On January 19, A-shares experienced narrow-range fluctuations on shrinking volume. By the midday close, the Shanghai Composite Index had risen 0.13% to 4107.18 points, while the Shenzhen Component Index dipped 0.01%. The ChiNext Index fell 0.64%, the Beijing Stock Exchange 50 Index gained 0.32%, and the STAR 50 Index declined 0.6%. The half-day turnover for A-shares reached 1.81 trillion yuan.
Regarding liquidity, the central bank announced it conducted 158.3 billion yuan in 7-day reverse repo operations on January 19 using a fixed interest rate and quantity tender method, with an operation rate of 1.40%. The bid amount was 158.3 billion yuan, matching the awarded amount. Wind data showed that 86.1 billion yuan in reverse repos matured on the same day, resulting in a net injection of 72.2 billion yuan for the day.
On the news front, China's full-year GDP for 2025 totaled 140,187.9 billion yuan, representing a 5% year-on-year increase calculated at constant prices. By sector, the added value of the primary industry was 9,334.7 billion yuan, up 3.9% from 2024; the secondary industry's added value reached 49,965.3 billion yuan, growing 4.5%; and the tertiary industry's added value hit 80,887.9 billion yuan, increasing by 5.4%.
The National Bureau of Statistics stated that since the beginning of the year, positive changes have emerged in production, prices, and expectations, with the trend of stable and progressive economic development continuing. Looking at the full year of 2026, the underlying conditions and fundamental trends supporting China's long-term economic improvement remain unchanged, as does the broader momentum for high-quality development, providing a foundation and conditions for maintaining stable and positive economic performance.
In terms of sectors, the Ultra-High Voltage (UHV) concept surged, with stocks like China Xd Electric Co.,Ltd. hitting the upper limit. The AVIC system, ice and snow tourism, and petrochemical sectors led the gains, while semiconductors, CPO, and OCS directions were among the top decliners.
Last year, the Zhejiang UHV AC grid loop project received official approval for construction from the National Development and Reform Commission. With a total investment of 29.3 billion yuan, this project is the largest UHV AC project in China to date in terms of investment and single-project volume, scheduled for completion and operation by 2029. Furthermore, clean energy remains a focal point for the energy industry's development during the "16th Five-Year Plan" period. Power infrastructure is expected to maintain growth, with continuous progress anticipated in the construction of UHV transmission channels and regional main grid frameworks.
Here, by consolidating the latest research report information from over 10 brokerages including Tianfeng, Anxin, and Guoxin, brief introductions to four companies are provided for reference.
1. China Xd Electric Co.,Ltd. As a leading primary equipment manufacturer, the company holds a leading share in the State Grid's centralized bidding. It also leads in overseas market capacity and channel layout, benefiting from the accelerated expansion of the domestic main grid and increased overseas grid investment. — Guojin Securities
2. Huaming Power Equipment Co.,Ltd. As a domestic leader in a stable industry structure, the company enjoys high and relatively sustainable gross margins, along with a high dividend yield. Its performance is expected to maintain rapid growth driven by future expansion into overseas markets, maintenance services, and UHV business. — Huatai Securities
3. Henan Pinggao Electric Co.,Ltd. As a globally leading supplier of high-voltage switchgear, the company possesses strong technical, scale, and brand advantages. It maintains stable operations within an industry characterized by high barriers to entry and holds promising growth expectations. — Zhongyuan Securities
4. Beijing Sifang Automation Co.,Ltd. The company's SST technology is domestically leading, with several benchmark cases already established. Its AIDC business has significant potential for growth. — Huatai Securities
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