Galaxy Securities noted that, looking ahead to the post-holiday period, the strength shown by the Hong Kong stock market and the renminbi exchange rate during the holiday break has helped boost investor confidence, and the A-share market is likely to continue its structural rally. The pace of future gains will depend on policy expectations and breakthroughs in industry trends. Supported by these factors, the spring rally may begin earlier than expected. At the same time, attention must remain focused on short-term disruptions caused by uncertainties such as overseas geopolitical risks. Looking ahead to 2026, the opening year of the 15th Five-Year Plan, expectations for reform policies are intensifying. Price factors, such as an appreciating RMB exchange rate, are supporting improved market liquidity, which is expected to boost market confidence. Investors should focus on technology leaders with the ability to deliver on earnings expectations under the earnings recovery narrative, as well as cyclical sectors that stand to benefit from expectations of a rebound in price levels.