政策定调夯实A股长期运行基础 短暂休整后有望震荡上行

Group 1 - The recent Central Political Bureau meeting has outlined the economic work for the upcoming year, emphasizing "quality improvement and efficiency enhancement" and better coordination of domestic economic work and international trade struggles, which signals potential stability for the A-share market [1] - The meeting continues the spirit of the "14th Five-Year Plan," focusing on expanding domestic demand and optimizing supply, which is expected to gradually push nominal prices up and benefit corporate profit growth by 2026, supporting the long-term healthy development of the capital market [1] - The upcoming Central Economic Work Conference is anticipated to provide more detailed policy guidance in fiscal, monetary, and industrial sectors, which could further activate market vitality and solidify the foundation for the long-term stable operation of the A-share market [1] Group 2 - The A-share market is entering an earnings disclosure period, coinciding with significant policy windows both domestically and internationally, with the Central Economic Work Conference likely to set the tone for overall economic growth targets and fiscal and monetary policies for the next year [1] - The focus on promoting domestic demand growth and the development of new productive forces is expected to be a key area of market interest, enhancing confidence in overall economic and corporate profit growth for the coming year [1] - The meeting's emphasis on "innovation-driven development" and "developing new productive forces according to local conditions" highlights the urgency of technological breakthroughs and may lead to industry upgrades, benefiting sectors related to new productive forces [2] Group 3 - The meeting's decisions may strengthen the spring market rally in the short term and further solidify the long-term "slow bull" logic of the A-share market, despite inevitable short-term volatility [3] - For investors looking to capitalize on the spring market, a balanced "barbell strategy" is recommended, combining broad-based products with investments in high-potential technology funds [3] - As of December 9, 2025, the Huashan CSI 300 Enhanced A fund has achieved a year-to-date return of 22.24%, outperforming the CSI 300 index by over 5 percentage points, while the Huashan Growth Preferred Mixed A fund has shown a remarkable year-to-date return of 134.15%, ranking 4th among 2280 comparable flexible allocation funds [3]