A股异动简评：春的步伐渐进，“新质牛”仍是配置主线

Market Performance - A-shares rebounded significantly on January 14, with the Shanghai Composite Index rising 2.54%, the Shenzhen Component Index up 3.77%, and the ChiNext Index surging 4.71%[1] - The total trading volume of A-shares reached 1.37 trillion yuan, with over 5,300 stocks rising, indicating improved market sentiment[1] Market Trends - From December 31 to January 13, the Shanghai Composite Index fell 7.2%, the Shenzhen Component Index dropped 8.2%, and the ChiNext Index declined 10.1%[2] - Only the precious metals and industrial metals sectors rose during this period, while other sectors experienced widespread declines[2] External Factors - Global asset trends reflect concerns about re-inflation under "Trump 2.0" policies, with commodities like crude oil, precious metals, and industrial metals showing strong performance[3] - The US dollar index broke through 110, and the 10-year US Treasury yield returned to around 4.9%, putting pressure on risk assets and emerging markets[3] Policy Impact - The central bank stabilized the exchange rate through measures such as issuing offshore central bank bills and adjusting the macro-prudential parameter, with the RMB stabilizing around 7.35[4] - The CSRC outlined five key tasks for 2025, emphasizing market stability and strengthening regulatory mechanisms[4] Investment Strategy - The "New Quality Bull" theme, including AI+, humanoid robots, low-altitude economy, and domestic substitution, remains the main focus for spring market allocation[5] - Market liquidity improved, with trading volumes returning above 1 trillion yuan in recent sessions, and financing funds turning to net buying[5]