On January 9, the three major A-share indices closed collectively higher, with the Shanghai Composite Index holding firmly above the 4100-point mark to record 16 consecutive days of gains, continuing to set new highs for the first time in over a decade. The market saw more than 3,900 individual stocks rise, with over 100 stocks hitting their daily upper limit for the second consecutive day. At the close, the Shanghai Composite Index was up 0.92%, the Shenzhen Component Index rose 1.15%, and the ChiNext Index gained 0.77%. Notably, the combined turnover for the two markets surpassed 3 trillion yuan, reclaiming the 3 trillion yuan threshold after 73 trading days. This marks the first time this year and only the fifth time in history that the total turnover has exceeded 3 trillion yuan. Previously, on October 8, 2024, August 25, 2025, August 27, 2025, and September 18, 2025, the total turnover had breached the 3 trillion yuan mark on four occasions.
Huatai Securities believes that from a liquidity perspective, market turnover has consistently remained above 2.5 trillion yuan since New Year's Day. The record-high turnover on new highs indicates strong capital absorption, with some funds willing to pay a premium. Therefore, even if the market corrects subsequently, the magnitude may be relatively limited, and the upward trend of the indices remains unchanged.
Returning to the market performance, the AI application sector exploded, with short drama games, media, AI healthcare, and AI agents leading the gains. Stocks like Kunlun Tech and Yeahka surged by the daily limit, with over 20 stocks hitting the upper limit. The commercial aerospace sector maintained its热度, driving a broad-based rally in the defense sector. Among them, Lutong Co., Ltd. achieved 9 limit-up days in 11 sessions, and Yinhe Electronics marked 5 consecutive limit-ups. The controlled nuclear fusion concept continued its strong performance, with Hirotec Corporation and China First Heavy Industries both securing 3 consecutive limit-ups. On the downside, sectors like insurance, photovoltaics, airport and shipping, and banking were in negative territory.
Regarding key individual stocks, Fenglong Co., Ltd., linked with UBTech, soared to 11 consecutive limit-ups, surpassing the 10 consecutive limit-up record set by 2025's "bull stock king" Shangwei New Materials. Fenglong Co., Ltd.'s sharp rally stems from its acquisition tie-up with UBTech, often called the "first humanoid robot stock." The company announced on January 8 that if the stock price experiences further abnormal increases, it may apply for a trading halt for verification.
Looking ahead, Shenwan Hongyuan Group maintains its "two-stage bull market" thesis unchanged: it believes Bull Market 1.0 of 2025 (a structural bull in tech) has temporarily entered a high-altitude zone and is currently in a phase of quarterly-level high volatility. Subsequently, attention should be paid to the possibility of an adjustment triggered by "doubts about the bull market's level."
Hot Sectors: 1. AI Application Sector Erupts Again The AI application sector erupted once more, led by short drama games, media, AI healthcare, and AI agents. Gravitation Media marked 4 limit-up days in 5 sessions, while Kunlun Tech, Yeahka, and numerous other stocks hit the daily limit. Commentary: On the news front, on January 8, OpenAI announced the launch of ChatGPT Health, a mode integrated into ChatGPT. Huatai Securities stated that AI applications are expected to emerge and accelerate commercialization. The leap in large model capabilities and the decline in inference costs are driving the penetration rate of AI applications higher. Agents might be approaching a singularity, with a key focus on AI+advertising and AI+e-commerce.
2. Commercial Aerospace Sector Remains Hot The commercial aerospace sector sustained its热度. Lutong Co., Ltd. recorded 9 limit-ups in 11 days, Yinhe Electronics marked 5 consecutive limit-ups, China First Heavy Industries achieved 3 consecutive limit-ups, and stocks like Zhongheng Design and Juli Sling followed suit with limit-ups. Commentary: On the news front, Guangzhou proposed to build itself into a new, globally influential pole for China's commercial aerospace industry by 2035. Zhongtai Securities believes the commercial aerospace industry is entering a new round of rapid development, with an inflection point already evident. The sector is expected to see intensive catalysts in the near term, suggesting attention to investment opportunities in commercial aerospace.
3. Humanoid Robot Concept Rallies The humanoid robot concept surged. Fenglong Co., Ltd. hit 11 consecutive limits, with Wanxiang Qianchao, Sanhua Intelligent Controls, Zhejiang Rongtai, Wuzhou Xinchun, Zhaowei Machinery, and Boke Technology following the upward trend. Commentary: On the news front, He Xiaopong stated that XPeng will achieve the implementation and mass production of physical AI this year, including the mass production of humanoid robots. China Securities (CSC) believes the humanoid robot sector is in a bottom-bounce phase, with upward revisions to expectations awaiting validation from new catalysts or progress in mass production.
Institutional Views: 1. China Merchants Securities: High Probability of A-Shares Continuing Spring Offensive in January China Merchants Securities believes that looking into January, A-shares are likely to continue their upward trend, with a high probability of extending the spring offensive. In terms of allocation,博弈情绪 surrounding earnings disclosures will significantly intensify. Sectors with earnings surprises or those where uncertainty is resolved post-earnings deserve close attention. Overall, technology represented by commercial aerospace, AI applications, AI computing power, and semiconductor equipment, along with resource products represented by industrial metals, remain the main battlegrounds for January. Additionally, service consumption and non-bank financials are still key areas worth watching in January.
2. Huatai Securities: Short-Term Pace Control for Indices, Long-Term Upward Trend Unchanged Huatai Securities holds the view that at the index level, while the Shanghai Composite's record-breaking consecutive gains are eye-catching, excessive focus is unnecessary because, over longer cycles, daily consecutive gains have no special significance on weekly/monthly charts. In the short term, indices may "control their pace," waiting for an opportunity to pull back to the 5-day moving average. Meanwhile, small and mid-cap stocks are expected to continue performing well, benefiting from the active market sentiment. From a liquidity standpoint, market turnover has stayed above 2.5 trillion yuan since New Year's Day. The record-high turnover on new highs shows strong capital absorption, with some funds willing to pay a premium. Thus, even if a market adjustment follows, its extent might be relatively limited, and the upward trend of the indices remains intact.
3. Everbright Securities: Significant Recent Index Gains May Lead to Consolidation Everbright Securities opines that the market has accumulated substantial gains recently, leading to a high volume of profitable positions. Coupled with adjustments in overseas markets, this caused a pullback in A-share indices on Thursday. Looking forward, given the significant gains accumulated by the indices recently, they may enter a phase of volatile consolidation. However, market sentiment remains high, and the market is likely to be dominated by rotational, structural行情. Direction: Focus on the Multimodal AI concept. MiniMax is set to list on the Hong Kong stock market on January 9. The company is the only major model player among non-major tech giants that has deployed multimodal capabilities, which may stimulate related concepts.
Comments