Xin Lang Cai Jing·2026-01-11 09:43Group 1 - The market's early-year excitement is driven by a concentration of funds that missed out on the previous year, with a backdrop of "people's desire for growth" [1][2] - The current market movement is primarily seen in thematic sectors and small-cap stocks, rather than in the direction of allocation-type funds [3][4] - Short-term market heat is high, but sentiment indicators have not shown signs of weakening, suggesting that the upward trend in thematic and small-cap stocks may continue until after the Two Sessions [4][15] Group 2 - The performance of small and mid-cap growth styles has significantly outperformed large-cap value styles, with the CSI 500 index rising by 7.9% and the CSI 2000 by 7.2%, compared to the CSI 300's 2.8% [3][13] - The commercial aerospace sector has seen a notable increase, with a trading volume of 729.1 billion yuan on January 9, accounting for 23.1% of total A-share trading [3][13] - The current market environment is characterized by abundant allocation and quantitative funds, while individual stock pricing funds are scarce, indicating a need for a shift back to fundamental-driven trends [15][16] Group 3 - For the year, allocation-type funds are increasingly focused on reducing volatility in their equity positions, as long-term interest rates continue to decline [17][18] - Recommended sectors for investment include resources and traditional manufacturing, with an emphasis on enhancing pricing power, as well as increasing allocations to non-bank financials [7][18] - The market's current excitement may not be the right time for allocation-type funds to chase hot sectors, with a more strategic approach suggested for the critical structural adjustment window in late March to April [15][16]