Market Overview - The market showed a rebound after an initial decline, with the ChiNext Index turning positive after dropping over 1% [1] - As of the midday close, the Shanghai Composite Index was at 4134.03 points, up 0.03%, while the Shenzhen Component Index was at 14262.96 points, down 0.37%, and the ChiNext Index was at 3333.91 points, up 0.44% [1] - The total trading volume in the two markets was 1.87 trillion yuan, a decrease of 367.4 billion yuan compared to the previous trading day [1] Sector Performance - Precious metals, insurance, cultivated diamonds, semiconductors, CPO concepts, and storage chips saw significant gains, while the battery, titanium dioxide, energy metals, lithium mining concepts, and land transfer sectors underperformed [1] - In the precious metals sector, China Gold achieved three consecutive trading limit ups, and Hunan Gold achieved two consecutive trading limit ups [2] - Semiconductor equipment stocks experienced a rebound, with ChipSource rising nearly 14% and other companies reaching trading limits [2] - The battery industry chain faced a collective decline, with Tianji Co. hitting the trading limit down [2] Institutional Insights - Huatai Securities noted that since December 2025, the banking index has declined by 8.4 percentage points due to real estate risk concerns and market style shifts, but the core revenue trend remains positive [3] - Eight banks have reported preliminary 2025 performance, with six showing revenue growth and five showing profit improvement, indicating a potential for continued strong performance in 2026 [3] - CITIC Securities highlighted the explosive demand for AI computing power driving upgrades in the optical communication industry, with strong demand for high-speed optical modules despite short-term supply gaps [3] Employment and Economic Measures - The Ministry of Human Resources and Social Security announced plans to implement actions to stabilize and expand employment, including measures to address the impact of artificial intelligence on job markets [4] - The focus will be on supporting key groups in employment, including college graduates, and establishing a regular mechanism to prevent poverty through employment assistance [4] Manufacturing Profit Growth - The National Bureau of Statistics reported that profits in high-tech manufacturing industries increased by 13.3% in 2025, surpassing the overall industrial growth of 12.7% [5] - The smart electronics sector significantly contributed to this growth, with profits in smart consumer device manufacturing rising by 48%, and specific sectors like smart drones and smart vehicle equipment seeing profits increase by 102% and 88.8%, respectively [5] - The semiconductor industry also experienced substantial profit growth, with integrated circuit manufacturing profits up by 172.6% [5] Financing Trends - As of January 26, the financing balance on the Shanghai Stock Exchange was reported at 1.3668 trillion yuan, an increase of 13.82 billion yuan from the previous trading day [6] - The Shenzhen Stock Exchange's financing balance was 1.3323 trillion yuan, up by 5.73 billion yuan, leading to a total financing balance of 2.6991 trillion yuan across both markets, an increase of 19.55 billion yuan [6]

Market Overview - The market experienced a rebound after an initial drop, with the ChiNext Index turning positive after falling over 1%. By the end of trading, the Shanghai Composite Index rose by 0.03%, the Shenzhen Component Index fell by 0.37%, and the ChiNext Index increased by 0.44% [1]. Sector Performance - Precious metals continued to show strength, with China Gold achieving three consecutive trading days of gains and Hunan Gold achieving two consecutive days of gains [2]. - Semiconductor equipment stocks rebounded, with Chipone Technology rising nearly 14%, and both Aisheng Integration and Shenghui Integration hitting the daily limit [3]. - The CPO (Continuous Positive Airway Pressure) concept was active, with Yuanjie Technology rising over 10% to reach a historical high, and Huilv Ecology hitting the daily limit [4]. - The superhard materials sector strengthened, with Huanghe Whirlwind hitting the daily limit [5]. - Conversely, the battery supply chain saw a collective decline, with Tianji Co. hitting the daily limit down [6]. Trading Volume and Activity - The total trading volume in the Shanghai and Shenzhen markets for the half-day was 1.87 trillion yuan, a decrease of 367.4 billion yuan compared to the previous trading day [7]. - Notable individual stock trading volumes included Zijin Mining with over 21.1 billion yuan, followed by Zhongji Xuchuang, BlueFocus, and Xinye Sheng with significant trading volumes [7]. Top Gainers - The top gainers included: - Sanliang Nian with a rise of 4.68% and a trading volume of 21.17 billion yuan [8] - Zhongji Xuchuang with a rise of 5.61% and a trading volume of 17.95 billion yuan [8] - BlueFocus with a rise of 6.22% and a trading volume of 13.73 billion yuan [8] - Xinye Sheng with a rise of 4.28% and a trading volume of 12.42 billion yuan [8] - Tianfu Communication with a rise of 8.86% and a trading volume of 9.86 billion yuan [8]

Core Viewpoint - The latest report indicates a mixed performance among the top ten holdings of the ChiNext 50 ETF (159949), with significant fluctuations in stock prices, reflecting the current market dynamics [1][3]. Group 1: Stock Performance - As of midday, the performance of the top ten holdings varied: Ningde Times fell by 0.89%, Zhongji Xuchuang rose by 5.61%, Xinyi Sheng increased by 4.28%, Dongfang Wealth dropped by 1.63%, and others showed similar fluctuations [1][3]. - The holdings and their respective market values are as follows: Ningde Times at approximately 6.59 billion yuan, Zhongji Xuchuang at about 3.65 billion yuan, and Xinyi Sheng at around 2.68 billion yuan, among others [1]. Group 2: Institutional Insights - China Galaxy Securities highlights that the demand for AI computing power, the upward cycle of storage chips, and the penetration of advanced packaging technology are driving the demand for semiconductor equipment, with strong growth expectations for the semiconductor equipment market by 2026 [1][3]. - Huaxi Securities suggests that, from a medium to long-term perspective, the current market is still in the middle of a "slow bull" trend, with recommendations to focus on sectors such as technology, chemicals, and high-growth industries like electronics and pharmaceuticals [1][3]. Group 3: ETF Performance - The ChiNext 50 ETF (159949) has provided a return of 35.67% over the past three years, outperforming its benchmark and ranking 528th among 1,633 similar products [2][4]. - The ETF is accessible for trading through stock accounts and linked funds, with recommendations for investors to adopt a systematic investment approach to mitigate short-term volatility [2][4].

Market Overview - The market showed a mixed performance with the Shanghai Composite Index rising by 0.03%, while the Shenzhen Component Index fell by 0.37%, and the ChiNext Index increased by 0.44% [1] Sector Performance - Precious metals continued to show strength, with China Gold achieving three consecutive trading limits and Hunan Gold reaching two consecutive trading limits [1] - The semiconductor sector experienced a rebound, highlighted by Dongxin Co. hitting the daily limit of 20%, along with Jin Haitong and Electronic Science & Technology also reaching their daily limits [1] - The CPO concept saw active performance, with companies such as Kewan Technology and Huilv Ecology hitting their daily limits [1] - Conversely, the battery industry chain faced a collective decline, with Tianji Co. nearing its daily limit down [1] Concept Index Performance - The East Finance Concept Index showed various performances, with the EDR concept rising by 4.55% and the CPO concept increasing by 2.64% [2] - The blind box economy and related sectors experienced declines, with the blind box economy dropping by 2.61% [2] - Other sectors such as long-life drugs and organic silicon also faced declines, with long-life drugs decreasing by 2.82% [2]

A股三大指数涨跌互现，截至午间收盘，沪指涨0.03%报4134.03点，深成指跌0.37%，创业板指涨 0.44%，北证50指数跌1.26%。沪深京三市半日成交额18905亿元，较上日缩量3726亿元，全市场超3700 只个股下跌。盘面上，现货黄金昨日强势突破5100美元关口，黄金股再度活跃，湖南黄金、紫金矿业等 一众股创历史新高；保险、半导体、CPO、培育钻石等板块走强，生物疫苗、养殖业、电池等板块跌幅 居前。 ...

盘面上，保险、银行等大金融板块继续护盘，农业银行涨超2%；贵金属板块延续强势，中国黄金3连 板；半导体、算力硬件走强，存储芯片、CPO方向领涨，普冉股份再创新高；培育钻石、超硬材料概念 异动拉升，黄河旋风直线涨停。下跌方面，医药股一日游集体回调，煤炭、大消费、新能源赛道、地产 等方向跌幅居前。 1月27日，A股早盘探底回升，沪指、创业板指均翻红，大小指数连续两天明显分化，市场超4400股飘 绿，半日成交额1.87万亿，较上个交易日缩量3674亿。截至午间收盘，沪指涨0.03%，深成指跌0.37%， 创业板指涨0.44%。 对于市场，中泰证券认为，短期市场分化格局仍具延续性，中期或逐步收敛。但从中期来看，春节后上 市公司年报及一季报披露将逐步展开，市场定价逻辑有望由风险偏好与估值扩张，重新转向对业绩兑现 与盈利增速的博弈。 机构观点 1、中泰证券：短期市场分化格局仍具延续性 中泰证券认为，展望后市，短期市场分化格局仍具延续性，中期或逐步收敛。但从中期来看，春节后上 市公司年报及一季报披露将逐步展开，市场定价逻辑有望由风险偏好与估值扩张，重新转向对业绩兑现 与盈利增速的博弈。随着业绩验证窗口开启，估值锚将重新回归 ...

Market Overview - The market experienced a rebound after an initial decline, with the ChiNext Index turning positive after dropping over 1% earlier in the day [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.87 trillion, a decrease of 367.4 billion compared to the previous trading day [1] - Over 4,400 stocks in the market saw declines [1] Sector Performance - Precious metals continued to show strength, with China Gold achieving three consecutive trading limit increases and Hunan Gold achieving two consecutive limit increases [1] - Semiconductor equipment stocks rebounded, with Chipone Technology rising nearly 14%, and both Aisheng Integration and Shenghui Integration hitting the trading limit [1] - The CPO concept was active, with Yuanjie Technology rising over 10% to reach a historical high, and Huilv Ecology hitting the trading limit [1] - The superhard materials sector strengthened, with Huanghe Whirlwind hitting the trading limit [1] - Conversely, the battery supply chain saw a collective decline, with Tianji Co. hitting the trading limit down [1] Closing Summary - At the close, the Shanghai Composite Index rose by 0.03%, the Shenzhen Component Index fell by 0.37%, and the ChiNext Index increased by 0.44% [1]

Group 1 - The market experienced a rebound after an initial decline, with the ChiNext index fluctuating and turning positive after previously dropping over 1% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.87 trillion, a decrease of 367.4 billion compared to the previous trading day [1] - The precious metals sector continued to show strength, with China Gold achieving three consecutive trading limit increases and Hunan Gold achieving two consecutive trading limit increases [1] Group 2 - The CPO concept stocks performed actively, with Yuanjie Technology rising over 10% to reach a historical high, and Huilv Ecology hitting the trading limit [1] - The superhard materials sector strengthened, with Huanghe Xuanfeng hitting the trading limit [1] - In contrast, the battery industry chain saw a collective decline, with Tianji shares hitting the trading limit down [1] Group 3 - By the end of the trading session, the Shanghai Composite Index rose by 0.03%, the Shenzhen Component Index fell by 0.37%, and the ChiNext Index increased by 0.44% [1]

Market Overview - The A-share market experienced a slight rebound after hitting a low, with the Shanghai Composite Index up 0.03% at 4134.03 points, while the Shenzhen Component Index fell 0.37% to 14262.99 points, and the ChiNext Index rose 0.44% to 3333.92 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.87 trillion yuan, with over 4400 stocks declining [1] Key Sectors - The precious metals sector continued its strong performance, with China Gold achieving three consecutive trading limits and Hunan Gold achieving two consecutive trading limits [1][2] - Semiconductor equipment stocks showed a rebound, with Chipone Technology rising nearly 14% and several stocks hitting the daily limit [1] - The CPO concept was active, with Yuanjie Technology rising over 10% to reach a historical high, and Huile Ecology hitting the daily limit [1] - The superhard materials sector strengthened, with Huanghe Whirlwind hitting the daily limit [1] Institutional Insights - Zhongtai Securities predicts that the market will continue to exhibit a differentiated pattern in the short term, with a gradual convergence expected in the medium term. The focus will shift from risk preference and valuation expansion to performance realization and profit growth as companies begin to disclose their annual and quarterly reports [4] - Guojin Securities emphasizes the ongoing re-evaluation of physical assets in asset allocation, highlighting the global consumption of physical commodities such as copper, aluminum, tin, gold, lithium, crude oil, and oil transportation [5] - Dongfang Securities notes that the recent market cooling has altered the market's rhythm but has not changed the overall market structure, suggesting that "technology sectors + resource products" will be the main investment routes before the Spring Festival [6] Emerging Concepts - The cultivated diamond and superhard materials sectors saw significant activity, with Huanghe Whirlwind hitting the daily limit and several other companies following suit. This surge is attributed to a recent collaboration between Xi'an University of Electronic Science and Technology and the Chinese Academy of Sciences, which developed a high-performance single crystal diamond radiation detector [3]

Group 1 - The core viewpoint of the news highlights a rebound in computing hardware stocks, particularly in the AI sector, with the AI ETF Yongying (159141) rising by 1.14% as of 10:35 AM on January 27, 2026 [1] - Key component stocks such as Kechuang Data increased by 10.46%, Zhongji Xuchuang by 6.40%, and Beijing Junzheng by 5.98%, indicating a positive trend in the market [1] - The AI ETF Yongying focuses on core stocks in the AI industry chain, covering upstream computing chips and optical modules, midstream large models and cloud computing, and downstream industrial applications, with over 68% allocation in AI chips, optical modules, and cloud computing [3] Group 2 - On January 26, Alibaba Cloud announced the release of its flagship reasoning model Qwen3-Max-Thinking, which has over 1 trillion parameters and a pre-training data volume of 36 trillion tokens, marking it as Alibaba's largest and most capable reasoning model to date [3] - Nvidia has expanded its long-term complementary partnership with CoreWeave, aiming to accelerate AI engineering projects to exceed 5GW by 2030, which will enhance global AI applications [3] - Guosheng Securities noted a significant increase in capital expenditure plans from major domestic companies like Alibaba and ByteDance, alongside marginal improvements in chip supply, which are driving the resumption of bidding activities in data centers [3]