On January 21st, A-shares fluctuated and rose, led by technology stocks. The STAR 50 Index surged 3.53%, hitting a new high for the year. The ChiNext Index rose initially but then fell back, losing the 3,300 point level it had briefly regained. The Shanghai Composite Index, the Shenzhen Component Index, and the Beijing Stock Exchange 50 Index also closed slightly higher. Market turnover further decreased to 2.62 trillion yuan.
In terms of sector performance, precious metals, chips, glass fiber, and energy metals were among the top gainers. Sectors such as banking, general retail, telecommunications services, and aerospace equipment led the declines.
Real-time Wind data showed that the electronics industry saw a net inflow of over 39.2 billion yuan in main funds. Non-ferrous metals received a net inflow exceeding 15.7 billion yuan, while machinery and equipment attracted over 12.7 billion yuan. Basic chemicals, automobiles, and computers each saw net inflows of more than 7 billion yuan. In contrast, the banking sector experienced a net outflow of over 5 billion yuan from main funds. Food & beverage and non-bank financials each had net outflows exceeding 4 billion yuan, and utilities and transportation also saw net outflows of over 1 billion yuan each.
Regarding individual stocks, five companies—Hygon Information Technology, Tongfu Microelectronics, Sugon, Hana Microelectronics, and Lattice Semiconductor—each received net main fund inflows of over 2 billion yuan. Fourteen other stocks, including China Great Wall Technology, SMIC, and Industrial Fulian, saw net inflows exceeding 1 billion yuan each.
Looking ahead, Western Securities emphasized that short-term caution is needed regarding liquidity contraction from market sentiment fluctuations and the correction pressure on some high-valuation stocks after earnings disclosures. From a medium to long-term perspective, the Beijing Stock Exchange, as a cultivation platform for "Specialized, Refined, Characteristic, and Innovative" enterprises, possesses the potential for excess returns characterized by "small market capitalization, high R&D, and high growth," driven by the resonance of policy support and industrial upgrading. The focus should be on high-quality targets with genuine technological barriers and earnings realization capabilities.
Zhongtai Securities believes that before the end of January, the market is expected to maintain resilience amid a diffusion of hot spots, with the profit-making effect of sectors gradually improving. From early February until the Spring Festival, if the earlier sector diffusion forms a clear profit-making effect, it will further attract incremental capital into the market, pushing the Spring Festival rally into a climax stage. After the Spring Festival and before the "Two Sessions," the market is likely to switch to a high-level fluctuation mode. After the "Two Sessions" in March, as policies are implemented and earnings forecasts are gradually disclosed, short-term risk appetite may decline somewhat following the realization of market expectations.
In terms of market hotspots, the precious metals concept remained strong throughout the day. The sector index opened significantly higher in the morning and continued to rise with increased volume in the afternoon, once soaring nearly 9% intraday to hit a new historical high, with turnover also刷新ing a record. All stocks within the sector rose. Zhaojin Mining Industries surged to the daily limit in the afternoon, marking its third consecutive day of limit-up. Sichuan Gold also hit the limit-up in the afternoon, achieving three limit-ups in five trading days. Hunan Silver, Western Gold, and others also saw strong limit-up performances.
On the news front, factors such as intensified geopolitical friction have sharply increased market risk aversion, prompting central banks worldwide to continue a wave of gold purchasing. The National Bank of Poland announced on Tuesday (January 20th) that it approved a plan to purchase an additional 150 tons of gold. Valued at current market prices, this planned purchase is worth nearly $23 billion. The People's Bank of China has also been increasing its gold reserves for 14 consecutive months.
The spot price of gold in London broke through the $4,600, $4,700, and $4,800 levels over the past three consecutive trading days, reaching a high of $4,888 today, setting another record high.
Citigroup expects silver to continue outperforming gold, with a near-term target of $100 per ounce, while gold is projected to reach $5,000 per ounce.
China International Capital Corporation (CICC) stated that with the inauguration of a new Federal Reserve Chair in May 2026, and a downward inflection point for US inflation expected in the second half of 2026, the Fed may accelerate interest rate cuts again, providing new support for continued gold price increases.
Hong Kong-listed Lvqi Culture opened significantly higher today and continued to rise, surging over 341% at one point during the session. By the close, the gain had moderated to 108%, with turnover exploding over 1,700 times compared to the previous day.
Lvqi Culture issued an announcement last evening regarding changes to its directors and board members. Zhong Meiyao resigned as a non-executive director and member of the company's remuneration committee; Sun Jing resigned as a non-executive director; Deng Baolin resigned as an independent non-executive director and member of the company's audit committee, nomination committee, and remuneration committee; Ma Changwei was appointed as a non-executive director and Chairman of the Board; Li Ming was appointed as an independent non-executive director and member of the company's audit committee, nomination committee, and remuneration committee.
Ma Changwei is one of the 18 founders of Alibaba, known as a member of the "Eighteen Arhats." His joining has attracted significant market attention.
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