🌟【Bosera Market Review January 12】Major indices surged on heavy volume, with turnover hitting a historic high. 📝 Daily Perspective 🎈 Today, the three major Shanghai and Shenzhen indices posted significant gains on increased volume. The Shanghai Composite Index rose over 1%, while the Shenzhen Component Index and the ChiNext Index both climbed more than 1.7%. The total turnover for the two markets exceeded 3.6 trillion yuan, setting a new record high and indicating sustained active trading sentiment. The December CPI rose 0.7% year-on-year and 0.2% month-on-month, reaching its highest level since March 2024. The PPI's year-on-year decline continued to narrow, while its month-on-month change turned positive from flat. The price system is gradually bottoming out and improving, although the persistently slightly weaker core CPI suggests domestic demand recovery remains fragile. The PPI-CPI gap narrowed to approximately -2.6 percentage points, marginally easing profit pressure for midstream manufacturing enterprises. Currently, the domestic economy is in a phase of "weak recovery + low inflation," with the CPI rebounding mildly and the PPI touching bottom, but endogenous growth momentum still requires further enhancement. On the policy front, multi-dimensional measures, including fiscal-financial coordination, expansion of public services, and guidance for industrial upgrading, are being used to support the economy. For the equity market, "improving risk appetite + marginally better profit expectations" are driving increased market enthusiasm. From an allocation perspective, a strategy focusing on "technology and growth stocks as the core, complemented by cyclical sectors" may be considered. It is also crucial to closely monitor the social financing, credit, and Lunar New Year consumption data due in mid-to-late January to verify the quality of the recovery. 🔥 Market News 🎈 According to information on the International Telecommunication Union (ITU) website, China submitted applications for frequency and orbital resources for an additional 203,000 satellites between December 25 and 31, 2025, covering 14 satellite constellations. This represents China's largest concentrated international frequency and orbit filing campaign to date, with applicants including diverse entities such as the Radio Innovation Institute, China Satellite Network Group Co., Ltd. (China SatNet), and China Mobile. Brief Comment: This large-scale filing is a key strategic move to secure future space resources, demonstrating China's strong determination to develop cutting-edge areas like low-earth orbit satellite internet. According to industry norms, there is typically a 2 to 7-year cycle from application to actual launch and deployment. However, this action is expected to provide clear, long-term order visibility for the entire industrial chain, including domestic satellite manufacturing, rocket launches, ground equipment, and operational services. It could become one of the core drivers for the medium-to-long-term growth of listed companies in the commercial aerospace sector. Subsequent substantive progress across various segments of the industrial chain warrants attention. 🎈 Data released by the U.S. Bureau of Labor Statistics on January 9 showed that non-farm payrolls increased by only 50,000 in December 2025, with the unemployment rate holding steady at 4.4%. For the full year 2025, U.S. non-farm payrolls increased by a total of 584,000, averaging about 49,000 per month. This represents a significant decline of over 70% compared to the average monthly increase of 168,000 in 2024. By sector, growth was concentrated in areas like food services and healthcare, while retail trade employment saw a notable decrease. Brief Comment: This report is the first timely non-farm payrolls release since the U.S. government ended its shutdown. Overall, the December data indicates continued cooling in the labor market, with the center of new job growth continuing to shift downward. The rebound in wage growth is partly attributable to a decrease in average weekly hours. However, with the unemployment rate edging down again, overall downside risks remain manageable. The Federal Reserve is likely to maintain a measured approach to interest rate cuts in the near term. Going forward, the labor market remains a critical factor for the Fed's monetary policy, and it is advisable to keep track of subsequent employment data. 🎈 The National Commerce Work Conference was held in Beijing from January 10 to 11. The conference clearly identified the primary task for 2026 as the thorough implementation of special actions to boost consumption. Specific measures include accelerating the cultivation of new growth drivers in service consumption, optimizing policies for replacing consumer goods with new ones, and developing digital consumption. The conference also outlined key tasks across eight areas, including advancing the development of a unified national market, promoting innovative trade development, and shaping new advantages for attracting foreign investment. Brief Comment: Serving as the roadmap for commerce work in the inaugural year of the 15th Five-Year Plan period, this conference prioritized stimulating domestic demand, signaling continued policy support for the consumption sector, which is significant for stabilizing the macroeconomic foundation. The emphasized directions—service consumption, trade-in programs, and digital/green consumption—provide clear policy expectations for the broader consumption sector (e.g., culture/tourism, home appliances, retail). Simultaneously, building the "Export China" and "Invest in China" brands is expected to stabilize expectations for foreign trade and investment, potentially offering long-term support for cross-border e-commerce, logistics, and certain financial and professional service sectors benefiting from high-level opening-up. 👉 Market Review 🎈 On January 12, the three major A-share indices closed higher. By the market close, the Shanghai Composite Index stood at 4165.29 points, up 1.09%; the Shenzhen Component Index was at 14366.91 points, up 1.75%; the ChiNext Index reached 3388.34 points, up 1.82%; and the STAR 100 Index was at 1659.72 points, up 3.01%. Among Shenwan primary industries, only Petroleum & Petrochemicals, Coal, and Real Estate declined, falling 1.00%, 0.47%, and 0.29% respectively. Media, Computers, and National Defense Military led the gains, rising 7.80%, 7.26%, and 5.66% respectively. 3,905 stocks advanced, while 1,196 declined. 💰 Fund Flows 🎈 Market turnover reached 3644.971 billion yuan, increasing from the previous trading session. The balance of margin trading and securities lending settled at 2627.601 billion yuan last Friday, also rising compared to the prior day. Data source: Tonghuashun, as of January 12, 2026. Funds carry risks; investment requires caution. Fund managers are committed to managing and utilizing fund assets with honesty,信用, diligence, and responsibility, but do not guarantee that the funds will necessarily be profitable, nor do they guarantee returns. The past performance of a fund is not indicative of its future performance. MACD golden cross signals formed, these stocks performed well! 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