A股收评 | 沪指守住4100点、创指跌1.79%！银行板块护盘 休整何时结束？

Market Overview - The three major indices collectively declined on January 20, with the Shanghai Composite Index maintaining above 4100 points and a trading volume of 2.78 trillion yuan, an increase of 69.4 billion yuan from the previous trading day [1] - The Shanghai Composite Index fell by 0.01%, the Shenzhen Component Index dropped by 0.97%, and the ChiNext Index decreased by 1.79% [1] Sector Performance Precious Metals - The precious metals sector saw gains, with Hunan Silver and Zhaojin Gold hitting the daily limit, while Sichuan Gold, Zhongjin Gold, and Chifeng Gold also rose [2] - Spot gold prices surpassed $4700 per ounce, increasing by 0.67%, marking a new historical high, while COMEX silver futures rose by 6.49% [2] Real Estate - Real estate stocks rallied, with Chengdu Investment Holding and Hefei Urban Construction reaching the daily limit, and other companies like Poly Developments and China Merchants Shekou also gaining [3] - According to the National Bureau of Statistics, new residential sales prices in first-tier cities fell by 0.3% month-on-month in December 2025, with the decline narrowing by 0.1 percentage points from the previous month [3] AI Applications - The AI applications sector rebounded, with companies like Zhejiang Wenhui, Tiandi Online, and Yaowang Technology hitting the daily limit [4] - Citic Securities noted that the trend of AI applications accelerating is expected to continue, with hardware and software integration becoming increasingly diverse [4] Institutional Insights Guosen Securities - Guosen Securities believes that the spring market is not yet over, and short-term fluctuations may present good investment opportunities, emphasizing a balanced allocation strategy [5] - The firm highlights that the technology sector, particularly driven by AI, remains the main focus for the current bull market [5] Shenwan Hongyuan - Shenwan Hongyuan suggests that while the commercial aerospace and AI application sectors are on an upward trend, excessive trading may lead to a market correction [6] - The firm anticipates a rotation in sectors as short-term momentum effects diminish, advising patience for further economic and policy catalysts [6] Huatai Securities - Huatai Securities indicates that the market is shifting focus towards "performance fundamentals," with major indices unlikely to see significant surprises in the short term [7] - The firm warns of a potential technical correction before February and suggests adjusting holdings to focus on sectors with strong profit improvement expectations, such as non-ferrous metals, power equipment, and new energy [7]