CCSC(SH:601375) Zhongyuan Securities·2026-01-13 09:09Investment Rating - The industry is rated as "stronger than the market," indicating an expected relative increase of over 10% compared to the CSI 300 index within the next six months [15]. Core Insights - The A-share market experienced slight fluctuations with a notable performance in sectors such as medical devices, gaming, energy metals, and electric grid equipment, while aerospace, communication equipment, shipbuilding, and semiconductors lagged behind [2][3]. - The average price-to-earnings (P/E) ratios for the Shanghai Composite Index and the ChiNext Index are 17.02 times and 53.91 times, respectively, which are above the median levels of the past three years, suggesting a favorable environment for medium to long-term investments [3][14]. - The trading volume on January 13 reached 36,991 billion, indicating a robust trading activity, which is above the median trading volume of the past three years [3][14]. - There is a clear trend of capital moving from savings to equity markets, supported by a declining risk-free interest rate, enhancing the attractiveness of RMB assets and boosting market risk appetite [3][14]. - The Consumer Price Index (CPI) showed a slight increase in December 2025, indicating marginal improvements in domestic demand [3][14]. - The report suggests a dual investment strategy focusing on both technological innovation and the recovery of traditional industries, with a positive outlook for the Shanghai Composite Index to maintain a slight upward trend [3][14]. Summary by Sections A-share Market Overview - On January 13, the A-share market faced resistance after an initial rise, with the Shanghai Composite Index encountering resistance around 4,179 points, leading to a day of slight fluctuations [7]. - The Shanghai Composite Index closed at 4,138.76 points, down 0.64%, while the Shenzhen Component Index closed at 14,169.40 points, down 1.37% [8][9]. - Over 60% of stocks in the two markets declined, with sectors like precious metals, medical services, and biopharmaceuticals showing gains, while aerospace and semiconductor sectors faced declines [7][9]. Future Market Outlook and Investment Recommendations - The report anticipates that the current market rally may continue, with a recommendation for investors to focus on sectors such as medical devices, gaming, energy metals, and electric grid equipment for short-term investment opportunities [3][14].