Galaxy Securities interprets the "Opinions on Developing New Quality Productive Forces": Forming an institutional reshaping of the A-share market.

Galaxy Securities strategy research interprets the "Opinions on Developing New Quality Productive Forces," stating that the impact of this top-level document on the A-share market combines a short-term risk appetite repair effect with long-term value in reconstructing the valuation system. In the long term, this top-level document will bring institutional reshaping to the A-share market across dimensions including positioning the industrial main line, improving investment and financing mechanisms, and reshaping valuation logic: First, it consolidates the position of new quality productive forces as the long-term main line of the capital market, guides capital toward innovative industries, and raises the long-term pricing weight of hard technology assets; second, it reconstructs the valuation system, strengthens the innovation premium, and guides the market valuation system to concentrate on innovative leaders with core technological barriers, sustained R&D investment, and genuine industrialization capabilities; third, it expands patient capital, increases the supply of high-quality science and innovation assets, and optimizes the capital market's investment and financing ecosystem. At the sector level, pay attention to allocation clues such as "bottleneck" hard technology, AI scenario applications, green and low-carbon energy, and the optimization and upgrading of traditional industries.