国泰海通｜金工：风格及行业观点月报（2026.01）

Group 1: Style Rotation Model - The style rotation model for Q1 2026 indicates a preference for small-cap and growth stocks [1][2] - In Q4 2025, the returns for CSI 300 and CSI 1000 were -0.23% and 0.27% respectively, with small-cap stocks outperforming large-cap stocks by 0.50% [1] - The value-growth rotation model achieved a return of 37.06% for the entire year of 2025, with an excess return of 7.01% compared to an equal-weighted portfolio [1] Group 2: Industry Rotation Model - In January, the recommended long positions for single-factor and composite-factor strategies include non-bank financials, coal, and steel [1][3] - The absolute return for the industry composite factor strategy in 2025 was 38.10%, with an excess return of 11.70% relative to the benchmark [1] - The absolute return for the industry single-factor multi-strategy was 36.00%, with an excess return of 10.37% compared to the benchmark [1] Group 3: January Industry Insights - The single-factor multi-strategy recommends long positions in banking, non-bank financials, coal, and steel [3] - The composite-factor strategy recommends long positions in coal, steel, non-bank financials, non-ferrous metals, and transportation [3] - In December, the composite factor strategy achieved an excess return of 1.18%, while the single-factor multi-strategy achieved an excess return of 0.81% [3]