On January 26th, A-shares experienced narrow-range fluctuations in the early trading session; as of 9:38, the Shanghai Composite Index rose 0.43%, the Shenzhen Component Index gained 0.50%, and the ChiNext Index advanced 0.31%. On the market, the precious metals concept continued its strong performance, with Yuguang Gold and Lead hitting its second consecutive limit-up; the space photovoltaics concept remained active, with Mingyang Smart Energy and several other stocks reaching the daily limit-up; the computing power leasing concept saw an uptick, with UCloud and Dawei Technology both hitting limit-up; the robotics concept was active, with Tianqi Stock rising by the daily limit at the open. On the downside, sectors such as defense, major consumer goods, and real estate led the declines. Looking ahead, CITIC Securities believes that as market confidence continues to recover, investors could consider increasing allocations to non-banking financials and certain domestic demand or high-growth sectors on dips.
Hot Sectors 1. Precious Metals Concept Continues Strong Performance The precious metals concept maintained its strength, with Yuguang Gold and Lead securing its second consecutive limit-up, Hunan Gold hitting limit-up, and Shengda Resources, Xingye Silver and Tin, Chifeng Gold, Xiaocheng Technology, Shanjin International, Sichuan Gold, Guiyan Platinum, and Hunan Silver following with gains. Commentary: On the news front, spot gold broke through $5,000 per ounce for the first time. The Shanghai Futures Exchange's main silver contract touched the upside limit, quoted at 28,226 yuan per kilogram, currently up 17.0%.
2. Space Photovoltaics Concept Remains Active The space photovoltaics concept stayed active, with Mingyang Smart Energy, Tuori New Energy, GCL Integration, Junda Stock, and Shuangliang Energy Saving sealing limit-up gains, while Dongfang Risheng, Oupute, Autowell, and Liancheng CNC opened more than 10% higher. Commentary: A Shenwan Hongyuan research report suggests that China's application for a constellation of over 200,000 satellites marks a new phase of large-scale deployment in commercial aerospace, which will directly drive long-term demand for space photovoltaics. The technology path for space photovoltaics involves iteration from high-efficiency gallium arsenide to large-scale silicon-based HJT, and eventually to perovskite tandem cells in the longer term.
Institutional Views 1. China Securities Co., Ltd.: Continue Holding the Dual Mainlines of "Technology + Resource Products" China Securities Co., Ltd. believes that the economic characteristic of "production stronger than demand, external demand better than internal demand" will persist throughout the year, while monetary policy maintains an accommodative stance, with interbank rates falling to nearly their lowest levels since 2020. In an environment of weak macro conditions and ample liquidity, growth investing tends to outperform. Overall, recent active cooling measures regulate the pace, but the broader tone remains positive; it is recommended to focus on growth trends and continue holding the dual mainlines of "technology + resource products." For technology, AI semiconductors/new energy remain the core growth areas currently, while hotspots like AI applications/space photovoltaics/innovative drugs continuously provide growth catalysts. For resource products, the performance forecasts for the non-ferrous metals industry are relatively good; attention should be paid to the subsequent transmission and diffusion of growth trends to the energy/chemicals and machinery sectors. Key industries to focus on include: semiconductors, AI, new energy, non-ferrous metals, chemicals, media, computers, machinery, pharmaceuticals, etc.
2. CITIC Securities: Market Confidence is in a Process of Continuous Recovery CITIC Securities believes that as market confidence continues to recover, sectors that are at relatively low levels, can present a logical investment case, and are not heavily weighted in broad market indices are expected to see repair. Among these, the timing for increasing allocations in the consumer chain is from now until around the Two Sessions period, primarily driven by expectation trading; the real estate chain may also experience significant repair during this phase, with building materials sectors that are decoupled from domestic new starts having already begun to move. Under the basic premise of "resource + traditional manufacturing valuation reassessment," a core portfolio built around chemicals, non-ferrous metals, new energy, and power equipment remains a defensive choice against anxiety amid the contradiction between "investors' desire for gains" and regulatory counter-cyclical adjustments. On this basis, investors could consider increasing allocations to non-banking financials (securities, insurance) on dips, while enhancing returns through select domestic demand sectors (e.g., duty-free, aviation, building materials) or high-growth sectors (e.g., semiconductor equipment, materials).
3. Orient Securities: The Market is Gradually Regaining Upward Momentum Orient Securities believes that market panic is gradually dissipating, and the broader market is slowly regaining upward momentum. In summary, the current market is in a structural行情 driven by both "policy catalysts + industry trends." Areas such as commercial aerospace, AI computing power, and memory chips possess dual support from policy and industry trends, with the logic of import substitution strengthening, making them worthy of medium- to long-term tracking.
