On January 26, the market experienced minor fluctuations, with all three major indices closing lower. Banks and securities firms joined forces to provide support, helping the Shanghai index turn positive several times before it ultimately closed with a slight decline of 0.09%. Sector performance diverged sharply, with the non-ferrous metals theme maintaining its dominant position, while previously strong sectors like commercial aerospace and semiconductors saw significant pullbacks. The total trading volume for the two markets reached 3.25 trillion yuan for the day.
Specifically, precious metals surged across the board, with the spot gold price breaking through the $5,000 per ounce mark for the first time in history. The popular non-ferrous metals ETF Huabao (159876) soared 4.77% intraday, setting another record high. Its underlying index, the CSI Non-ferrous Metals Index, has surged over 130% in the past year! Capital flowed with the trend, resulting in a net subscription of 140 million units for the ETF in a single day. The financial sector showed rare strength, with the top-tier Securities ETF (512000), managing 38.9 billion yuan, seeing its intraday price rise nearly 2% before closing up 0.87%. High-beta securities firms are showing signs of earnings recovery for the 2025 fiscal year, a notable divergence from their subdued price action, highlighting a prominent stagnation contradiction. The leading Bank ETF (512800) saw its price rise over 1% intraday, as sector sentiment has clearly revived recently, attracting a total of 414 million yuan in inflows over four consecutive days. On the downside, commercial aerospace led the declines. Both the Defense ETF Huabao (512810) and the General Aviation ETF Huabao (159231) fell more than 4% intraday. Tightening risk appetite may have triggered profit-taking, but given the sector's high景气度 (prosperity), the short-term pullback could present a good buying-on-dips opportunity. Notably, against a backdrop of broad weakness in the AI theme, the ChiNext Artificial Intelligence segment staged a strong comeback to close higher. The ChiNext AI ETF (159363), which allocates to both "computing power + AI applications," turned positive in late trading to close up 0.56%, and has seen cumulative inflows exceeding 2.1 billion yuan over the past 10 trading days! Looking ahead at market opportunities, Guotai Haitong Securities believes that the revaluation of the Chinese market will be broad-based, offering opportunities in both tech and non-tech sectors, but the barbell strategy will shift towards quality growth. Emerging technology remains the main theme, cyclical and consumer sectors depend on transformation, and value stocks will also see a spring; they continue to be optimistic about large financials. China Merchants Securities stated that technology, represented by AI computing power and semiconductor equipment, and resources, represented by industrial metals, remain the main battlegrounds for January. Additionally, service consumption and non-bank financials are still key areas worth watching this month. [ETF Knowledge Hot Review] The following focuses on the trading and fundamental situations of several sectors, including non-ferrous metals, ChiNext AI, and defense. [Record Highs in Both Price and Volume! Non-ferrous Metals ETF Huabao (159876) Surges 4.7% Against the Market, Zhongjin Gold and 10 Other Stocks Hit Limit-Up! Nets 140 Million Units in Daily Net Subscriptions!] The non-ferrous metals sector led gains against the broader market decline, with stocks like Zhongjin Gold, Xingye Silver Tin, and Tongling Nonferrous Metals among 11 hitting the 10% daily limit-up, while many reached new all-time highs. Regarding popular ETFs, the Non-ferrous Metals ETF Huabao (159876) gapped up significantly, with its intraday price surging over 5.1% before closing up 4.77%. Its daily turnover reached 221 million yuan, a sharp 80% increase from the previous day, with both price and volume hitting new highs since its listing! Capital poured in amid the fervent market activity, resulting in a net subscription of 140 million units for the ETF for the day. On the news front, spot gold broke through the key psychological barrier of $5,000 per ounce for the first time, a historic milestone for global financial markets. At the time of writing, spot gold had climbed above $5,100 per ounce. Huaxi Securities pointed out that influenced by expectations of Fed rate cuts, instability in US dollar credibility, the US mid-term elections, and geopolitical uncertainties, gold prices are expected to rise further. While the market generally remains bullish on gold's outlook, Dongfang Jincheng cautions that short-term risks of speculative profit-taking need vigilance, as gold price volatility may increase*. Huatai Securities recommends a medium allocation* to the non-ferrous metals sector, meaning 10%-20% of one's fund portfolio, to both capture the upside potential and diversify risk. The underlying index of the Non-ferrous Metals ETF Huabao (159876) and its feeder fund (017141) covers various景气 cycles, including precious metals (hedge), strategic metals (growth), and industrial metals (recovery). This comprehensive coverage allows for better capture of the sector's overall beta行情 (market-related performance). SDIC Securities stated that multiple varieties like gold, silver, tin, and lithium continue to hit record highs, and market pricing for a comprehensive bull market in non-ferrous metals is still underway. Currently, the valuation repair力度 (strength) for non-ferrous metals still lags behind commodity price increases, suggesting attention should be paid to the earnings elasticity of sectors like precious metals, industrial metals, and strategic metals. They maintain a medium to long-term positive view on metals including gold, silver, copper, aluminum, tin, rare earths, lithium, tantalum, niobium, antimony, and uranium.* [This Low-Position Computing Power Sector Kicks Off! Leading Stock Hits 20% Limit-Up at Close! ChiNext AI ETF (159363) Rises Against the Market, Attracts Fierce Capital Inflows] While the broader AI theme generally pulled back, ChiNext Artificial Intelligence staged a strong turnaround to close higher, primarily driven by the computing power segment, including IDC data centers and CPO optical modules! In IDC concepts, Wangsu Technology hit the 20% limit-up in late trading, while Sinnet Group rose over 8%. In CPO optical modules, Ruijie Networks surged nearly 13%, Lantech jumped over 7%, and TFC Optical rose over 3%. For popular ETFs, the ChiNext AI ETF (159363), which allocates to both "computing power + AI applications," turned strongly positive in late trading to close up 0.56%, finishing above all its moving averages, with daily turnover reaching 628 million yuan. Capital has been aggressively positioning recently, with cumulative inflows exceeding 2.1 billion yuan over the past 10 days! Regarding IDC data centers, this sub-sector is currently at a relatively low position within computing power, and multiple positive catalysts could lead to a re-rating. Guosheng Securities points out that capital expenditure plans from major domestic players like ByteDance have increased significantly, marginal improvements are appearing on the chip supply side, and coupled with continuous iterations of domestic large models, these factors are driving a restart of data center tender activities among domestic giants. Currently, both the valuation and price level of the IDC sector are at bottom intervals, presenting an investment window from valuation repair to earnings realization.* For CPO optical modules, Guosheng Securities stated that the strong demand in the optical communication industry is widely recognized, and the market is digesting an overly crowded trading structure. Meanwhile, the earnings cycle reflecting the relative strength among companies continues to provide microstructural validation through dynamic changes in the market cap ratios of leading companies. In the long run, leading optical module companies are expected to continuously expand their领先优势 (leading edge)凭借 (relying on) first-mover advantages and delivery capabilities.* As AI development progresses from computing power construction to application implementation, the ChiNext AI ETF (159363) and its feeder funds (Class A 023407, Class C 023408), offering one-click exposure to "computing power + AI applications," stand to benefit more directly from the growth红利 (dividends) of AI technology commercialization. In terms of allocation, the ChiNext AI index allocates approximately 60% to computing power (leading optical module + IDC companies) and about 40% to AI applications, making it not only a core "computing power" play but also a genuine representative of "AI applications." [A Sudden Shift! Commercial Aerospace Plummets Again, Defense ETF Huabao (512810) Plunges 4% on High Volume with Premium, Is Capital Buying the Dip?] Amid the broader market pullback, the defense sector experienced a sudden "hard brake"! Today, the defense sector moved lower in a one-sided decline. The Defense ETF Huabao (512810) fell 4.07% on high volume, halting a three-day winning streak and breaking below both its 10-day and 5-day moving averages. Constituent stocks related to commercial aerospace collectively weakened, with 7 stocks falling over 10%, and stocks like Aerospace Electronics, China Satellite, and Haige Communications among 5 hitting the daily limit-down. Notably, as the price of the Defense ETF Huabao (512810) declined, its intraday premium moved inversely higher, indicating active dip-buying. The closing premium rate remained at 0.28%, with daily turnover reaching 83.15 million yuan. Constituent stocks also retained popularity, with Aerospace Electronics seeing daily turnover exceeding 20.6 billion yuan, ranking second in the A-share market, while China Satellite's turnover also ranked within the top ten. Shifts in market style may trigger high volatility in the defense sector. On one hand, the commercial aerospace concept had significant paper profits from earlier gains, making it potentially vulnerable when market risk appetite declines. On the other hand, small and mid-cap stocks constitute a large proportion of the defense sector, and many cutting-edge defense tech stocks are listed on the ChiNext and STAR markets, inherently giving the sector characteristics of high elasticity and high volatility. From the perspective of the defense industry's景气度 (prosperity), the outlook for the sector remains promising, and the short-term pullback might present a relatively good buying-on-dips opportunity. Sealand Securities points out that the world is currently experiencing profound changes unseen in a century, and the overall demand for the defense industry is likely to remain in an upward cycle over the next five years. They recommend focusing on opportunities in military trade, commercial aerospace, and large aircraft sectors, while also paying attention to progress related to state-owned enterprise reforms. They maintain a "Recommended" rating for the industry.* [Investing in Defense? Choose the "81" Code] The Defense ETF Huabao (512810) (formerly the National Defense ETF), whose code contains "81," covers热门主题 (hot themes) such as "commercial aerospace, low-altitude economy, large aircraft, satellite navigation, defense informatization, and controllable nuclear fusion." It is also a margin trading and Stock Connect eligible security, making it an efficient tool for one-click investment in core defense assets. Source: Shanghai and Shenzhen Stock Exchanges, etc., as of January 26, 2026. Reminder: Recent market volatility may be significant; short-term gains or losses do not预示 (predict) future performance. Investors must make rational investment decisions based on their own financial situation and risk tolerance, paying high attention to position sizing and risk management. Note: For fund fee details, please refer to the respective fund's legal documents. *Institutional views referenced from: ① Dongfang Jincheng 20260120 "Concerns over Fed Independence Resurface, Gold Prices Fluctuate Higher"; ② Huatai Securities 20260108 "What are the Drivers of the Initial景气拐点 (Inflection Point)? — Mid-View景气度 (Prosperity) and Tactical Allocation Monthly Report"; ③ SDIC Securities 20260118 "Non-Ferrous Metals Industry Weekly Report: Multi-Metal Prices Experience High Volatility, Pay Attention to the Rare Earth Price Increase Trend"; ④ Guosheng Securities 20260111 "Marginal Changes in IDC"; ⑤ Guosheng Securities 20260125 "Review and Thoughts on Optical Modules"; ⑥ Sealand Securities 20260123 "Defense Groups Successively Hold 2026 Work Conferences, Striving to Create a New Situation of High-Quality Development in the '15th Five-Year Plan'". Risk提示 (Disclosure): The Non-ferrous Metals ETF Huabao and its feeder fund passively track the CSI Non-ferrous Metals Index. The base date for this index is December 31, 2013, and it was published on July 13, 2015. The index's performance for the last five complete years is: 2021, +35.89%; 2022, -19.22%; 2023, -10.43%; 2025, +91.67%. The ChiNext AI ETF Huabao and its feeder fund passively track the ChiNext Artificial Intelligence Index. The base date for this index is December 28, 2018, and it was published on July 11, 2024. The Defense ETF Huabao passively tracks the CSI Defense Index, base date December 31, 2004, published December 26, 2013. The General Aviation ETF Huabao passively tracks the CNI General Aviation Industry Index, base date June 29, 2012, published December 28, 2012. The Securities ETF and its feeder fund passively track the CSI All Share Securities Companies Index, base date June 29, 2007, published July 15, 2013. The Bank ETF and its feeder fund passively track the CSI Bank Index, base date December 31, 2004, published July 15, 2013. Index constituent stocks are adjusted according to the index methodology; its historical backtested performance does not predict future index performance. Stocks mentioned are for illustrative purposes only as index constituents, not as recommendations, and do not represent the investment direction of the fund manager or the fund. Any information appearing herein is for reference only, and investors are responsible for their own investment decisions. Furthermore, any views, analysis, or forecasts herein do not constitute investment advice, and the company is not liable for any direct or indirect losses resulting from the use of this content. Investors should read the Fund Contract, Prospectus, Fund Product Key Facts Statement, and other legal documents to understand the fund's risk-return characteristics and choose products suitable for their own risk tolerance. Past fund performance does not predict future performance, and the performance of other funds managed by the fund manager does not guarantee the performance of this fund. Based on the fund manager's assessment, the Non-ferrous Metals ETF Huabao (159876), Defense ETF Huabao (512810), General Aviation ETF Huabao (159231), Securities ETF (512000), and Bank ETF (512800) carry an R3-Medium Risk rating, suitable for Balanced (C3) and higher risk profile investors. The ChiNext AI ETF (159363) carries an R4-Medium-High Risk rating, suitable for Aggressive (C4) and higher risk profile investors. Suitability matching opinions are subject to the selling institution. Selling institutions assess these funds per regulations; investors should pay attention to the suitability opinions provided by the fund manager. Suitability opinions may vary among selling institutions, and a selling institution's risk assessment result cannot be lower than the fund manager's. Risk characteristics in the fund contract and risk ratings may differ due to different consideration factors. Investors should understand the fund's risk-return profile and choose fund products carefully based on their investment objectives, horizon, experience, and risk tolerance, bearing their own risks. CSRC registration of these funds does not indicate a judgment or guarantee of their investment value, market prospects, or returns. Fund investment involves risk.
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