Group 1 - The A-share market has shown strong performance at the beginning of 2026, driven by a combination of market trends, seasonal factors, and recovery in overseas markets [1][2] - Recent market fluctuations are attributed to the implementation of counter-cyclical adjustment policies and profit-taking in popular sectors, which are considered healthy adjustments that do not alter the overall upward trend [1][2] - The macroeconomic environment is expected to support five key investment themes for the year: the artificial intelligence industry chain, high-dividend assets, anti-involution sectors, domestic demand expansion, and resource sectors [1][5] Group 2 - The spring market rally is historically supported by liquidity and valuation drivers, typically lasting around 57 days, with the current phase still in its early stages [2] - Positive performance in overseas markets, particularly in Japan and South Korea, has significantly boosted investor sentiment in the A-share market [2] - Recent adjustments in the A-share market, including changes in financing margin ratios, are aimed at curbing excessive leverage and maintaining a stable upward trend [2][3] Group 3 - Investment strategies must adapt to changing market conditions, emphasizing the importance of position management and avoiding excessive leverage [3][4] - Investors are encouraged to develop independent judgment capabilities to avoid speculative traps and focus on fundamental research [3][4] - The market is transitioning from a speculative phase to one driven by fundamentals, with a focus on true technological growth and value [3][4] Group 4 - Four strategic recommendations for the pre-Spring Festival period include maintaining moderate positions, adopting a barbell strategy for asset allocation, focusing on specific technology sectors, and enhancing individual stock fundamental research [4] - The artificial intelligence industry chain is expected to shift towards application opportunities in 2026, with a focus on sectors like media and computing [5] - High-dividend assets remain a stable investment choice, with sectors such as white goods, banking, and utilities providing low volatility and steady returns [5] Group 5 - The anti-involution sector is entering a phase driven by fundamentals, with industries like coal, steel, and lithium batteries expected to see improved performance due to industry consolidation [5] - The expansion of domestic demand should focus on new consumption areas such as health, sports, and travel, which are expected to benefit from policy support [5] - Resource sectors, particularly strategic and industrial metals, are anticipated to experience valuation recovery in 2026, presenting potential investment opportunities [5][6]

日前，财信证券研究发展中心宏观策略首席分析师黄红卫在接受中国证券报记者专访时表示，开年行情 走强是市场趋势延续、春季行情催化以及海外市场回暖三重因素共同作用的结果。近期市场波动源于逆 周期调节政策落地与部分热门板块获利盘兑现，属于良性调整，并未改变整体上行逻辑。展望全年，投 资需锚定具备业绩支撑与政策支持的五大主线，包括人工智能产业链、高股息资产、反内卷领域、扩内 需方向和资源品板块。在平衡风险与收益中把握结构性机会，助力资产配置行稳致远。 ● 本报记者王超谭丁豪 2026年开年以来，A股市场热度攀升，近期出现阶段性调整引发了市场和投资者的广泛关注。 近期市场出现调整不改上行趋势 2026年开年A股的火热态势远超市场预期，上证指数实现连续上涨是市场趋势延续、春季行情催化与海 外市场回暖三重因素共振的结果。 市场环境的变化要求投资逻辑随之调整，2026年A股已从2025年的估值修复阶段转向盈利驱动阶段，叠 加监管趋严的背景，投资者需在三方面实现逻辑升级。 黄红卫认为，仓位管理已成为首要任务，经济恢复的波浪式特征与美股中期选举带来的外围不确定性， 均可能加剧市场波动。需避免过度杠杆、做好仓位灵活调整，才能从容应对 ...