Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - As of the week ending January 16, 2026, the weekly returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were 0.45%, 0.15%, and 1.13% respectively. In the public - fund market, the common stock strategy continued to lead the gains with a weekly return of 1.26%. The convertible bond strategy outperformed the pure - bond strategy. Among commodities, the returns of energy - chemical and soybean meal futures ETFs declined, while precious metals and non - ferrous metals ETFs rose, with the silver ETF having a weekly increase of 23.15% [3]. - In terms of the CITIC five - style, the growth and cyclical styles rose in the past week, while the others fell. The style rotation chart showed that the relative strength of the stable and consumer styles strengthened marginally, and the relative strength momentum of the stable style rebounded. All fund style indices outperformed the benchmark in the past week, with the financial style fund index having an excess return of 2.33%. The market's deviation from the consumer style decreased. The crowding indicator rose slightly this week, and the consumer style was in a historically high - crowding range [3]. - Among Barra factors, the short - cycle momentum factor had a better performance with a weekly excess return of 2.19%. The profitability and leverage factors continued to decline. In terms of winning rates, the residual volatility factor strengthened marginally, and the ALPHA factor weakened slightly. The cross - section rotation speed of factors decreased compared to the previous week and was in the lower - quantile range of the past year. According to the latest score of the style timing model, the stable style rebounded marginally this week, and the current signal favored the growth style. The return of the style timing strategy last week was 1.78%, with an excess return of 2.19% compared to the benchmark balanced allocation [3]. Group 3: Summary by Related Catalogs Fund Market Review - The common stock strategy led the gains in the public - fund market with a weekly return of 1.26%. The neutral - strategy products had more gains than losses. The convertible bond strategy outperformed the pure - bond strategy. Energy - chemical and soybean meal futures ETFs had return corrections, while precious metals and non - ferrous metals ETFs rose, with the silver ETF up 23.15% [3]. CITIC Five - Style Analysis - The growth and cyclical styles rose in the past week, while the others fell. The relative strength of the stable and consumer styles strengthened marginally, and the relative strength momentum of the stable style rebounded. All fund style indices outperformed the benchmark, with the financial style fund index having an excess return of 2.33%. The market's deviation from the consumer style decreased, and the consumer style was in a historically high - crowding range [3]. Barra Factor Analysis - The short - cycle momentum factor had a weekly excess return of 2.19%. The profitability and leverage factors continued to decline. The residual volatility factor strengthened marginally, and the ALPHA factor weakened slightly. The cross - section rotation speed of factors decreased compared to the previous week and was in the lower - quantile range of the past year [3]. Style Timing Model - The stable style rebounded marginally this week, and the current signal favored the growth style. The return of the style timing strategy last week was 1.78%, with an excess return of 2.19% compared to the benchmark balanced allocation [3].

1. Report Industry Investment Rating - The report gives a one-star rating (★☆☆) for the CITIC Five-Style - Growth, indicating a bullish bias but with limited operability on the market [2] 2. Core Viewpoints - As of the week ending January 9, 2026, the weekly returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were 5.06%, -0.15%, and 2.54% respectively. The ordinary stock strategy led the gains in the public fund market with a weekly return of 5.26%, while neutral strategy products had more declines than gains. Convertible bond strategy outperformed pure bond strategy, and precious metal ETFs in commodities rebounded with gold ETFs rising 2.91% and non-ferrous metal ETFs continuing the upward trend [3] - Among the CITIC five styles, the growth style led the gains last week with a weekly return of 7.03%. The style rotation chart shows that the relative strength of the consumption and financial styles has strengthened marginally recently, while the relative strength momentum of the cyclical style has weakened slightly. Consumption and financial style funds in the public fund pool outperformed their benchmarks on average in the past week. The market's deviation from the growth and stable styles has increased according to the fund style coefficient trend. The congestion indicator decreased week-on-week, and the congestion levels of cyclical and consumption style funds have risen to the medium to high percentile range in history [3] - In terms of Barra factors, the liquidity factor had a better performance in the past week with a weekly excess return of 2.11%, while the dividend and profitability factors had excess drawdowns. In terms of win - rate, the short - term momentum factor strengthened marginally and the leverage factor weakened slightly. The cross - sectional rotation speed of factors rebounded slightly this week and is currently in the middle percentile range in the past year. According to the latest score of the style timing model, the consumption and growth styles rebounded month - on - month this week, and the signal is biased towards the growth style. The return of the style timing strategy last week was 4.96%, with an excess return of 1.08% compared to the benchmark balanced allocation [3] 3. Summary by Relevant Catalogs Recent Market Returns - The weekly returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond (net), and Nanhua Commodity Index are presented, along with their monthly, quarterly, and semi - annual returns. The weekly return of the ordinary stock strategy in the public fund market is 5.26% [3][5] CITIC Style Index Relative Rotation Chart - It shows the relative strength and relative strength momentum of financial, cyclical, consumption, growth, and stable styles in the past week, last week, past month, past three months, past six months, and past year [7] Fund Style Index Excess Return Performance - Displays the excess returns of financial, cyclical, consumption, and growth styles in the past week, last week, past month, past three months, past six months, and past year [8] Fund Style Congestion - Illustrates the congestion levels of cyclical, growth, consumption, and financial styles over a certain period [9] CITIC Style Index Net Value Trend - Presents the net value trends of financial, cyclical, consumption, growth, and stable styles [10] This Week's Barra Single - Factor Style Preference - Shows the style preference of Barra single factors [11] Barra Single - Factor Style Strategy Excess Return Performance - Displays the excess returns of Barra single - factor style strategies in the past week, last week, and past month [12] One - Year Barra Single - Factor Style Excess Net Value Trend - Illustrates the excess net value trends of Barra single factors over the past year [15]