周观A股（01·19-01·23）：三万亿成交不退场，资源领涨、高端制造与科技融合赛道接力

Core Viewpoint - The A-share market this week (January 19 to January 23, 2026) showed a clear trend of "small and mid-cap stocks leading, while large-cap blue chips faced pressure," driven by technology and resource sectors [2][5]. Market Performance - The small-cap indices, such as the CSI 2000 and CSI 500, recorded significant gains of 4.04% and 4.34% respectively, while the STAR 50 index rose by 2.62%. In contrast, large-cap indices like the SSE 50 and CSI 300 fell by 1.54% and 0.62% respectively, indicating a notable divergence in index performance [2][6]. - Year-to-date, the STAR 50 and CSI 500 indices have both increased by over 15%, highlighting the strong performance of growth sectors since the beginning of the year [9][10]. Sector Analysis - The resource and energy sectors emerged as the standout performers this week, with the materials sector leading with a weekly gain of 6.36%. Precious metals and mining stocks surged by 19.00%, reflecting strong capital inflows driven by inflation expectations [2][14]. - Conversely, the financial, consumer staples, and healthcare sectors underperformed, with the financial sector declining by 2.05%, primarily due to weakness in banks and insurance stocks [2][14]. Trading Volume and Market Sentiment - The average daily trading volume for the week was approximately 2.80 trillion yuan, with a peak of over 3.1 trillion yuan on January 23, indicating robust liquidity and active trading driven by policy expectations and thematic rotations [3][19]. - The number of stocks hitting the daily limit up increased to 122 on Friday, marking a weekly high, and the margin trading showed a positive trend with net purchases exceeding 15 billion yuan over two days [3][38]. Capital Flow - Despite a net outflow of approximately 12.445 billion yuan for the week, there was a notable recovery in capital flow towards the end of the week, with net inflows exceeding 3 billion yuan on Friday [27][28]. - Key sectors attracting significant capital inflows included finance, photovoltaic equipment, semiconductors, and electrical equipment, while sectors like industrials and consumer discretionary saw outflows [31][32]. Upcoming Events - Investors should pay attention to the upcoming earnings forecasts, with 117 companies expected to announce their 2025 performance, particularly in the aerospace, defense, and electrical equipment sectors [3][42]. - Next week will also see the subscription of three new stocks and the unlocking of over 631 million shares, which could impact market dynamics [3][42].