Core Insights - The report indicates that as of the end of December 2025, the signals for stocks, bonds, and gold markets in January 2026 are positive, negative, and positive respectively [1][3]. Group 1: Macro Environment - The macro environment forecast for Q1 2026 is predicted to be a slowdown, with credit spreads narrowing and term spreads expanding based on the latest data from December 2025 [2]. Group 2: Industry Trends - From January 2015 to December 2025, the cumulative return of the industry composite trend factor combination is 124.81%, with an excess return of 48.89%. The factor signal for December 2025 was positive, and the Wind All A index had a monthly return of 3.30%. The industry composite trend factor remains at 0.46, maintaining a positive signal [3].
国泰海通｜金工：大类资产及择时观点月报（2026.01）——股票市场发出正向信号
国泰海通证券研究·2026-01-06 14:27