Galaxy Securities: Performance Will Become the Core Anchor Point for the Next Stage of Market Trends

China Galaxy Securities pointed out that since the end of February, the escalation and repeated disturbances of the US-Iran conflict have unsettled market sentiment. The sharp fluctuations in oil prices have driven inflation expectations higher, and the Federal Reserve’s rate cut expectations have been frustrated, putting pressure on the performance of risk assets. Compared to this, in the context of a general adjustment in global equity markets, the A-share market has demonstrated strong resilience. The 2026 government work report centers on domestic demand-driven growth, cultivating and expanding new drivers of economic momentum, and achieving high-level technological independence and self-reliance. The “14th Five-Year Plan” outline is based on a position that builds on the past and looks to the future, with high-quality development as the primary goal, emphasizing the construction of a modern industrial system and the strategic importance of high-level technological independence and self-reliance. It坚持扩大内需作为战略基点，从长期来看，进一步明晰向“新”求“质”的投资逻辑。在A股市场自身韧性和“以我为主”的内涵支撑下，后续市场将逐步从“情绪驱动”回归“基本面驱动”，业绩将成为下一阶段行情的核心锚点。