The A-share market advanced today with significant volume, as the combined turnover of the two major exchanges reached 3.64 trillion yuan, setting a new historical high. The Shanghai Composite Index rose by 1.09% to close at 4165.29 points, while the Shenzhen Component Index climbed 1.75% to finish at 14366.91 points. Over 4,100 stocks gained across the two markets, with the media and computer sectors leading a surge that saw more than 200 individual stocks hit their daily upside limit. The Shanghai Composite Index has now recorded 17 consecutive days of gains, indicating the market has entered a new phase of synchronized price and volume movement. The broader market rally is expected to continue expanding, with the medium-term upward trend remaining intact.
By early 2026, the gaming sector continued to follow the overarching theme of "reversal from adversity" that began in 2025. After a prolonged period of valuation digestion and industry adjustment, the gaming sector stands at the starting point of a new industrial cycle. A deeper analysis of the current rally's underlying logic reveals it is primarily driven by a triple resonance of "policy warming, earnings delivery, and AI implementation." From the supply side, the industry's policy environment has improved significantly, with game license approvals becoming regularized and their numbers steadily increasing. According to the latest data, the total number of approved domestic online game licenses reached 1,771 for the full year of 2025, representing a year-on-year increase of approximately 25% compared to 2024. The stable supply of licenses not only provides gaming companies with a rich pipeline of products but also significantly boosts market confidence in the sector's certainty. The密集 launch of high-quality new games has directly contributed to a recovery in the overall sector's revenue.
Fundamentally, the profitability of gaming companies is accelerating its recovery. Benefiting from the ongoing implementation of cost-reduction and efficiency-improvement strategies, coupled with contributions from new high-margin products, the sector's profit growth has been impressive. Data shows that the net profit attributable to shareholders of constituents in the Shenwan Gaming Index grew by approximately 49% year-on-year for the first three quarters of 2025, with some leading companies even achieving double-digit growth. This tangible delivery of earnings provides solid support for the sector's valuation reassessment, moving it beyond a mere "concept-driven" phase. Furthermore, the substantive implementation of AI technology is reshaping the productivity and interactive experience of the gaming industry. If previous AI applications in gaming were more focused on cost reduction, then by 2026, with the deep integration of "AI + gameplay," innovative applications such as intelligent NPCs and dynamic storyline generation are expected to spawn entirely new hit genres, further raising the sector's valuation ceiling.
Looking ahead, against a backdrop of improving macro liquidity expectations and continuously favorable industry fundamentals, the gaming sector still holds significant allocation value. However, given its historical volatility, investors should avoid blindly chasing highs. Investors may consider focusing on the Gaming ETF (516010), utilizing strategies like分批布局 or systematic investment plans to share in the long-term benefits of the gaming industry's recovery and technological transformation.
Gold prices have remained strong recently, with COMEX gold breaking through the $4,600 per ounce mark intraday today, setting another record high. From a macro perspective, this round of gold price appreciation is primarily driven by a dual engine of "accommodative liquidity" and "safe-haven demand." On one hand, the deepening Fed rate-cut cycle and the resulting decline in real interest rates reduce the opportunity cost of holding gold, providing a solid floor for its price. On the other hand, recent geopolitical tensions from Eastern Europe to the Middle East and South America have increased uncertainties. Additionally, global central bank gold purchasing demand remains robust. In the medium to long term, the supportive logic of "Fed rate-cut cycle + heightened overseas uncertainties + global de-dollarization trend" for gold prices persists. Investors can continue to monitor the Gold Fund ETF (518800).
Gold equities often exhibit an amplified "Davis Double Play" effect. When gold prices rise, gold mining companies not only benefit from inventory revaluation but also from non-linear expansion in profit margins. Consequently, during bull markets, gold stocks typically demonstrate greater elasticity than the gold price itself. The Gold Stock ETF (517400) holds major industry leaders in its top holdings, effectively providing a "one-click" bundle of high-quality assets across the gold industry chain. With its unique composition covering leading companies in Shanghai, Shenzhen, and Hong Kong markets, along with its high elasticity characteristic, it serves as a potent tool for capturing gains from rising gold prices. Investors might consider participating through分批布局 or systematic investment plans, as appropriate.
The Software ETF (515230) surged 9.97% today, while the Computer ETF (512720) rose 8.43%. On the policy catalyst front, on January 8th, eight departments including the Ministry of Industry and Information Technology jointly issued the "Implementation Opinions on the Special Action for 'Artificial Intelligence + Manufacturing'," providing a clear roadmap and quantitative targets for industry development and simultaneously launching integration and empowerment plans for industrial internet and AI, strengthening market expectations for profitability in computing power, models, and application scenarios. Regarding concept catalysts, the GEO concept and AI healthcare concept are gaining traction. GEO is an optimization strategy for generative AI platforms, with the core objective of ensuring a brand, product, or service is prioritized and accurately recommended in AI-generated responses. GEO is expected to drive business model transformations for advertising agencies, with AI+Marketing potentially reshaping the core of the advertising industry. In AI healthcare, ChatGPT launched a health service. On January 8, 2026, OpenAI announced the integration of a health dialogue function module, ChatGPT Health, into ChatGPT. Globally, over 23 billion users ask health-related questions on the platform weekly.
In terms of event catalysts, core domestic AI sectors are experiencing a wave of密集 listings, further highlighting the synergy between industry and capital, shifting focus from "parameter competition" to "capability delivery." The advancing listing processes of native large model companies not only bring R&D funding to the industry but also accelerate technological iteration and scenario implementation, promoting the协同 development of upstream and downstream software, computing power, and data service enterprises, thereby reinforcing the overall upward trend of the AI industry. Recently, the sector has been driven by a共振 of "policy catalysts + accelerating industry trends + spring rally style." Looking forward, in the short term, sector beta remains, but caution is warranted against short-term overheating risks. From a medium-term perspective, the落地 of "AI+Manufacturing" may shift the market theme from "computing power race" to "application delivery." Furthermore, with the Software ETF recording gains of only 1.82% in 2024 and 14.43% in 2025, it still possesses certain allocation value at present. Macroeconomic recovery coupled with AI large models driving software and application development suggests the software industry is poised for a revival. Investors may consider持续关注 the Software ETF (515230) and the Computer ETF (512720).
Risk Warning: Investors should fully understand the differences between基金定期定额投资 and savings methods like零存整取. Systematic investment planning is a simple way to guide investors toward long-term investment and average cost investing. However, it does not avoid the inherent risks of fund investment, cannot guarantee investors will obtain returns, and is not an equivalent替代 to savings. Whether stock ETFs/LOFs/structured funds, they are all securities investment fund varieties with relatively high expected risk and expected returns; their expected returns and risk levels are higher than those of hybrid funds, bond funds, and money market funds. Fund assets invested in STAR Market and ChiNext stocks face specific risks due to differences in investment targets, market systems, and trading rules; investors are reminded to pay attention. The listing of short-term gains/losses for sectors/funds is provided only as supplementary material for article analysis观点, is for reference only, and does not constitute a guarantee of fund performance. Mentions of short-term individual stock performance are for reference only, do not constitute stock recommendations, and do not constitute predictions or guarantees of fund performance. The above views are for reference only and do not constitute investment advice or promises. If you wish to purchase related fund products, please pay attention to relevant investor suitability management regulations, complete a risk assessment in advance, and purchase fund products matching your own risk tolerance. Funds carry risks; invest with caution.
Featured Author: Guotai Asset Management
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