Market Overview - A-shares opened lower but rebounded, with the Shanghai Composite Index up 0.13% at 4107.18 points, while the Shenzhen Component Index fell 0.01% to 14280.05 points, and the ChiNext Index dropped 0.64% to 3339.56 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.79 trillion yuan, with over 3300 stocks rising [1] Sector Performance Electric Grid Equipment - Electric grid equipment stocks surged, with companies like China West Electric and Dalian Electric Porcelain hitting the daily limit [2] - A report from Huatai Securities indicated a 4 trillion yuan investment by the State Grid, benefiting electric grid equipment manufacturers, with steady growth expected in grid investments during the 14th Five-Year Plan [2] Tourism Sector - The tourism sector showed strong performance, with Jiuhua Tourism and Dalian Shengya reaching the daily limit [3] - As the winter vacation and 2026 Spring Festival approach, travel bookings have exceeded last year's figures, indicating a recovery in demand driven by expanded cultural tourism policies [3] Precious Metals - Precious metals saw active trading, with Sichuan Gold rising over 9% and other companies like Zhongjin Gold and Shanjin International also gaining [4] - International gold and silver prices reached historical highs, with gold surpassing $4690 per ounce and silver exceeding $94 per ounce, indicating a potential continuation of the upward trend in precious metals [4] Institutional Insights Citic Securities - Citic Securities stated that adjustments in financing margins do not affect the overall upward trend of the market but may impact market structure [5] - The firm emphasized the importance of earnings guidance as the market enters the annual report forecast period, suggesting a focus on sectors like chemicals, non-ferrous metals, electric equipment, and new energy for investment [5] Guotai Junan - Guotai Junan noted an acceleration in thematic rotation, particularly focusing on domestic semiconductors and electric power [6] - The firm highlighted the need for regulatory measures to stabilize the market and suggested that sectors with strong demand support and intensive industrial catalysts, such as domestic computing power and new electric grids, are promising [6] Dongfang Securities - Dongfang Securities projected that the Shanghai Composite Index would fluctuate between 4000 and 4200 points before the Spring Festival [7][8] - The firm indicated that policy measures aim to curb excessive speculation while maintaining the performance of popular sectors, with a focus on AI computing, semiconductors, non-ferrous metals, and robotics as key investment areas [8]