined with price recovery expectations, the profit recovery path for the manufacturing industry and resource sector is clear. Auxiliary line 1: Expanding domestic demand policies to guide the downward consumer sector ushered in a layout window. Auxiliary line 2: The trend of going overseas will drive companies to further open up profit margins.

Galaxy Securities pointed out that as 2026 is about to open, the A-share market has entered a key window in the New Year's Eve layout, focusing on the volatile market around New Year's Day. 2026 is the beginning of the “15th Five-Year Plan”, and the pace of policy dividend release is expected to be relatively high. Structural opportunities will focus on a track where policy orientation and industrial sentiment resonate, and the restless spring market is worth looking forward to. Focus on defensive sector allocation opportunities in the short term, and at the same time lay out next year's policy dividends and the direction of industrial sentiment. Main line 1: Major changes that have not been experienced in 100 years have accelerated, and the underlying logic of the domestic economy is shifting to new quality productivity. Key areas of the “15th Five-Year Plan” such as artificial intelligence, physical intelligence, new energy, controlled nuclear fusion, quantum technology, and aerospace are worth paying attention to. Main line 2: The anti-domestic investment policy is being promoted moderately. Driven by the optimization of the supply and demand structure combined with price recovery expectations, the profit recovery path for the manufacturing industry and resource sector is clear. Auxiliary line 1: Expanding domestic demand policies to guide the downward consumer sector ushered in a layout window. Auxiliary line 2: The trend of going overseas will drive companies to further open up profit margins.