英大证券郑后成：A股年内高点大概率位于下半年，要关注周期股

Core Viewpoint - The 2026 China Chief Economist Forum will be held on January 10-11 in Shanghai, focusing on the theme "Chess in the Middle Game: Building a Strong Nation" [1][2] Group 1: Market Outlook - The A-share market is expected to have support in 2026, with the annual high likely occurring in the second half of the year [3][5] - The fundamental upward movement of the A-share market is primarily dependent on cyclical stocks rather than technology stocks [3][5] - A significant rally in cyclical stocks is necessary for a solid foundation for the upward movement of the A-share market [3][5]