Core Insights - The A-share market is entering a critical window for cross-year layout as 2026 approaches, with expectations of policy benefits being released earlier than usual, creating structural opportunities in alignment with policy direction and industry prosperity [1] Group 1: Main Themes - Main Theme 1: The unprecedented global changes are accelerating, shifting the underlying logic of the domestic economy towards new productive forces, with key areas of focus including artificial intelligence, embodied intelligence, new energy, controllable nuclear fusion, quantum technology, and aerospace, all highlighted in the 14th Five-Year Plan [1] - Main Theme 2: The gradual implementation of anti-involution policies, combined with an optimized supply-demand structure and expectations of price recovery, is leading to a clear path for profit recovery in the manufacturing and resource sectors [1] Group 2: Auxiliary Themes - Auxiliary Theme 1: Under the policy direction of expanding domestic demand, the consumer sector is entering a favorable layout window [1] - Auxiliary Theme 2: The trend of going global is expected to further open up profit space for enterprises [1]
银河证券：短期关注防御性板块配置机会，同时布局明年政策红利与产业景气方向
Di Yi Cai Jing·2025-12-22 00:20