Galaxy Securities: There is a high probability of post-holiday A-share market fluctuation and upward trend.

Galaxy Securities research report believes that after the Spring Festival, with policy expectations, liquidity support, and industry trends acting as catalysts, the probability of the market experiencing volatility and an upward trend is high. At the same time, attention should be paid to the short-term disturbances in market sentiment caused by overseas uncertainties. Before and after the "Two Sessions," the A-share market may be primarily driven by policy catalysts, with funds focusing on industries aligned with policy directions and engaged in thematic opportunities, exhibiting a characteristic of "policy hotspots rotation and rapid style switching." In March, the market logic will gradually shift from "policy expectations" to "performance realization," with the disclosure of annual reports for 2025 and the subsequent first quarter report for 2026 by listed companies becoming the focal points of the market. Stocks with better-than-expected performance may attract fund attention. In terms of investment opportunities, it is recommended to focus on: firstly, the "anti-inner-loop" concept driven by the improvement in supply and demand structure and industry profit recovery, as well as dividend assets with safe margins of valuation. The logic of allocation is still clear, with a suggestion to pay attention to sectors benefiting from price increases such as non-ferrous metals, petroleum and petrochemical industries, basic chemicals, steel, cement, building materials, and finance. Secondly, during the Spring Festival holiday period, hot topics like robots and AI models have received widespread attention and may present structural highlights after the holiday. As the global unprecedented major changes accelerate, the underlying logic of the domestic economy is shifting towards new quality production forces, with the semiconductor, artificial intelligence, new energy, defense industry, aerospace, and other key fields of the "Fifteenth Five-Year Plan" worthy of attention.