1. Report Industry Investment Rating - The operation rating for CITIC Five-Style - Stable is ☆☆★ [2] 2. Core Viewpoints - As of the week ending on January 23, 2026, the weekly returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were 1.75%, 0.21%, and 2.08% respectively [3] - In the public fund market, the enhanced index strategy performed strongly in the past week, with a weekly return of 1.82%. Most neutral strategy products had positive returns, and the convertible bond strategy outperformed the pure bond strategy. Among the commodity ETFs, the return of non-ferrous metals ETFs had a slight correction, while the return of energy and chemical ETFs rebounded, with a weekly return of 3.48% [3] - Among the CITIC Five-Styles, the financial style declined in the past week, while the other styles rose. The style rotation chart showed that the relative strength of the stable and cyclical styles strengthened recently, and the relative strength momentum of the financial and cyclical styles increased month-on-month [3] - In the public fund pool, the financial and consumer fund style indexes outperformed the benchmark in the past week, with the financial style fund index having an excess return of 2.72%. The market's deviation from the consumer style continued to decline according to the trend of the fund style coefficient. The crowding indicator decreased slightly this week, and the cyclical and financial styles are currently in a historically high crowding range [3] - Among the Barra factors, the medium - long - term momentum and residual volatility factors had better performance in the past week, with weekly excess returns of 1.98% and 1.69% respectively. The returns of the profitability and leverage factors continued to decline. In terms of win - rate, the low - volatility factors strengthened marginally, and the dividend factor performed weakly recently. The cross - section rotation speed of the factors decreased month - on - month this week and is currently in a low - percentile range in the past year [3] - According to the latest scoring results of the style timing model, the growth style decreased month - on - month this week, and the current signal favors the stable style. The return of the style timing strategy last week was 1.81%, with an excess return of 0.56% compared to the benchmark balanced allocation [3] 3. Summary by Related Catalogs Fund Market Review - The enhanced index strategy in the public fund market performed strongly in the past week, with a weekly return of 1.82%. Most neutral strategy products had positive returns, and the convertible bond strategy outperformed the pure bond strategy. Among the commodity ETFs, the return of non - ferrous metals ETFs had a slight correction, while the return of energy and chemical ETFs rebounded, with a weekly return of 3.48% [3] CITIC Five - Style Analysis - Among the CITIC Five - Styles, the financial style declined in the past week, while the other styles rose. The style rotation chart showed that the relative strength of the stable and cyclical styles strengthened recently, and the relative strength momentum of the financial and cyclical styles increased month - on - month [3] - In the public fund pool, the financial and consumer fund style indexes outperformed the benchmark in the past week, with the financial style fund index having an excess return of 2.72%. The market's deviation from the consumer style continued to decline according to the trend of the fund style coefficient. The crowding indicator decreased slightly this week, and the cyclical and financial styles are currently in a historically high crowding range [3] Barra Factor Analysis - Among the Barra factors, the medium - long - term momentum and residual volatility factors had better performance in the past week, with weekly excess returns of 1.98% and 1.69% respectively. The returns of the profitability and leverage factors continued to decline. In terms of win - rate, the low - volatility factors strengthened marginally, and the dividend factor performed weakly recently. The cross - section rotation speed of the factors decreased month - on - month this week and is currently in a low - percentile range in the past year [3] Style Timing Model - According to the latest scoring results of the style timing model, the growth style decreased month - on - month this week, and the current signal favors the stable style. The return of the style timing strategy last week was 1.81%, with an excess return of 0.56% compared to the benchmark balanced allocation [3]

1. Report Industry Investment Rating - The report gives a "★☆☆" rating to the CITIC Five - Style - Growth, indicating a bullish bias but with limited trading opportunities on the market [4]. 2. Core Viewpoints - As of the week ending November 28, 2025, the weekly returns of Tonglian All - A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond Index, and Nanhua Commodity Index were 2.87%, - 0.26%, and 1.99% respectively. In the public fund market, equity strategies rebounded in the past week, while medium - and long - term pure - bond strategies declined. The net value of silver futures ETF increased significantly by 5.07%, and the returns of energy and chemical ETFs stabilized and rebounded. Among the CITIC five - styles, all styles rose last Friday, with the growth style leading in terms of returns. The style rotation chart shows that the relative strength of the financial style declined, while that of the consumer style strengthened. The medium - and long - term momentum factor's return rebounded, with a weekly excess return rate of 1.66%. According to the latest score of the style timing model, the growth style strengthened this week, and the signal currently favors the growth style [3][4]. 3. Summary by Relevant Catalogs Fund Market Review - In the public fund market, equity strategies rebounded in the past week, with the ordinary stock strategy index rising 3.33%. Medium - and long - term pure - bond strategies declined. The net value of silver futures ETF increased by 5.07%, and the returns of energy and chemical ETFs stabilized and rebounded [4]. Equity Market Style - **CITIC Five - Style Performance**: All five styles of CITIC rose last Friday, with the growth style leading in returns. The style rotation chart shows that the relative strength of the financial style declined, and that of the consumer style strengthened. In the public fund pool, financial and growth - style funds outperformed their benchmarks on average in the past week. The market's deviation towards cyclical and financial styles increased. The congestion index changed little compared to last week, and the congestion of financial - style funds is currently in the relatively high - percentile range of the past year [4]. - **Neutral Strategy**: As of last week, the basis of stock index futures (futures - spot) fluctuated and weakened. The basis of IC and IM fell below the average of the past three months. Meanwhile, the average premium rate index of the corresponding ETFs of stock indices decreased month - on - month and dropped to the low - percentile range of the past three months [4]. - **Barra Factors**: The return of the medium - and long - term momentum factor rebounded in the past week, with a weekly excess return rate of 1.66%. The leverage and profitability factors weakened slightly. In terms of win - rate, the liquidity factor weakened, and the reversal factor rebounded. The cross - sectional rotation speed of factors continued to increase this week and is currently in the high - percentile range of the past year [4]. - **Style Timing**: According to the latest score of the style timing model, the growth style strengthened this week, and the stable style declined slightly. The current signal favors the growth style. The return of the style timing strategy last week was 0.80%, and the excess return compared to the benchmark balanced allocation was - 1.19% [4].