A-share market speed post | A-share three major indexes opened with mixed gains and losses, with the Shanghai Composite Index down by 0.08%. Leading sectors include commercial aerospace.

The three major A-share indexes opened with mixed gains and losses, with the Shanghai Composite Index down 0.08% and the Growth Enterprise Board Index up 0.1%. On the market, the commercial aerospace, Hainan free trade, and real estate sectors led the gains, while the lithium mining, precious metals, and nuclear fusion sectors were among the top losers. Institutional views on the future market Galaxy Securities: Optimistic about the spring market, short-term focus on defense, optimistic about next year's policy dividends and industry trends. China Galaxy Securities stated that looking ahead to 2026, with 2026 being the beginning year of the "15th Five-Year Plan," the pace of policy dividend release is expected to be relatively early, and structural opportunities will focus on the race track where policy guidance and industry trends resonate. The spring market momentum in the future is worth looking forward to. In the short term, one can focus on defensive sector allocation opportunities while positioning next year's policy dividends and industry trends. Huaxi: This uptrend may not be a short-term surge, market sentiment depends heavily on the degree of acceptance of the new narratives. Huaxi stated that in further analysis, at the end of 2014 and the end of 2020, new narratives were born in both years. The market style shifted from value to growth in the former, and the latter established new energy as the main theme, driving the market to break through previous highs. Currently, the Wandequan A Index is about 1% away from the previous high in October. If one hopes to achieve higher returns, it may be wise to focus on whether new narratives that are accepted by the market have emerged outside of the topics that have seen significant gains this year. From the market trends in December, some new momentum has been brewing, such as consumer electronics, consumption, and large finance. However, the market is still playing in the realm of old narratives (solar modules, PCBs, liquid cooling, storage, etc.), prolonging the time for new narratives to be discovered. From this perspective, this uptrend may not be a short-term surge but may have the potential to develop further, and the market sentiment will depend on the market's level of acceptance of the new narratives. Orient: The year-end market will continue to rebound, and next year's market will still be dominated by technology themes. Orient stated that in terms of market performance, A-shares have seen their third "4,000 stocks rise" trading day of the month, with only two days between this and the previous broad-based rise, indicating that the year-end market will continue its rebound. Looking at hot spots, the leading sectors are clear, mainly in three directions: aerospace concepts, computing hardware, and the semiconductor industry chain, all of which are excellent representatives of the technology sector. Particularly, the aerospace theme, which has performed well recently, has attracted a large amount of funds. It can be foreseen that next year's market will still be dominated by technology themes.