Zhongtai Securities: February is the core time point of spring agitation follow chemical industry, steel and other cyclical pulse repair opportunities

Jinshi data, January 23 news, Zhongtai Securities research report pointed out that February is the core time point of spring agitation, with a bias towards small caps in terms of style, and in terms of industry allocation, short-term follow-up opportunities can be found in cyclic pulses in the chemical industry, steel, agriculture, forestry, animal husbandry, fishery, and building materials. It needs to be made clear that the styles and industries that have historically performed well in February will have significantly lower win rates and odds in March. Therefore, it is recommended to continue to grasp industry alpha in the medium term. From the perspective of calendar effects, February is the core time point of spring agitation, and cyclic pulses in the chemical industry, steel, agriculture, forestry, animal husbandry, fishery, and building materials have historically shown high win rates and high odds, and short-term follow-up opportunities for repair in these industries. It needs to be made clear that the industries with historically superior performance in February will all experience a very obvious pullback in win rates and odds, with a similarly high ranking in terms of decline. The reason is that March will see a concentrated release of economic data and financial reports, and cyclic industries will face a test of valuation and performance matching.