Sou Hu Cai Jing·2026-02-11 10:33Group 1 - The core viewpoint is that the recent A-share spring market is undergoing a phase adjustment, primarily driven by internal factors with external factors acting as catalysts. However, external disturbances have not caused substantial impacts on China's industrial fundamentals, and the concentrated cooling operations have ended, leading to a sufficient release of market sentiment. The adjustment is considered relatively complete, and the spring market is expected to continue after the Spring Festival, suggesting holding stocks through the holiday [1][4]. Group 2 - The CSI A500 Index and CSI A50 Index both fell by 0.1%, while the CSI A100 Index decreased by 0.2% [1]. - The CSI A500 Index consists of 500 securities with large market capitalization and good liquidity, covering 89 out of 93 sub-industries. Its rolling price-to-earnings ratio is 17.4 times [3]. - The CSI A100 Index includes 100 representative securities with large market capitalization and good liquidity, covering 46 sub-industries. Its rolling price-to-earnings ratio is 17.5 times [3]. - The CSI A50 Index is composed of the 50 largest stocks from various industries, with a balanced distribution across 50 sub-industries. Its rolling price-to-earnings ratio is 18.3 times [3].