Core Viewpoint - The A-share market is experiencing short-term emotional cooling and index adjustment pressure as it enters February 2026, but the core drivers of the year-end rally remain unchanged, suggesting potential opportunities for new layouts post-Spring Festival until the Two Sessions [1] Fund Ratings and Performance - As of January 30, 2026, a total of 20 funds from Huian Fund received a five-star rating from Guotai Junan Securities, providing diverse asset allocation options for investors with different risk-return preferences [1] - The Huian Growth Preferred Mixed A/C fund achieved a three-year return of 99.53% and a five-year return of 57.20%, significantly outperforming its benchmarks [2] - The Huian Quantitative Pioneer Mixed A/C fund, focusing on the non-ferrous metals sector, also received five-star ratings for both three and five years [3] - The Huian Multi-Strategy Mixed A/C and Huian Multi-Factor Mixed A/C funds have both achieved over 100% returns since their inception, with respective returns of 116.53% and 108.25% [3] Fixed Income Performance - Several fixed-income products, including Huian Yongfu 90-Day Holding Period Short-Duration Bond A/C, received five-star ratings for three years, with the former achieving positive returns for 14 consecutive quarters since its inception [4] - The investment research team at Huian Fund suggests a cautious approach to the volatile non-ferrous metals sector and recommends strategic positioning during price corrections [4] - The bond market may see slight recovery due to previous declines and changes in macroeconomic conditions, with GDP growth expectations set between 4.5% and 5% for the year [4] Investment Strategy - The current short-term volatility presents a favorable opportunity for asset allocation upgrades, leveraging five-star rated funds to enhance investment success rates for the new year [5]

Core Viewpoint - The micro-cap stocks have gained significant attention in the market due to their strong performance and unique characteristics, contrasting with the broader market indices which have shown limited growth [1][2]. Group 1: Market Performance - As of August 8, the micro-cap index has increased by 56.68% year-to-date, while major indices like the Shanghai Composite and CSI 300 have only shown single-digit growth [1]. - Micro-cap stocks are characterized by a "slow rise and rapid fall" pattern, indicating their potential for significant upward movement when market conditions improve [1]. Group 2: Investment Opportunities - The investment landscape for micro-cap stocks has changed, with lower crowding and improved policy environments compared to previous years [2]. - The focus on technology and innovation has been emphasized, with funds like Huian Multi-Strategy Mixed Fund targeting micro-cap stocks that have strong technological attributes and can benefit from national policies promoting innovation [2]. - Recent ratings from various securities firms have recognized the Huian Multi-Strategy Mixed Fund as a top-performing fund, indicating confidence in its strategy and potential returns [2]. Group 3: Risks and Considerations - Investment in micro-cap stocks carries inherent risks, particularly liquidity risk and delisting risk, which investors need to be aware of [3]. - The potential for liquidity issues during market downturns and the risk of companies failing to meet listing requirements are significant concerns for investors in this segment [3].