Group 1 - The core viewpoint of the report indicates that the current A-share market reflects the dynamic relationship between macroeconomic totals and the A-share market [1] - Signs of economic recovery in China are evident for 2025, but the pace of recovery in 2026 will require more time [1] - The structural characteristics of the industry show a significant acceleration in the "new-old transition" supporting the macroeconomic total [1] Group 2 - The A-share market exhibits a notable "calendar effect" related to the Spring Festival [1] - Historical patterns from 2016 to 2025 suggest that before the Spring Festival, funds tend to favor high-dividend, consumer, and defensive sectors, leading to a strong performance in large-cap stocks [1] - As the Spring Festival approaches, the A-share market is gradually recovering, potentially leading to a "pre-festival excitement"; post-festival, there is a higher probability of market gains with a shift towards small-cap stocks, and better performance in cyclical and growth styles [1]
银河证券：A股市场逐步修复回暖，或出现“节前躁动”
Xin Lang Cai Jing·2026-02-09 00:44