On January 25, Dongwu Securities published a research report. It revealed that as of January 22, the fourth - quarter reports for 2025 of publicly - offered funds had been fully made public. As a spate of annual report performance forecasts are slated to be unveiled in late January, the market's attention will pivot to performance results. The report points out four significant clues:

Firstly, the redemption pressure on actively - managed equity funds has slightly abated. In the fourth quarter of 2025, the net redemptions declined by 91.9 billion shares compared to the third quarter. This indicates a potential reduction in passive selling pressure in 2026. In the Western financial context, a decrease in net redemptions is often seen as a positive sign for fund stability and market confidence.

Secondly, a trend of household asset reallocation is taking shape. The peak of fixed deposits and wealth management products reaching maturity in 2026 is likely to drive capital inflows into the equity market. In Western financial markets, such asset reallocation trends can significantly impact market liquidity and asset prices.

Thirdly, sector allocation exhibits structural differentiation. The TMT (Technology, Media, and Telecommunications) sector maintains historically high positions but has relatively low congestion. Meanwhile, positions in the resource sector have reached all - time highs. In the context of global financial markets, different sector allocations reflect investors' expectations about future economic trends and industry prospects.

Fourthly, a short - term shift in market style is expected. During the annual report performance verification period, high - quality companies backed by solid fundamental strengths are anticipated to spearhead the spring market rally. In Western financial analysis, fundamental strengths are considered crucial factors in determining a company's long - term viability and stock performance.