光大证券研究·2026-02-01 23:03Group 1 - Core viewpoint one: The A-share market experienced a volatile upward trend in January 2026, with major broad-based indices rising, supported by long-term capital and stabilizing economic expectations [4] - Core viewpoint two: The spring market is still expected to be promising, although a short-term correction may occur before the Spring Festival due to tightening liquidity and decreased trading enthusiasm [5] - Core viewpoint three: In the spring market, small-cap stocks typically perform better, with a focus on growth and cyclical sectors, particularly in electronics, power equipment, machinery, non-ferrous metals, and communications [6] Group 2 - The Hong Kong market is advised to maintain a "growth + value" barbell strategy, benefiting from earnings recovery, improved liquidity, and supportive policies, with a structural rebound expected in the first quarter [7]