【策略】多重支撑护航，春季行情行稳致远——策略周专题（2025年12月第4期）（张宇生/郭磊）

Core Viewpoint - The A-share market has shown strong performance recently, with major indices experiencing significant gains, particularly in small-cap growth stocks, while certain sectors have underperformed [4][6]. Market Performance - Major A-share indices, including the CSI 500 and ChiNext, have seen substantial increases, while the Shanghai Composite Index and CSI 300 have had smaller gains [4]. - The current valuation levels of indices like the Sci-Tech 50 and Wind All A are relatively high, with PE (TTM) percentiles above 85% since 2010 [4]. - The small-cap growth style has outperformed, with sectors such as non-ferrous metals and defense industries leading the gains, while beauty care and social services have lagged [4]. Important Events - The People's Bank of China has introduced a one-time credit repair policy, which will not display overdue information in personal credit reports for eligible individuals [5]. - The housing and urban-rural development meeting has set priorities for real estate development in 2026, with Beijing optimizing its real estate policies [5]. - The EU has extended economic sanctions against Russia for an additional six months, and Japan has finalized its budget for the 2026 fiscal year, reaching a historical high [5]. Market Outlook - The A-share market is expected to continue its upward trend, supported by favorable policies and increased capital inflows [6][7]. - Historical trends indicate a "spring rally" in the A-share market, with expectations for sustained economic growth and policy support to bolster market confidence [7]. - Focus on growth and consumer sectors is recommended, with particular attention to TMT and advanced manufacturing during the spring rally, as well as the commercial aerospace sector [7].