中国市场动能退潮 - 深度仍显不足-China Momentum Unwind – Not Deep Enough Yet

February 5, 2026 10:00 PM GMT Asia Quant Perspectives | Asia Pacific China Momentum Unwind – Not Deep Enough Yet Last week we noted the reversal risk in the China Momentum factor. While the ~10.5% correction since January 29, 2026, appears substantial, historical patterns suggest the unwind has further to go in terms of both magnitude and duration. M Positioning for the unwind: Materials stocks are likely to face the most pressure, followed by the IT sector. While Value, with net long Financials and net sho ...