On January 14th, A-shares experienced a sustained one-way upward movement, with the Shanghai Composite Index climbing over 1% and approaching the 4,200-point mark. The ChiNext Index surged more than 2%, while over 4,700 stocks advanced in the market. By the midday break, the Shanghai Composite Index had risen 1.2% to 4,188.24 points. The Shenzhen Component Index gained 1.98%, the ChiNext Index increased by 2.24%, the Beijing Stock Exchange 50 Index advanced 2.96%, the Star 50 Index jumped 3.71%, and the CSI A500 Index climbed 1.52%. The half-day turnover for A-shares reached 2.25 trillion yuan.
On the liquidity front, the central bank announced that on January 14th, it conducted a 240.8 billion yuan 7-day reverse repo operation using a fixed interest rate and quantity tender method. The operation rate was set at 1.4%, with bid amounts, tender amounts, and winning bid amounts all totaling 240.8 billion yuan. Wind data indicated that 28.6 billion yuan in reverse repos matured on the same day. Calculating on this basis, the net injection for the single day amounted to 212.2 billion yuan.
Regarding market news, the sixth round of national centralized volume-based procurement for high-value medical consumables commenced bidding in Tianjin. This round included 12 types of medical consumables across two major categories: drug-coated balloons and urological interventions. A total of 496 products from 227 enterprises participated in the bidding, ultimately resulting in 440 products from 202 enterprises being selected. The final selection results are expected to be officially announced shortly after being publicized, with implementation anticipated around May 2026.
Lyu Daliang, a spokesperson for the General Administration of Customs, stated that in 2025, China's total imports and exports with the United States reached 4.01 trillion yuan, accounting for 8.8% of China's total foreign trade value. According to bilateral goods trade statistics, China is the United States' third-largest export destination and third-largest import source country. Conversely, the United States is China's largest goods export destination and third-largest import source country. The essence of China-U.S. economic and trade relations is mutual benefit and win-win cooperation. Maintaining a stable, healthy, and sustainable development of Sino-American economic and trade relations benefits both nations and the world at large. Both sides should work together to implement the consensus reached by their heads of state, continuously narrowing the list of issues and expanding the list of cooperations through dialogue and consultation, thereby making economic and trade relations a "ballast stone" and "propeller" for the broader China-U.S. relationship.
In terms of sectors, the AI application direction continued its strong performance, with multiple stocks such as Zhewen Interconnected Technology, Sanwei TianDi, SMZDM, and Zhuoyi Information hitting the daily limit-up. The non-ferrous metals sector was active again, with Xianglu Tungsten rising by the limit, while Huaxi Nonferrous Metals, Xingye Silver Tin, and Xiamen Tungsten all reached record highs. With the iteration of GEO technology, there is potential to drive the upgrade of advertising from single traffic payments to long-term AI information operations, thereby optimizing the profitability of advertising companies. Furthermore, the potential listings of Zhipu AI and MiniMax are expected to propel the industry from a technological validation phase into a phase of commercial value realization, significantly boosting attention on AI applications.
Here, by integrating the latest research report information from multiple securities firms, a brief introduction to four companies is provided for reference purposes only. 1. Guangyun Technology: In the SaaS business domain for small and medium-sized merchants, the company will continue to adhere to a multi-platform development strategy, seizing market opportunities presented by new business formats and scenarios to achieve sound operational benefits and consolidate its market position in the SME SaaS sector. — Huaxin Securities. 2. SMZDM: The company is comprehensively advancing its "All-in AI" strategy. Its core platform, "SMZDM," has achieved intelligent upgrades in content production and user operations, leading to a significant improvement in commercial efficiency. The platform's traffic foundation remains solid, with synergistic enhancements between product and technology boosting monetization capabilities. Coupled with the continuous expansion of AI application scenarios, this is expected to drive a new round of high-quality development for the company. — AVIC Securities. 3. Fabon Information: The company continues to invest in its FarAI artificial intelligence platform, having independently developed products such as FarAIGPTCoder for intelligent assisted programming, FarAIGPTBrain as a knowledge brain, FarAIGPTRecruit for intelligent recruitment, and FarAIGPTLabel for intelligent data annotation. Some of the company's products have already been applied to numerous industry clients, including operators and banks. — Pacific Securities. 4. Newtouch Software: The company holds first-mover and scenario-end advantages in the field of large model applications, and a continuous increase in the proportion of its AI-related revenue is anticipated in the future. — Orient Securities.
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