International gold and silver prices hit new highs again, with gold approaching the $5,000 mark and silver breaking through $99, prompting a strong rally in the precious metals sector of both A-shares and Hong Kong stocks. Stocks like Hunan Silver and Sichuan Gold saw significant gains. Driven by news of China submitting an application for a 200,000-satellite constellation and recent comments from Elon Musk at the Davos Forum, space-based solar power led the gains among solar concept stocks.
On January 23, A-shares fluctuated and rose, with the three major indices collectively moving higher. Solar concept stocks and precious metals led the market gains. Sectors like biotechnology and cultural media were also active. The Hong Kong stock market also strengthened in the early session, with the Hang Seng Index rising nearly 1%. Most technology and internet stocks advanced, with Alibaba rising over 3%, following reports that it is preparing to advance the independent listing of its AI chip subsidiary, T-Head Semiconductor. In the bond market, government bond futures generally rebounded. On the commodities front, domestic commodity futures were mostly higher, with platinum up over 9% and Shanghai silver futures up 8%. Key market movements:
A-shares: As of writing, the Shanghai Composite Index was up 0.37%, the Shenzhen Component Index was up 0.57%, and the ChiNext Index was up 0.42%.
Hong Kong Stocks: As of writing, the Hang Seng Index was up 0.66%, and the Hang Seng Tech Index was up 0.46%.
Bond Market: Government bond futures rebounded across the board. As of writing, the 30-year main contract was down 0.02%, the 10-year main contract was up 0.03%, the 5-year main contract was up 0.05%, and the 2-year main contract was up 0.02%.
Commodities: Domestic commodity futures were broadly higher. As of writing, platinum was up 9.8%, Shanghai silver futures were up 8%, palladium and lithium carbonate were up over 4%, Shanghai tin, rubber, and Shanghai gold were all up over 2%, while Shanghai nickel, glass, coke, coking coal, Shanghai aluminum, fuel oil, and iron ore rose over 1%. Pulp, silicon manganese, alumina, asphalt, Shanghai copper, the containerized freight index, eggs, rebar, hot-rolled coil, polysilicon, soybean meal, and others also saw gains.
10:08 Solar concept stocks exploded in a broad rally, with significant gains across sectors like solar rooftops, BC batteries, HJT batteries, solar glass, perovskite batteries, and silicon energy. Mawei Shares and Aotuo Wei hit the 20% limit-up, while Jiejia Weichuang, Jingsheng Electromechanical, and Tianhe Optoelectronics followed with gains.
09:52 Hong Kong-listed non-ferrous metal stocks surged higher. MMG Ltd. rose nearly 9%, Chifeng Jilong Gold Mining Co.,Ltd. rose over 7%, Zijin Mining Group Company Limited rose over 5%, Ganfeng Lithium Group Co., Ltd. rose nearly 5%, and Shandong Gold Mining Co., Ltd. rose nearly 4%.
09:48 Precious metal concepts strengthened repeatedly. Baiyin Nonferrous Group Co.,Ltd. hit its fourth consecutive limit-up, while Yuguang Gold and Lead, China Gold, Sichuan Gold, Shengda Resources, and Xingye Silver & Tin were among the top gainers.
On the news front, spot silver broke through $97 per ounce during the session, and spot gold climbed to $4,960 per ounce, further approaching the $5,000 mark, both setting new historical highs. 09:42 Solar concept stocks repeatedly strengthened, led by the space-based solar power segment. Junda Hit its second consecutive limit-up, while GCL System Integration Technology Co., Ltd., Jinchen Shares, Mingyang Smart Energy Group Co., Ltd., and Tuori New Energy, among others, hit the limit-up. Liancheng CNC, Mawei Shares, and Dongfang Risheng rose over 10%.
On the news front, according to a previous article, Elon Musk stated at the Davos Forum that a solar panel area 100 miles square could power the entire United States. He revealed that teams from SpaceX and Tesla are working to establish approximately 100 gigawatts of annual solar manufacturing capacity in the United States within about three years. Musk stated that solar power is the optimal energy solution, that SpaceX will launch solar-powered AI satellites in the future, and that SpaceX and Tesla will build 100GW of solar capacity in the US; he suggested that space-based solar power bases should be built in the future to deploy data centers. A Shenwan Hongyuan research report stated that China's submission of an application for a constellation of over 200,000 satellites marks a new stage of large-scale deployment for commercial spaceflight, which will directly drive long-term demand for space-based solar power. Space-based solar power faces a technological evolution path from high-efficiency gallium arsenide to large-scale silicon-based HJT, and eventually to long-term perovskite tandem cells. 09:30 The solar sector continued to strengthen. Shuangliang Energy-Saving approached the limit-up, Mawei Shares rose over 10%, while Junda, Gaocheng Shares, Aotuo Wei, and Jiejia Weichuang rose over 5%.
09:28 The precious metals sector continued its strong rally. Baiyin Nonferrous Group Co.,Ltd. hit its fourth consecutive limit-up, while Hunan Silver, Zhongjin Gold, Shanjin International, Xiaocheng Technology, Shengda Resources, and others opened higher.
09:21 The Hang Seng Index opened 0.87% higher at 26,861.36 points; the Hang Seng Tech Index opened 0.96% higher. Alibaba rose 3.9%, while JD.com Group and Alibaba Health rose over 2%.
09:01 At the opening of commodity futures, the main BR rubber contract hit the limit-up, platinum rose over 10%, Shanghai silver futures rose over 6%, palladium rose over 5%, while styrene, lithium carbonate, rubber, 20号胶, Shanghai gold, short-staple fiber, and ethylene glycol rose over 2%.
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