1月26日股市点评：理性看待调整，情绪降温该如何布局？

Core Viewpoint - The A-share market is experiencing a shift in capital flow, with a notable move from high-valuation speculative stocks to low-valuation defensive sectors, particularly in precious metals and financials [4][9][10]. Market Performance - The Shanghai Composite Index fell by 0.09% to 4132.61 points, the Shenzhen Component dropped by 0.85% to 14316.64 points, and the ChiNext Index decreased by 0.91% to 3319.15 points [3][8]. - The total trading volume in the Shanghai and Shenzhen markets reached 3.52 trillion yuan, an increase of over 500 billion yuan compared to the previous trading day [3][8]. Sector Analysis - The precious metals sector emerged as a key highlight, with significant inflows of over 4.5 billion yuan, driven by the international gold price surpassing 5000 USD per ounce and strong performance from companies like Hunan Gold [3][8]. - Defensive sectors such as banking, insurance, oil and gas, and coal saw gains, attracting both northbound and main capital flows [3][8]. Capital Flow Dynamics - Northbound capital recorded a net inflow of 3.2 billion yuan, focusing on low-valuation stocks while reducing exposure to the semiconductor sector [4][9]. - There was a significant outflow from high-valuation sectors, with 12.4 billion yuan leaving the semiconductor sector, 12 billion yuan from military equipment, and 43.6 billion yuan from robotics [3][8]. Regulatory Environment - The increase in the financing margin ratio from 80% to 100% aims to curb high-leverage speculation, effective from January 19 [4][9]. - Regulatory measures, including scrutiny of stock price anomalies and trading suspensions, are intended to limit speculative trading and promote a more rational market environment [4][9][10]. Market Outlook - The market is expected to maintain a "horizontal consolidation" trend leading up to the Spring Festival, with a focus on low-valuation stocks and core leaders in the precious metals sector [10]. - The current consensus is to avoid high-valuation speculative stocks lacking earnings support, as the market shifts towards more stable investments [10].