Feng Huang Wang Cai Jing·2026-01-15 01:33Market Overview - A-shares opened lower with all three major indices declining: Shanghai Composite Index down 0.48%, Shenzhen Component Index down 0.63%, and ChiNext Index down 0.93% [1] Institutional Insights - CITIC Securities highlights that "self-controllable" and AI will be the main themes throughout 2025, with significant performance expected in related sectors. The trend is anticipated to strengthen in 2026, focusing on domestic computing power and semiconductor equipment, as well as AI computing directions like PCB and storage [2] - China Galaxy Securities emphasizes the "AI leap + century change" resonance driving a super copper cycle, noting that despite record high copper prices, adjusted for inflation, they have not reached previous super cycle levels. The ongoing reshaping of the international monetary order is expected to provide upward momentum for copper prices [3] - CITIC Jinshi points out that the mid-term "stock-bond seesaw" effect will further support A-share performance, with a global interest rate cut cycle entering its second half in 2026. The macro liquidity environment is characterized by "internal and external easing resonance" and a shift from extraordinary to normal conditions [3]