PING AN OF CHINA(HK:02318) Ping An Securities·2026-01-25 09:28Core Viewpoints - The spring market trend continues with small and mid-cap stocks outperforming while large-cap stocks experience volatility. The A-share market saw a weekly increase of 0.8% in the Shanghai Composite Index, while the CSI 500 and CSI 2000 rose by 4.3% and 4.0% respectively. In contrast, the CSI 300 and SSE 50 declined by 0.6% and 1.5% respectively. Key sectors leading the gains include construction materials, oil and petrochemicals, steel, and basic chemicals, with increases ranging from 7% to 10% [2][12][13]. Recent Dynamics - December economic data indicates a recovery in industrial production, while consumption and investment growth continue to decline. The industrial added value year-on-year growth rate rose to 5.2% in December, with high-tech and equipment manufacturing sectors maintaining high growth rates. However, retail sales growth fell to 0.9%, and fixed asset investment showed a cumulative year-on-year decline of 3.8% [3][4]. Policy Tracking - Recent policies aim to support consumption and private investment through a series of financial measures. The Ministry of Finance and other departments have introduced interest subsidy policies for small and micro enterprises, extending support to sectors such as new energy vehicles, high-end equipment, and artificial intelligence. The total guarantee plan for private investment is set at 500 billion yuan, focusing on enhancing the operational capacity of small and micro enterprises [5][6]. Market Performance - The A-share market has shown a mixed performance, with small and mid-cap indices outperforming large-cap indices. The CSI 500 and CSI 2000 indices recorded gains between 2% and 4.5%, while the Shanghai Composite Index rose by 0.8%. The average daily trading volume across the A-share market was approximately 2.8 trillion yuan, reflecting a 19.23% decrease from the previous week [12][13]. Sector Performance - Among the 31 primary sectors, 24 achieved positive returns, with construction materials, oil and petrochemicals, steel, and basic chemicals leading the way. Conversely, sectors such as banking, telecommunications, and non-bank financials experienced declines. Concept indices related to gold jewelry, photovoltaics, and advanced packaging saw significant gains, ranging from 10% to 13% [12][13][14].