As the “15th Five-Year Plan” year approaches, A-shares have entered a critical window for early layout. “In the last 6 trading days, the Shanghai Index had the potential momentum of standing at 4,000 points, but the amount needed to break through the key position.” Yang Chao, chief strategy analyst at Galaxy Securities, said that on the one hand, incremental capital is currently continuing to enter the market; on the other hand, the market shows a typical pattern of differentiation of “setting up power and playing the main line”, and structural characteristics and sector drive support the market. Regarding the market around New Year's Eve, many brokerage analysts believe that the volatile A-share market may begin in spring. Yang Chao believes that from the beginning of the “15th Five-Year Plan” in 2026 until the Spring Festival, A-shares are expected to break out of the “good start” market, but structural opportunities are the main focus, and the overall rise still needs to be promoted by internal and external efforts. The market for the first quarter is expected to show the characteristics of “policy expectation+profit repair verification” two-wheel drive. A “dumbbell allocation strategy” can be carried out for the technology and high dividend sectors, but we need to be wary of marginal liquidity convergence and performance forecast disturbances.

As the “15th Five-Year Plan” year approaches, A-shares have entered a critical window for early layout. “In the last 6 trading days, the Shanghai Index had the potential momentum of standing at 4,000 points, but the amount needed to break through the key position.” Yang Chao, chief strategy analyst at Galaxy Securities, said that on the one hand, incremental capital is currently continuing to enter the market; on the other hand, the market shows a typical pattern of differentiation of “setting up power and playing the main line”, and structural characteristics and sector drive support the market. Regarding the market around New Year's Eve, many brokerage analysts believe that the volatile A-share market may begin in spring. Yang Chao believes that from the beginning of the “15th Five-Year Plan” in 2026 until the Spring Festival, A-shares are expected to break out of the “good start” market, but structural opportunities are the main focus, and the overall rise still needs to be promoted by internal and external efforts. The market for the first quarter is expected to show the characteristics of “policy expectation+profit repair verification” two-wheel drive. A “dumbbell allocation strategy” can be carried out for the technology and high dividend sectors, but we need to be wary of marginal liquidity convergence and performance forecast disturbances.