【西街观察】A股本命年“稳”字为先

Group 1 - The core viewpoint emphasizes that the A-share market is entering a new phase in the Year of the Horse, focusing on stability and risk prevention as key priorities for over 200 million investors [1][2] - The A-share market has evolved through three previous Horse years, reflecting its growth from chaotic beginnings to a more mature and regulated environment, with significant milestones in 1990, 2002, and 2014 [1] - As of 2026, the A-share market has expanded to nearly 5,500 listed companies, with a total market capitalization exceeding 100 trillion yuan, highlighting its role as a core vehicle for serving the real economy and managing household wealth [1] Group 2 - The 2026 economic work plan emphasizes maintaining stability while seeking progress, with macroeconomic policies set to support the A-share market's stability [2] - Current positive trends in the Chinese economy provide a solid foundation for the A-share market, with foreign investment enhancing market stability amid favorable external conditions [2] - Regulatory reforms and enhanced market supervision are crucial for ensuring stability, with the China Securities Regulatory Commission focusing on maintaining a positive market momentum and preventing excessive volatility [2] Group 3 - The A-share market is undergoing a fundamental shift towards value investing and long-term holding, moving away from speculative trading behaviors [3] - Improvements in regulatory frameworks, trading rules, and investor protection mechanisms are contributing to a more stable investment environment [3] - For over 200 million investors, stability is the primary expectation, as they seek a reliable platform for wealth preservation and growth [3]