CITIC Securities: Focus on the new directions of the spread of economic prosperity

According to the research report of CITIC Securities, the Lujiazui Forum will open in Shanghai in 2026, accelerating the construction of a financial powerhouse through the improvement of institutionalized rule construction. This comes at the one-year anniversary of the "1+6" reform of the science and technology innovation board. The meeting emphasized the tilt of financial resources towards hard technology and new quality productivity. Last week, the A-share market showed a pattern of oscillation within a range, with fluctuations in various major indices. The Shanghai Composite Index experienced pressure and retracement, while the growth track relatively resisted the decline. The rotation pace of short-term themes accelerated further, with incremental funds gradually concentrating on the technology growth sectors with healthy chip structures and strong certainty of performance realization. The trend of structural capital migration is further strengthened. Looking at catalytic factors and timing, themes such as AI upstream inflation, liquid cooling, storage, and embodied intelligence are expected to erupt. Taking into account the market environment, catalytic factors, and comprehensive quantitative indicators, it is recommended to focus on the above four major thematic directions.