Caitong Securities(SH:601108) Huan Qiu Wang·2026-02-14 01:13Group 1 - The core viewpoint indicates that the Shanghai Composite Index has shown a significant increase of 4.85% in the first five trading days after the Spring Festival in 2024, marking the highest growth in nearly a decade, with a general optimistic outlook for the 2025 Spring Festival [1] - Over 60% of private equity firms are inclined to hold substantial or full positions during the holiday, reflecting a strong risk appetite among investors [1] - The trading volume and financing balance are critical indicators for assessing whether capital will flow back into the market, potentially signaling the start of a major upward trend [1] Group 2 - Foreign institutions such as BlackRock China and Fidelity International anticipate a gradual diversification in global asset allocation over the next 3 to 5 years, moving away from a heavy concentration on dollar assets [2] - The Chinese market is regaining vitality, with advantages in complete industrial chains, strong innovation capabilities, and relatively attractive valuations [2] - In the week before the holiday, 65 A-share listed companies participated in institutional research, with 237 institutional investors involved in these surveys [3]