Core Viewpoint - The A-share market is expected to perform well due to the resonance of two factors: the restructuring of international order and China's industrial innovation by 2026 [1] Market Performance - As of the midday close, the CSI A500 index rose by 0.3%, the CSI A100 index increased by 0.1%, and the CSI A50 index saw a slight rise of 0.04% [1] - The trading volume of the A500 ETF managed by E Fund reached nearly 5 billion yuan during the half-day session [1] Future Outlook - According to China International Capital Corporation (CICC), the market is likely to experience an initial rise followed by stabilization, supported by active capital and elevated valuations [1] - Investors are advised to pay attention to increased volatility and the rhythm that aligns with fundamental performance [1]

Group 1 - The core viewpoint is that the restructuring of the international order and China's industrial innovation will resonate in 2026, supporting the performance of A-shares [1] - The market is expected to show a pattern of rising initially and then stabilizing, with increased volatility and valuation uplift in the context of active capital [1] - Three main lines of focus are suggested: 1) Growth sectors such as AI, which is expected to enter the application realization phase, with opportunities in computing power, optical modules, and cloud computing infrastructure, leaning towards domestic directions; application areas include robotics, consumer electronics, intelligent driving, and software applications [1] 2) External demand breakout, focusing on sectors like home appliances, construction machinery, commercial buses, power grid equipment, gaming, and globally priced resources like non-ferrous metals, in line with the trend of going abroad and exposure to the US [1] 3) Cyclical reversal, with attention to sectors nearing improvement inflection points or supported by policies, such as chemicals, aquaculture, and new energy [1] Group 2 - There is an expectation for capital market policies to further promote a "long-term" and "steady" market [2] - The restructuring of the international monetary system and global capital reallocation could further drive the opening of capital markets, such as expanding the range of foreign investment and encouraging the internationalization of Chinese securities firms [2] - The focus is on supporting financing for innovative enterprises and enhancing market inclusivity while optimizing mechanisms for medium- and long-term capital entry, thereby increasing market stability and resilience [2]

Core Viewpoint - The restructuring of the international order and China's industrial innovation will support the performance of A-shares in 2026, with a market trend expected to rise initially and then stabilize [1] Group 1: Growth Areas - The AI sector is anticipated to enter an application realization phase, with opportunities in computing power, optical modules, and cloud computing infrastructure, leaning towards domestic solutions [1] - On the application side, focus areas include robotics, consumer electronics, intelligent driving, and software applications [1] Group 2: External Demand - The trend of going global and exposure to the U.S. market suggests attention to sectors such as home appliances, engineering machinery, commercial buses, power grid equipment, gaming, and globally priced resources like non-ferrous metals [1] Group 3: Cyclical Reversal - Attention should be given to sectors nearing improvement inflection points in supply and demand or those supported by policies, including chemicals, aquaculture, and new energy [1] Group 4: Market Policy Expectations - There is an expectation for capital market policies to further promote a "long-term" and "steady" market, enhancing capital market openness in the context of international monetary system restructuring and global capital reallocation [1] - This includes expanding the scope of foreign investment, encouraging the internationalization of Chinese securities firms, and supporting financing for innovative enterprises while optimizing mechanisms for long-term capital market entry [1]