Galaxy Securities of China: In March, the market logic will gradually shift from "policy expectations" to "realization of results".

Galaxy Securities of China said that after the Spring Festival, under the catalysis of policy expectations, increased liquidity, and industrial trends, there is a high probability of market volatility trending upwards. However, it is also necessary to closely monitor the short-term disturbances of overseas uncertainties on market sentiment. The market logic in March will gradually shift from "policy expectations" to "performance realization", with the disclosure of the annual reports for 2025 and subsequent first quarter reports of listed companies serving as the market focus points. Targets exceeding performance expectations may attract fund attention. In terms of investment opportunities, the focus is on two main themes. The first theme is the concept of "anti-internal consumption" driven by improvements in supply-demand structure and industry profit recovery, as well as dividend assets with safe margins of valuation. The logic for allocation remains clear, and it is recommended to pay attention to sectors benefiting from price increases such as non-ferrous metals, petroleum and petrochemicals, basic chemicals, steel, cement, building materials, and finance. The second theme is the wide attention given to hot topics like robots and AI large models during the Spring Festival holiday period, which may present structural highlights post-holiday. With the accelerating evolution of the global once-in-a-century great changes, the underlying logic of the domestic economy is shifting towards new quality productivity, making it worth paying attention to key areas such as semiconductors, artificial intelligence, new energy, military industry, aerospace, etc., in the "Fourteenth Five-Year Plan" period.