Venture(US:VEMLY) Sou Hu Cai Jing·2026-01-26 09:48Market Overview - The A-share market experienced a day of fluctuation and adjustment, with significant divergence between large and small indices, as the Shenzhen Composite Index and ChiNext Index opened high but fell over 1% during the day [2] - The total trading volume reached 3.25 trillion yuan, an increase of 163 billion yuan compared to the previous trading day, with a net outflow of 121.6 billion yuan from domestic investors [2] - Over 3,700 stocks declined, with a median drop of 1.36%, indicating a bearish sentiment despite the Shanghai Composite Index only falling by 0.09% [2] Sector Performance - The non-ferrous metals sector led the gains, particularly precious metals, with stocks like Sichuan Gold hitting the limit up for four consecutive days, and Zijin Mining reaching a historical high [3] - The oil and gas sector also performed well, with China National Offshore Oil Corporation achieving a historical high and Intercontinental Oil & Gas hitting the limit up for three out of four days [3] - The space photovoltaic concept stocks were active, with companies like Mingyang Smart Energy and Tuojin New Energy hitting the limit up [3] Investment Themes - Two main investment themes emerged: one focused on price increases in gold, non-ferrous metals, and oil and gas, with international gold prices surpassing 5,100 USD [4] - The second theme was risk aversion, with gold, pharmaceuticals, and performance growth stocks gaining attention, especially in light of recent virus news from India [4] - The market showed mixed signals, with hot money shifting between sectors, making it challenging for investors to participate effectively [4]