1月5日，A股市场在2026年首个交易日迎来"开门红"行情。上证指数上涨1.38%，站上4000点，日线"十 二连阳"。当日市场成交放量，A股成交额为2.57万亿元，较前一个交易日增加5015亿元。A股总市值突 破120万亿元，再创历史新高。（详细报道见A09版） ● 本报记者 吴玉华 ...

Core Viewpoint - The current rebound in A-shares has lasted for three months, and the continuation of this trend depends on the triple resonance of policy, earnings, and capital flow, with short-term fluctuations expected but medium to long-term potential remaining [2]. Group 1: Supporting Factors - Policy Support: Continuous measures to activate the capital market [3]. - Earnings Turning Point: Q3 corporate profits are expected to turn positive [3]. - Capital Improvement: Inflows from northbound capital and a recovery in margin financing [3]. Group 2: Potential Risk Points - Economic recovery is weaker than expected [4]. - Tail risks from Federal Reserve interest rate hikes [4]. - Rapid overheating of market sentiment [4]. Group 3: Operational Recommendations - Focus on sectors with certainty in Q3 performance [4]. - Avoid chasing stocks that have already risen significantly [4]. - Maintain balanced allocation and control positions [4]. Conclusion - A-shares are still in the process of valuation repair, but investment strategies should shift from "beta frenzy" to "alpha digging," emphasizing rational participation to seize opportunities amid volatility [4].