金融工程周报：普通股票策略继续领涨-20260119

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - As of the week ending January 16, 2026, the weekly returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were 0.45%, 0.15%, and 1.13% respectively. In the public - fund market, the common stock strategy continued to lead the gains with a weekly return of 1.26%. The convertible bond strategy outperformed the pure - bond strategy. Among commodities, the returns of energy - chemical and soybean meal futures ETFs declined, while precious metals and non - ferrous metals ETFs rose, with the silver ETF having a weekly increase of 23.15% [3]. - In terms of the CITIC five - style, the growth and cyclical styles rose in the past week, while the others fell. The style rotation chart showed that the relative strength of the stable and consumer styles strengthened marginally, and the relative strength momentum of the stable style rebounded. All fund style indices outperformed the benchmark in the past week, with the financial style fund index having an excess return of 2.33%. The market's deviation from the consumer style decreased. The crowding indicator rose slightly this week, and the consumer style was in a historically high - crowding range [3]. - Among Barra factors, the short - cycle momentum factor had a better performance with a weekly excess return of 2.19%. The profitability and leverage factors continued to decline. In terms of winning rates, the residual volatility factor strengthened marginally, and the ALPHA factor weakened slightly. The cross - section rotation speed of factors decreased compared to the previous week and was in the lower - quantile range of the past year. According to the latest score of the style timing model, the stable style rebounded marginally this week, and the current signal favored the growth style. The return of the style timing strategy last week was 1.78%, with an excess return of 2.19% compared to the benchmark balanced allocation [3]. Group 3: Summary by Related Catalogs Fund Market Review - The common stock strategy led the gains in the public - fund market with a weekly return of 1.26%. The neutral - strategy products had more gains than losses. The convertible bond strategy outperformed the pure - bond strategy. Energy - chemical and soybean meal futures ETFs had return corrections, while precious metals and non - ferrous metals ETFs rose, with the silver ETF up 23.15% [3]. CITIC Five - Style Analysis - The growth and cyclical styles rose in the past week, while the others fell. The relative strength of the stable and consumer styles strengthened marginally, and the relative strength momentum of the stable style rebounded. All fund style indices outperformed the benchmark, with the financial style fund index having an excess return of 2.33%. The market's deviation from the consumer style decreased, and the consumer style was in a historically high - crowding range [3]. Barra Factor Analysis - The short - cycle momentum factor had a weekly excess return of 2.19%. The profitability and leverage factors continued to decline. The residual volatility factor strengthened marginally, and the ALPHA factor weakened slightly. The cross - section rotation speed of factors decreased compared to the previous week and was in the lower - quantile range of the past year [3]. Style Timing Model - The stable style rebounded marginally this week, and the current signal favored the growth style. The return of the style timing strategy last week was 1.78%, with an excess return of 2.19% compared to the benchmark balanced allocation [3].