中金：2026年“两会”五大看点，积极布局“两会”行情

Core Viewpoint - The report from CICC highlights key focus areas for the upcoming National People's Congress (NPC) and Chinese People's Political Consultative Conference (CPPCC) meetings in March 2026, emphasizing the importance of economic growth, policy reforms, and market stability during this period [1][2]. Group 1: Economic and Policy Outlook - The 14th NPC will review the draft of the 15th Five-Year Plan, marking the beginning of this new planning period, which is expected to gradually implement medium- to long-term reforms [1]. - The government work report is anticipated to outline 2026 work targets, including GDP growth rate, inflation, deficit ratio, and monetary and fiscal policy arrangements [1]. - The 15th Five-Year Plan suggests the construction of a unified national market by eliminating barriers in various sectors, which is expected to continue advancing [1]. Group 2: Market Performance and Investment Focus - Historically, the capital market has shown positive performance around the NPC meetings, with the Shanghai Composite Index averaging gains of 2.6% and 3.6% in the 20 trading days before and after the meetings, respectively, since 2000 [2]. - Sectors benefiting from policy expectations during the meetings are likely to outperform, with a recommendation to focus on cyclical and technology growth sectors this year [2].