浙商证券浙商早知道-20260114

Market Overview - On January 13, the Shanghai Composite Index fell by 0.64%, the CSI 300 decreased by 0.6%, the STAR 50 dropped by 2.8%, the CSI 1000 declined by 1.84%, and the ChiNext Index decreased by 1.96%. In contrast, the Hang Seng Index rose by 0.9% [4][5]. - The best-performing sectors on January 13 were Oil & Petrochemicals (+1.62%), Pharmaceuticals & Biotechnology (+1.21%), Nonferrous Metals (+0.91%), Media (+0.67%), and Banking (+0.65%). The worst-performing sectors included Defense & Military (-5.5%), Electronics (-3.3%), Telecommunications (-2.88%), Computers (-1.92%), and Building Materials (-1.87%) [4][5]. - The total trading volume for the entire A-share market on January 13 was 36,988 billion, with a net inflow of 1.296 billion HKD from southbound funds [4][5]. Important Insights - The report maintains the view from December 7, 2025, regarding interbank certificate of deposit (CD) rates, suggesting they may remain in a "dilemma" state. Market sentiment towards the trajectory of CD rates has become more optimistic [6]. - Key questions addressed include the impact of the appreciation of the RMB on the interbank funding environment and the extent of credit growth in January 2026 [6]. - The report emphasizes that the interbank CD rates may continue to face challenges [6]. Industry Analysis - The solid-state battery industry is accelerating its industrialization process, with isostatic pressing equipment identified as a core incremental segment that addresses the "solid-solid" interface impedance issue [7]. - The market size for isostatic pressing equipment is projected to exceed 6 billion by 2030 [7]. - Investment opportunities are highlighted in companies that focus on breakthroughs in isostatic technology and the realization of orders [7]. - Catalysts for growth include policy reviews by the Ministry of Industry and Information Technology, cost reductions, and order fulfillment [7].