Group 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]

来源：光大证券 核心观点一：从震荡的四季度到春季行情。2025年12月A股先跌后涨，整体窄幅震荡。但月中，中长期 资金开始逐步入市，其再次成为了市场的稳定器，叠加居民资金的持续流入，十二月下旬市场持续上 行，春季行情表现值得期待。 核心观点三：春季行情的风格与方向。历史上春季行情通常以成长与顺周期两条主线为主。从往年春季 行情中各板块的表现来看，成长板块在大多数时候均有不错的表现，此外，顺周期板块成为主线的次数 也较高，而成长+周期双主线的情景在过去13次春季行情中共出现过6次。相关行业的行情短期有较强 持续性，不过春季行情中的强势行业未必会成为年度主线。对于今年而言，我们认为消费与成长有望成 为春季行情的两条主线。 核心观点一：从震荡的四季度到春季行情。2025年12月A股先跌后涨，整体窄幅震荡。但月中，中长期 资金开始逐步入市，其再次成为了市场的稳定器，叠加居民资金的持续流入，十二月下旬市场持续上 行，春季行情表现值得期待。 核心观点二：对春季行情保持耐心。春季行情多数年份都存在，不过表现有明显差异，当前来看，12月 下旬的上涨或许就是本轮春季行情的起点。不过需要注意的是，从历史规律来看，上证指数当年1月 ...