CITIC Securities: In the first quarter and possibly longer, the market may show characteristics of bottoming out and continued activity in the main trend.

The research report from China-Thailand Securities indicates that in the first quarter and possibly even longer, the market may show signs of bottoming out and the main theme remains active. In terms of the macro environment, China's economy may still be in a weak recovery phase in 2026. Within the policy framework of "stabilizing growth" and "strengthening technology", the technology-related sectors are more likely to receive sustained institutional support, fiscal resource allocation, and capital market support. From an industry perspective, the transition from old to new drivers has begun to take effect, with a number of high-tech listed companies gradually moving from "policy-driven" to "performance-driven", providing necessary conditions for long-term funds participation and continuous pricing. In 2026, with the trend of capital inflow and strengthened confidence, the expected game and value discovery process in the technology sector may become one of the long-term focuses of the capital market. In terms of funds, long-term funds provide a solid foundation for the market, and under policy support, the market may maintain active trading. The influx of long-term funds, the participation of household funds in the market, and the increasing support from capital market policies provide the necessary liquidity conditions for the market, and overall downside risks are manageable.