Xin Lang Cai Jing·2026-01-25 08:52Group 1 - The core logic supporting the upward trend of the spring market remains unchanged despite a slowdown in market rhythm, indicating that the current spring market is still in progress [1][34] - The abundant liquidity environment is driven by insurance funds' strong performance, concentrated maturity of residents' deposits, and the appreciation of the RMB attracting foreign capital back to the market [3][36] - The insurance sector has seen a significant increase in individual insurance premium growth, with many companies reporting over 30% growth, contributing to substantial new capital entering the market [3][36] Group 2 - The peak of residents' deposit maturities is expected in the first half of the year, providing an important window for residents to increase their allocation to equity assets [3][36] - The continuous appreciation of the RMB has led to a record high in foreign capital inflow, with a bank surplus of $99.9 billion in December 2025, including a securities investment surplus of $11.5 billion [5][39] - The favorable macroeconomic environment, supported by improved domestic macro data and coordinated policy efforts in real estate, consumption, and monetary policy, is expected to enhance market risk appetite [6][40] Group 3 - Upcoming weeks will feature a series of significant industry catalysts, particularly the earnings reports from major North American tech companies, which may influence the domestic market [9][41] - The earnings preview period is approaching its peak, with a disclosure rate expected to reach around 55%, which will significantly impact market structure [10][44] - High growth and exceeding profit expectations are concentrated in sectors such as computing power, chemicals, new energy, pharmaceuticals, and non-ferrous metals, with 304 companies forecasting over 50% profit growth [12][45] Group 4 - The sectors with notable profit surprises include storage, battery storage, grid equipment, chemicals, and innovative pharmaceuticals, indicating strong performance potential [15][47] - The upcoming month of February is anticipated to be a core window for market activity, driven by abundant liquidity and a focus on high-growth sectors [26][29] - Historical data suggests that February is one of the months with the highest success rates for major indices, with a focus on small-cap and growth sectors expected to perform well [26][28]