Galaxy Securities: A-share market gradually recovering and warming up, or may see pre-holiday excitement.

Galaxy Securities research report stated that the current overall A-share market reflects the dynamic relationship between the macroeconomic total and the A-share market. From a macro perspective, there are signs of recovery in China's total economic volume in 2025, but the pace of recovery in 2026 still needs time. From the analysis of industry structure supporting the macro total, there is still a clear structural feature of accelerating the "new old transition". Furthermore, there is a significant Spring Festival "calendar effect" in the A-share market. As seen from historical patterns between 2016 and 2025, before the Spring Festival, funds tend to prefer high dividend, consumption, and defensive sectors, with the overall market style performing well. As the Spring Festival approaches, the A-share market gradually warms up and may experience pre-holiday excitement. After the Spring Festival, there is a higher probability of a market rally in the A-share market, with funds shifting towards small cap styles, and cyclical and growth styles performing better.