On January 23, the A-share market surged in early trading before retreating, with the three major indices briefly turning negative collectively. By the midday close, the Shanghai Composite Index had risen 0.27%, the Shenzhen Component Index gained 0.24%, while the ChiNext Index fell 0.17%. The half-day turnover for the Shanghai and Shenzhen markets reached 1.91 trillion yuan, an increase of 271.8 billion yuan compared to the previous trading session. Market hotspots rotated rapidly, with over 3,500 individual stocks advancing across the board.
Sector-wise, AI application concepts gained traction, with Zhewen Internet Interactivity Co.,Ltd. hitting two limit-ups in four days; pharmaceutical commerce concepts performed actively, with Renmin Tongtai and Yifeng Pharmacy reaching their daily limit-up; lithium mining stocks strengthened, with Sichuan Energy Investment Development rising over 7%, while Tibet Summit Resources and Guocheng Mining Group (Rights Protection) both climbed over 6%. On the news front, the lithium carbonate futures contract surged over 5% at one point, reaching 178,000 yuan per ton, marking a new high for the period.
On the declining side, computing hardware concepts retreated, with Tengjing Technology and Sunwave Communications both falling over 6%. The CPO and memory sectors led the losses.
Among notable individual stocks, NationalChip Technology closed the midday session down 5.8% at 35.06 yuan. The stock had hit a new periodic high during yesterday's session, with its current total market capitalization standing at 11.8 billion yuan. According to announcements, NationalChip Technology disclosed on the evening of January 22 that it expects increased losses for the period January-December 2025, with net profit attributable to listed shareholders projected at -238 million yuan, a year-on-year decrease of 31.54%, while expected revenue is 532 million yuan.
The space solar and commercial space concepts erupted across the board. The photovoltaic industry chain surged, led by the space solar segment, with Junda PV hitting two consecutive limit-ups, while GCL System Integration Technology, Mingyang Smart Energy, and Tuori New Energy among others reaching their daily limit-up.
Catalyzing the movement, according to The Paper's January 22 report, Tesla CEO Elon Musk strongly endorsed space solar power during a conversation with BlackRock CEO Larry Fink at the World Economic Forum annual meeting in Davos, Switzerland, disclosing key capacity plans. He revealed that SpaceX and Tesla are simultaneously advancing solar capacity expansion, targeting annual solar manufacturing capability of 100GW within the next three years.
Meanwhile, the commercial space concept continued its strong performance from the previous day. By the midday close, Juli Sling Co.,Ltd. had hit three consecutive limit-ups, while Zhongchao Holdings achieved two consecutive limit-ups. Ruitai New Materials, Feiwo Technology, Risen Energy, and Rayshine Micro-Nano System rose by the 20% limit-up, with Goldwind Technology, Runbei Aviation Technology, and Western Metal Materials all reaching their daily limit-up.
Supporting the sector, as reported by Securities Times, Beijing ChuanYueZhe Manned Space Technology Co., Ltd. held a "Global Space Tourism Press Conference" on January 22. The event featured the debut of the first batch of space tourists, including Chinese Academy of Engineering academician Li Licheng, Zhiyuan Robot CMO Qiu Heng, Toread brand founder Wang Jing, and Qifu Capital chairman Fu Zhekuan. Notably, the first group also included a silicon-based lifeform - Zhongqing Robot PM01.
The full-scale test module of China's first commercial manned spacecraft "ChuanYueZhe-1 (CYZ1)" was publicly displayed for the first time. The CYZ1 technical team indicated that over three spacecraft have already been booked, accommodating more than 20 space tourists collectively, with the first manned test flight expected by 2028.
The precious metals concept surged significantly. Gold jewelry prices broke through 1,500 yuan per gram overnight, rising over 50 yuan. The precious metals concept maintained its strong momentum, with Baiyin Nonferrous Group Co.,Ltd. hitting four consecutive limit-ups, while China National Gold Group Gold Jewellery and Yuguang Gold and Lead reaching their daily limit-up.
Underpinning the movement, precious metals continued strengthening on January 23. At the time of writing, spot gold rose 0.18%, breaking through $4,967 during the session, while spot silver gained 2.61%, surpassing $98 per ounce - both setting new historical highs. Platinum and palladium prices simultaneously rallied. Domestic brand gold prices surged substantially, with gold jewelry prices exceeding 1,500 yuan per gram after an overnight increase of over 50 yuan.
Goldman Sachs significantly raised its gold price forecast in its latest research report, lifting its December 2026 gold price prediction from the previous $4,900 per ounce to $5,400 per ounce. The investment bank believes that accelerating gold allocations in private investment could become the key driver pushing gold prices beyond expectations.
(Disclaimer: Article content is for reference only and does not constitute investment advice. Investors acting accordingly assume their own risks.)
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