Publicly offered funds intensively conduct research after the holiday, focusing on energy, non-ferrous metals, and other sectors.

After the Spring Festival in 2026, the A-share market saw a significant shift in style, with pro-cyclical sectors attracting the attention of many fund managers due to expectations of improved fundamentals and policy catalysis. In terms of research direction, energy, non-ferrous metals, chemicals, building materials and other areas have become focus points. The core logic lies in the market transitioning from valuation uplift to profitability driven, coupled with ongoing PPI repair, geopolitical risk premiums, and expectations for the "Fifteenth Five-Year Plan". The performance realization ability of pro-cyclical assets is generally favored by institutions.