春季行情未完，调整是布局机会

Market Overview - On February 2, 2026, the Shanghai Composite Index fell by nearly 2.5%[1] - The decline was attributed to expectations of tightening overseas liquidity and adjustments in cyclical sectors[6] Market Trends - The spring market rally is not over; adjustments present opportunities for low-cost positioning[11] - Short-term policy expectations remain positive, with limited external risks anticipated[11] Industry Insights - Adjustments in technology growth and certain cyclical sectors are expected to outperform in the near term[12] - From January 30, 2026, the declines in cyclical sectors included a 14.8% drop in non-ferrous metals and an 8.6% drop in steel[13] Performance Forecasts - High growth rates are projected for sectors such as beauty care (451.0%), non-bank financials (271.2%), and defense industry (140.3%) for 2025[17] - The transportation sector and non-ferrous metals are expected to see significant year-on-year profit growth of 31.2% and 22.6%, respectively[19] Risk Factors - Historical experiences may not apply to future market conditions, and unexpected policy changes could impact investment decisions[33] - Economic recovery may not meet expectations due to external disruptions or unforeseen events[33]