Core Viewpoint - The article discusses the active performance of the Hong Kong Stock Connect Dividend ETF (Guangfa, 520900) as the Chinese New Year approaches, highlighting the debate between holding stocks versus cash during the holiday period [1] Group 1: Market Sentiment and Recommendations - CITIC Securities believes that external disturbances have not significantly impacted the fundamental aspects of the Chinese industry, and the concentrated cooling operations have ended, suggesting that market sentiment has been fully released and adjustments are adequate, with a potential continuation of the spring market rally after the holiday [1] - Guangfa Securities indicates that during a bull market, every time the Wind All A Index falls below the 20-day moving average, it typically presents a good opportunity to increase positions within about a week, encouraging investors to regain confidence and prepare for the first wave of the market's upward cycle in the Year of the Horse [1] - Galaxy Securities notes that pre-holiday market hotspots are experiencing phase rotation, with low volatility and high dividend sectors such as dividends, banks, and consumer stocks likely to continue attracting funds, suggesting a balanced allocation as the market may maintain a range-bound fluctuation [1] Group 2: Investment Products - The Hong Kong Stock Connect Dividend ETF (Guangfa, 520900) and its offshore links (022719/022720) provide investors with a convenient entry point to allocate to Hong Kong dividend assets, allowing for a combination of stable returns and long-term value [1]

Group 1 - The core viewpoint of the report suggests that despite recent market pullbacks causing concerns among investors, the current level around 4000 points presents an opportunity to regain confidence and prepare for the first wave of upward movement in the Year of the Horse [1] Group 2 - The report anticipates a favorable market environment in the next 1-2 months, indicating a potential "timing, location, and human factors" scenario for an upward trend in A-shares [1] Group 3 - Timing: The report highlights that starting from February, the spring market rally enters its highest probability phase, with historical data showing a 100% probability of small-cap indices rising between the Spring Festival and the Two Sessions, and an 87.5% probability of rising in February [1] Group 4 - Location: Following the release of annual report forecasts, negative disturbances in the fundamentals are expected to subside. The report notes that in the annual report forecasts disclosed by the end of January, the proportion of companies with low expectations, losses, or negative growth reached a new high compared to 2024 [1] Group 5 - Human factors: The report indicates that in a bullish market trend, each time the Wind All A Index falls below the 20-day moving average, it often presents a good opportunity for increasing positions approximately one week later [1]

Group 1 - The global precious metals market is at a turning point, with gold expected to rise to $5,000 per ounce and silver to $100 per ounce in the first quarter of 2026 [1][2] - Key drivers of this bullish trend include heightened geopolitical risks, supply shortages in the physical market, and renewed doubts about the independence of the Federal Reserve, which have collectively increased the premium on safe-haven assets [1][2] - Silver is anticipated to outperform gold due to the tightening conditions in the physical market, supported by the uncertainty surrounding the "Section 232" tariff rulings on critical minerals [3] Group 2 - Basic metals may gradually replace precious metals as the main players in the commodity market cycle, with aluminum and copper expected to show resilience in the second half of 2026 due to strong industrial demand [2][3] - Tactical selling may occur due to policy fluctuations, but each dip should be viewed as a buying opportunity within the overall bullish trend [4]

Group 1 - The core viewpoint of the news highlights the significant decline in Japan's real wages, which is impacting consumer confidence and economic growth [2] - Japan's real wages fell by 2.9% year-on-year in May, marking the largest drop in 20 months, following a revised decline of 2.0% in April [2] - The continuous decline in real wages for five consecutive months raises concerns about the sustainability of Japan's economic recovery amid rising inflation [2] Group 2 - The current spot gold price is trading around $3,306.29, with a recent report indicating a drop of 0.63% to $3,313.91 per ounce [1] - Gold prices have shown a bearish trend, with expectations of a potential decline to $3,000 or $2,600 in the future, although it remains above the May moving average for now [3] - If gold prices break below the May moving average support, there is a risk of further declines, potentially signaling the end of the two-year bull market [3]