【策略】持股过节，关注成长——2026年2月五维行业比较观点（张宇生/王国兴）

Core Viewpoint - The article introduces a "Five-Dimensional Industry Comparison Framework" that evaluates industries based on market style, fundamentals, capital flow, trading, and valuation, emphasizing the need for a comprehensive analysis of factors influencing stock prices [4]. Group 1: Five-Dimensional Industry Comparison Framework - The framework scores industries equally across five dimensions during non-earnings seasons, while giving higher weight to fundamentals during earnings seasons and reducing the weight of market style and valuation [4]. - Historical backtesting from 2016 to February 2025 shows that industries with higher scores in this framework tend to perform better, with annualized returns of 11.8% for the top group and -10.5% for the bottom group [5]. - A long-short strategy that involves going long on the top group and shorting the bottom group yields an annualized return of 23.7% with a Sharpe ratio of 1.69 [5]. Group 2: February Subjective Factor Judgments - The framework includes subjective judgments in three dimensions: market style, capital flow, and valuation. It is anticipated that economic resilience will be moderate, with market sentiment expected to fluctuate, favoring a growth style [6]. - It is expected that public funds will see net inflows, with financing funds likely to dominate future capital flows [6]. - Market sentiment is predicted to strengthen, which may benefit high-valuation industries [6]. Group 3: February Industry Allocation Viewpoint - Based on the subjective judgments for February, the framework suggests a focus on growth sectors, with high-valuation sectors being particularly noteworthy [7]. - Industries such as electronics, power equipment, machinery, non-ferrous metals, telecommunications, and computers are expected to score high and warrant investor attention [8].