KINGSEMI(SH:688037) 券商中国·2026-01-07 00:59Core Viewpoint - The A-share market is experiencing a recent adjustment, with the Shanghai Composite Index achieving a record 13 consecutive days of gains, raising questions about future market trends [1][5]. Market Adjustments - On January 6, the China Securities Index Co., Ltd. announced temporary adjustments to the sample of the CSI 1000 and CSI 500 indices, effective after the market closes on January 9. Notable changes include the inclusion of ChipSource Micro in the CSI 500 and Mingyue Lens in the CSI 1000 [3]. - ChipSource Micro's stock price surged over 7% during the trading session on January 6, reaching a historical high of 165 CNY per share, and closed at 158.99 CNY, with a market capitalization of 32.1 billion CNY. Since the start of the current rebound on September 24, 2024, its stock price has increased by over 170% [3]. Company Performance - ChipSource Micro reported a revenue of 990 million CNY for the first three quarters of 2025, a year-on-year decline of 10.35%, and a net loss attributable to shareholders of 10.05 million CNY, marking a shift from profit to loss [3]. - According to Guojin Securities, ChipSource Micro's performance is under short-term pressure due to delays in order acceptance. However, the company has a substantial order backlog, with contract liabilities reaching 800 million CNY, a 78% increase from the end of 2024, which may support a return to high growth [4]. Market Outlook - The A-share market is expected to maintain a steady upward trend, with a projected trading volume stabilizing at 20 trillion CNY by the end of 2025. The market is anticipated to rise above 4000 points at the beginning of 2026, supported by both technology growth and resource cycles [6]. - Continued focus on sectors such as commercial aerospace, artificial intelligence, and robotics is recommended, alongside cyclical sectors like oil and non-ferrous metals [6][7]. - The market sentiment is expected to be influenced by earnings disclosures, with potential for significant movements based on performance exceeding expectations [7].