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Core Viewpoint - The A-share market is experiencing a continuous upward trend, with the Shanghai Composite Index recording seven consecutive days of gains, driven by sectors such as commercial aerospace, large aircraft, and satellite navigation [1] Group 1: Market Trends - The macro environment characterized by the Federal Reserve's interest rate cuts and a weakening dollar is expected to create a favorable allocation window for emerging markets represented by A-shares [1] - In 2025, commodity prices, including gold, are anticipated to continue rising, while the narrative around AI remains active [1] - Domestic policies aimed at reducing internal competition are expected to boost military industry enthusiasm, with sectors such as non-ferrous metals, communications, electronics, new energy, and military industry leading the gains [1] Group 2: Future Outlook - Guotai Junan is optimistic about the performance of A-shares in 2026, believing that the "transformation bull market" is not over and that market style will shift towards quality growth [1] - An improvement in the profitability of listed companies is expected next year, along with an expansion in the scale of new market entrants, indicating more pronounced "deposit migration" trends [1] - Looking ahead to 2026, the AI theme is likely to continue, and under the backdrop of policies aimed at boosting domestic demand, undervalued consumer sectors are expected to see fundamental improvements, with a focus on specific ETFs in food and beverage (515170) and tourism (562510) [1]