A-shares experienced volatile trading and a minor pullback today. As of the morning market close, the Shanghai Composite Index dipped 0.03% to 4163.84 points. The Shenzhen Component Index fell 0.31%, while the ChiNext Index dropped 0.83%. The BSE 50 index declined 0.27%, and the STAR 50 index saw a more significant decrease of 1.77%. The CSI A500 index also edged down 0.03%. The total trading volume for A-shares in the morning session reached 2.47 trillion yuan.
On the liquidity front, the central bank announced that it conducted reverse repurchase operations totaling 358.6 billion yuan for a 7-day term on January 13, using a fixed interest rate and quantity tender method. The operation rate was set at 1.4%, with both the bid amount and the awarded amount reaching 358.6 billion yuan. According to Wind data, 16.2 billion yuan in reverse repos matured today, resulting in a net injection of 342.4 billion yuan for a single day.
Regarding market news, the General Office of the Shanghai Municipal Government issued several measures to promote the integrated development of service quality improvement and consumption expansion in Shanghai. The document proposes that, focusing on scenarios such as holiday economy, night economy, nostalgia economy, and anime economy, financial institutions are encouraged to innovate and develop financial products and services suitable for new consumption trends. It also advocates for diverse card payment discount activities during consumer festivals and calls for the implementation of personal consumption loan interest subsidy policies.
The Guangzhou Municipal Industry and Information Technology Bureau has publicly solicited opinions on its draft policy for comprehensively promoting the high-quality development of the integrated circuit industry chain during the "16th Five-Year Plan" period. The draft mentions efforts to secure support from national and provincial-level integrated circuit industry development funds for major projects in Guangzhou. It encourages financial institutions and local financial organizations to support project construction and business operations through bank credit and financial leasing, and it encourages leading industry departments to provide interest subsidies for major projects in their respective sectors based on a certain percentage of the actual loan amount.
The Minister of Industry and Information Technology, Li Yuecheng, stated that efforts will be intensified to enhance forward-looking planning and coordinated strategies. The focus will be on accelerating the establishment of mechanisms to increase investment in and share risks for future industries, aiming for new breakthroughs in future manufacturing, future information, and future materials. Emphasis will be placed on areas such as quantum technology, humanoid robots, brain-computer interfaces, deep-sea and polar exploration, and 6G, with strengthened efforts in technological research, product development, enterprise cultivation, and ecosystem building.
In terms of sector performance, AI application themes continued their strong momentum, with the GEO direction leading the market gains. Stocks like OneClick, Leo Group, and Zhewen Interactive saw notable increases. Concept stocks related to innovative drugs also strengthened, with HongBo Pharmaceutical, Hitgen Inc., and Pharmaron posting significant gains by midday.
Since the beginning of 2025, overseas pharmaceutical companies have maintained steady growth in revenue and R&D expenses. The implementation of interest rate cuts in the United States is expected to drive a rebound in pharmaceutical investment and financing. Within this context, domestic-demand CXO (Contract Research Organization) companies have shown relatively weaker performance in both earnings and stock prices compared to external-demand peers since early 2025. The overall industry recovery has lagged, but the trend from front-end to back-end appears more certain, suggesting potential opportunities on the left side of the market curve.
Here, by integrating the latest research reports from several brokerages, brief introductions to four companies are provided for reference purposes only.
1. Novogene With the gradual introduction of supportive policies for domestic innovative drugs, local clinical CROs in China are poised to benefit first. The company is expected to usher in another period of rapid development opportunity. — Pacific Securities
2. Pristine As one of the leading players in the domestic SMO (Site Management Organization) segment, the company is well-positioned to benefit from a potential bottoming-out and gradual improvement in the SMO industry outlook. — West China Securities
3. HongBo Pharmaceutical The company's self-developed DiOrion platform has integrated nine core modules, essentially covering the key processes of early-stage new drug research. With continuous module refinement and deeper application, this platform is expected to persistently enhance drug discovery efficiency and innovation capability, building the company's differentiated competitive advantage in the global CXO industry. — Great Wall Guorui Securities
4. Dian Diagnostics As a leading domestic third-party medical testing service provider, the company follows an integrated "product + service" development model empowered by artificial intelligence across its business chain. With continuous improvement in its revenue structure and operational efficiency, its core business is expected to stabilize, recover, and achieve long-term steady growth. — Galaxy Securities
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