According to the Everbright Securities Research Report, looking at the moment, the rise in late December 2025 may be the starting point of this spring market. Investors should probably be patient with the January index market. Consumption and growth are expected to become the two main lines of the market this spring. In terms of industry configuration in January, we focused on electronics, power equipment, non-ferrous metals, automobiles, etc. If the market style is growth, the industries with the highest score in the five-dimensional industry comparison framework are electronics, power equipment, communications, non-ferrous metals, automobiles, defense and military; if the January market style is defense, the industries with the highest score in the five-dimensional industry comparison framework are non-bank finance, electronics, non-ferrous metals, power equipment, automobiles, transportation, etc.

According to the Everbright Securities Research Report, looking at the moment, the rise in late December 2025 may be the starting point of this spring market. Investors should probably be patient with the January index market. Consumption and growth are expected to become the two main lines of the market this spring. In terms of industry configuration in January, we focused on electronics, power equipment, non-ferrous metals, automobiles, etc. If the market style is growth, the industries with the highest score in the five-dimensional industry comparison framework are electronics, power equipment, communications, non-ferrous metals, automobiles, defense and military; if the January market style is defense, the industries with the highest score in the five-dimensional industry comparison framework are non-bank finance, electronics, non-ferrous metals, power equipment, automobiles, transportation, etc.