Zhongtai Securities(SH:600918) Zhi Tong Cai Jing·2026-01-05 23:36Core Viewpoint - The report from Zhongtai Securities indicates that technology remains a clear main theme in the A-share market from the perspective of a full-year review for 2025, although momentum has slowed in the fourth quarter [1][2]. Group 1: Market Analysis - The A-share market exhibited a weak oscillation overall, with a notable decrease in the profitability effect despite increased trading volume, indicating a structural adjustment phase as the year-end approaches [1]. - The technology index outperformed other style indices over the past 12 months, achieving a 43.57% annual increase, significantly surpassing the Shanghai and Shenzhen 300 index (17.66%) and other indices such as advanced manufacturing (36.56%) and cyclical (29.25%) [2]. - In the fourth quarter, the technology sector showed signs of weakening, with a decrease in momentum despite a diverse rotation of sub-themes, including light modules, aerospace technology, AI computing power, nuclear fusion, humanoid robots, and 6G, all of which saw annual increases exceeding 80% [2]. Group 2: Investment Recommendations - In the context of high index volatility and a weakening profitability effect, the investment strategy should emphasize directional selection and rhythm control, focusing on sectors such as robotics, sports, and non-bank financials while avoiding high-crowded sectors like commercial aerospace [3]. - The robotics sector is highlighted as a core area for investment due to its clear long-term industrial narrative, event-driven catalysts, low crowding, and high elasticity, making it a priority for the upcoming spring market [3]. - The sports sector is identified as potentially the most elastic theme in consumer areas leading up to the Spring Festival [3].