After the market close on Friday, the capital markets released a series of significant signals. The CSRC's continuous actions, adjustments in the photovoltaic industry policies, and soft US non-farm payroll data—how will these combined messages influence the market rhythm next week?

**Speculation on High-Price Stocks Faces Stricter Regulation**

Tempu Co., Ltd. was investigated by the CSRC for suspected major omissions in its announcement, which triggered a market surge after hours. As a stock that soared 16 times last year, it had previously been suspended multiple times for investigation, but still surged against the trend upon resumption. This investigation likely means it will face continued limit-down pressure after resuming trading.

Deeper implications suggest that the overall speculative sentiment around high-priced stocks will be suppressed. Those stocks still under investigation and suspension will see funds fleeing due to regulatory concerns, triggering further declines. Under increased regulatory scrutiny, pure concept speculation and follow-the-leader hot money models are no longer applicable. Investors must remain vigilant against such risks.

**"Whistleblower" Reward Mechanism Upgraded**

The CSRC significantly increased the rewards for whistleblowers reporting securities and futures violations. Higher rewards will incentivize market participants to proactively report illegal activities, curbing insider trading, financial fraud, and other market-damaging behaviors at the source. This will boost the confidence of long-term investors and attract more long-term capital into the market.

Of course, after policy implementation, malicious reporting may occur, requiring regulators to further improve verification mechanisms. Overall, this marks an important step in the legal construction of the capital market.

**Accelerating Anti-Inner Loop in the Photovoltaic Industry**

Since April 1, the export VAT rebate for photovoltaic products has been canceled. In the short term, this will compress profit margins for some companies; but in the medium to long term, it is a key move to help the industry escape low-price internal competition. Small and medium enterprises lacking core technology will be accelerated out, with market share further concentrating in leading companies with technological advantages and scale.

The Photovoltaic Industry Association has long issued self-discipline initiatives against internal competition and proposed canceling export rebates, which the market has already anticipated. Currently, upstream companies are beginning to see profits rebound, midstream battery manufacturers are continuously recovering profits, and a performance reversal across the entire industry chain is highly likely by 2026. As anti-internal competition progresses, the new energy sector is expected to see valuation and performance double repairs.

**Weak US Non-Farm Payroll Data Improves External Environment**

US December non-farm payroll data was released—only 50,000 new jobs, below the expected 70,000 and the previous 64,000. After the data was announced, US stock index futures rose sharply, the FTSE A50 index gained, and the RMB exchange rate appreciated.

Although the market believes the likelihood of a rate cut by the Fed in January is low, this weak non-farm data still boosted US stock sentiment. If US stocks continue to rebound, it will support the linked rise of A-shares next week.

**Market Holds Above 4100 Points, Next Week Strategy Outlook**

The A-share market successfully broke through and stabilized above 4100 points, with an obvious bullish trend, increasing trading volume, and strong moving average alignment. In this environment, holding positions and maintaining a core position are the key strategies.

Considering weekend news, the overall sentiment is bullish. It is expected that on Monday, additional funds will enter, and the market may reach new highs. However, as bullish consensus strengthens, a shakeout is likely during trading, so mental preparation is necessary.

In sector selection, continue focusing on the technology mainline (commercial aerospace, AI intelligent agents, semiconductors, etc.), while also paying attention to the rebound opportunities of low-priced consumer stocks. Once the tech sector's upward momentum weakens, the market will quickly shift into rotation phases—at this point, grasping low-entry opportunities in sector divergence and rebound stocks will be a more prudent approach.