[Galaxy Securities Interpretation of the "Opinions on the Development of New Productivity": Institutional Reshaping of the A-Share Market] On October 11, Galaxy Securities Strategy Research interpreted the "Opinions on the Development of New Productivity" and stated that the impact of this top-level document on the A-share market has both the short-term risk appetite repair effect and the value of medium- and long-term valuation system reconstruction. In the long run, this top-level document will institutionally reshape the A-share market from the perspectives of industry main line positioning, investment and financing mechanism improvement, and valuation logic reshaping: First, it will consolidate the status of new productive forces as the long-term main line of the capital market, guide funds to tilt towards innovative industries, and establish the long-term positioning of technology hard assets. The second is to reconstruct the valuation system, strengthen the innovation premium, and guide the market valuation system to focus on innovation leaders with core technical barriers, sustained R&D investment, and real industrialization capabilities; the third is to expand patient capital, increase the supply of high-quality scientific and technological innovation assets, and optimize the investment and financing ecology of the capital market. At the sector level, focus on configuration clues such as “stuck” hard technologies, AI scenario applications, green and low-carbon energy, and optimization and upgrading of traditional industries. (Securities Times)