挖掘经济潜能，股市慢牛延续

Group 1 - The report emphasizes the need to fully tap into economic potential and stabilize the birth population as key policy directions, indicating a clear intention to expand domestic demand and stabilize economic growth [5][7] - The focus on expanding domestic demand is highlighted as the primary direction for policy in 2026, with an emphasis on both goods and service consumption, as well as increased infrastructure investment to stabilize the real estate market [7][8] - The report indicates that innovation-driven development and the cultivation of new productive forces will remain major policy directions, with a call for deeper integration of technological and industrial innovation [7][8] Group 2 - The report suggests that the A-share market is likely to continue a slow bull trend, potentially driving the onset of a spring market rally, supported by expectations of economic recovery and profit restoration [8][11] - Specific industries such as TMT (Technology, Media, and Telecommunications), machinery, non-ferrous metals, chemicals, military, new energy, and new consumption are identified as likely beneficiaries of the favorable policy environment [11] - The report highlights that sectors related to innovation, such as TMT and machinery, are expected to benefit from the emphasis on innovation-driven policies and high-quality development of key industrial chains [11]