Xin Lang Cai Jing·2026-01-26 09:51Market Overview - The A-share market experienced a collective adjustment on January 26, with the Shanghai Composite Index down by 0.09%, the Shenzhen Component Index down by 0.85%, the ChiNext Index down by 0.91%, and the North Star 50 Index down by 1.45% [1][6] - The total trading volume across the Shanghai, Shenzhen, and Beijing markets reached 32,806 billion yuan, an increase of 1,625 billion yuan compared to the previous day, with over 3,700 stocks declining [1][6] Sector Performance - The technology-focused Sci-Tech Innovation AI ETF initially rose by 2% before turning negative, while the dividend sector shifted from decline to growth, with the number of rising stocks decreasing to 1,604 [3][7] - The precious metals sector saw significant gains, with stocks like Zhongjin Gold and Western Gold hitting the daily limit. Notably, the spot gold price surpassed $5,000 for the first time, and spot silver exceeded $110 [3][7] Market Dynamics - Two major variables affecting risk appetite emerged: escalating geopolitical risks and a declining US dollar index, which led to a surge in gold and silver futures and spot prices, directing capital flows [3][7] - A notable sell-off occurred in popular stocks, with satellite ETFs dropping nearly 5%, indicating a significant retreat from speculative trading [3][7] Large Orders - At the end of the trading session, several heavyweight stocks saw substantial sell orders, with Zijin Mining's sell order exceeding 4 billion yuan, and other companies like China Ping An, Jiangxi Copper, China Duty Free, Shandong Gold, Wanhua Chemical, and Kweichow Moutai each having sell orders over 400 million yuan [8][9]