Core Viewpoint - The ChiNext Index experienced a significant decline, with a drop of 2% at the end of trading, indicating a bearish sentiment in the market [1] Market Performance - The Shenzhen Component Index fell by 1.43%, reflecting a broader market downturn [1] - The Shanghai Composite Index decreased by 0.68%, contributing to the overall negative trend in the stock market [1] - The Sci-Tech Innovation 50 Index saw a notable decline of 3% towards the end of the trading session, highlighting weakness in technology-related stocks [1] Sector Performance - The commercial aerospace and controllable nuclear fusion sectors were among the hardest hit, showing significant losses during the trading session [1]

Group 1 - The ChiNext Index experienced a decline of over 1% at the beginning of trading [1] - The sectors that saw the largest declines included commercial aerospace, military electronics, and aviation equipment [1]

Core Viewpoint - The stock market showed positive performance on January 12, with significant increases in major indices, indicating a bullish sentiment among investors [1]. Group 1: Market Performance - The ChiNext Index rose by 2.00%, currently at 3394.415 points [1]. - The Shanghai Composite Index increased by 1.07%, currently at 4164.430 points [1]. - The Shenzhen Component Index gained 1.81%, currently at 14376.302 points [1].

Core Viewpoint - The stock market opened with mixed results, showing slight gains in major indices except for the ChiNext index which experienced a minor decline [1] Group 1: Market Performance - The Shanghai Composite Index opened up by 14.46 points, representing a 0.35% increase, reaching 4134.89 points [1] - The Shenzhen Component Index opened up by 66.71 points, reflecting a 0.47% increase, reaching 14186.86 points [1] - The CSI 300 Index opened up by 10.73 points, indicating a 0.23% increase, reaching 4769.65 points [1] Group 2: ChiNext Index - The ChiNext Index opened down by 4.17 points, showing a 0.13% decrease, reaching 3323.64 points [1]

Group 1 - The Shanghai Composite Index (沪指) has broken through the 4100-point mark, reaching a ten-year high after a 15-day consecutive rise [1] - As of the latest update, the Shanghai Composite Index is up 0.70% at 4111.46 points, while the Shenzhen Component Index has increased by over 1%, and the ChiNext Index is up 0.7% [3] - Sectors such as military equipment, commercial aerospace, precious metals, and rare earth permanent magnets are leading the gains in the market [3] Group 2 - More than 3400 stocks in the market have risen, while approximately 1700 stocks have declined [3]

Market Performance - The Shenzhen Component Index decreased by 1.00%, currently at 13,890.206 points [1] - The Shanghai Composite Index fell by 0.41%, currently at 4,069.149 points [1] - The ChiNext Index dropped by 1.30%, currently at 3,286.416 points [1]

Report Summary 1. Investment Rating No investment rating information for the industry is provided in the report. 2. Core Views - China's foreign exchange reserve reached a new high since December 2015, mainly due to the continuous rise in the trade balance The central bank's gold holdings have been increasing for 14 consecutive months, indicating a trend of diversification of official reserve assets Globally, central banks have been accelerating gold purchases since 2022, and although the purchase volume in 2025 decreased compared to the previous three years, it is still at a high level historically Gold is squeezing the share of the US dollar as a central bank reserve asset [2] - The central bank conducted a 1100 - billion - yuan 3 - month term repurchase operation on January 8, which was an equal - amount hedge of the maturing repurchase and the third consecutive month of equal - amount renewal The central bank quickly reduced the OMO stock at the beginning of the month, and the inter - bank capital price increased slightly while the exchange price decreased slightly [3] 3. Content Summary by Category 3.1 Foreign Exchange and Gold Reserves - As of the end of December 2025, China's foreign exchange reserve was $3357.9 billion, a month - on - month increase of $1.15 billion, reaching a new high since December 2015 The gold reserve was 74.15 million ounces, a month - on - month increase of 30,000 ounces, with 14 consecutive months of increase [2] - From 2022 to 2024, global central banks had the highest net gold purchases in history, with 1080 tons in 2022, 1050 tons in 2023, and 1089 tons in 2024 In 2025, the purchase volume decreased to 634 tons but remained at a high level compared to historical data [2] 3.2 Central Bank Operations - On January 8, the central bank conducted a 1100 - billion - yuan 3 - month term repurchase operation to offset the maturing repurchase of the same amount It was the third consecutive month of equal - amount renewal The central bank quickly reduced the OMO stock at the beginning of the month, and the inter - bank capital price increased slightly while the exchange price decreased slightly [3] 3.3 Stock Market Performance - On January 7, the Shanghai Composite Index rose 0.05%, the Shenzhen Component Index rose 0.06%, and the total trading volume of the two markets was 2854.141 billion yuan, an increase of 47.634 billion yuan from the previous trading day The ChiNext Index rose 0.31% and the STAR 50 Index rose 0.99% [4] - Internationally, the German DAX Index, South Korea's Composite Index, Wind All - A Index, and NASDAQ Index led the gains, with increases of 1.6%, 0.92%, 0.57%, and 0.19% respectively The Hang Seng Tech Index, Nikkei 225 Index, and Dow Jones Industrial Average led the losses, with decreases of 1.49%, 1.06%, and 0.94% respectively [4] - The closing yield of the 10 - year China Treasury Bond was 1.8988%, a change of +1.75BP The average daily prices of inter - bank R001 and R007 were 1.3365% and 1.5323% respectively [4] 3.4 Sector Performance - The top - performing sectors were the comprehensive, coal, electronics, and communication sectors, with increases of 3.86%, 2.47%, 1.25%, and 1.24% respectively The underperforming sectors were the petroleum and petrochemical, non - bank finance, beauty care, and computer sectors, with decreases of 1.73%, 1.13%, 1.03%, and 0.81% respectively [4] 3.5 Exchange Rates and Interest Rates - The US dollar index closed at 98.7426, up 0.14% The US dollar to offshore RMB exchange rate was 6.9935, and the offshore RMB depreciated by 106 basis points [5] - The latest value of the 10 - year US Treasury yield was 1.899, a change of 1.75BP The latest value of DR007 was 1.462, a change of 2.99BP The latest value of the US dollar to offshore RMB was 6.9935, a change of 0.18% The latest value of the US dollar index was 98.74, a change of 0.14% [14] 3.6 A - share Market Overview - The total market capitalization of A - shares was 112.27 trillion yuan, an increase of 3.53 trillion yuan from the beginning of the year The cumulative trading volume this year was 8.28 trillion yuan, with an average daily trading volume of 2760.361 billion yuan The PE (TTM) was 22.99x and the PB (MRQ) was 6.06x The margin trading balance decreased compared to a month ago [18] - Different A - share indices showed different performances on January 7, with the Wind All - A Index rising 0.19%, the Shanghai Composite Index rising 0.05%, the Shenzhen Component Index rising 0.06%, etc [18] 3.7 Industry Performance - The top three sectors in terms of daily increase were the comprehensive, coal, and electronics sectors [22] - The top three sectors in terms of daily net inflow of funds were the communication, banking, and light manufacturing sectors The top three sectors in terms of net inflow of funds at the end of the day were the electronics, national defense and military industry, and non - bank finance sectors [24] - The top three themes in terms of increase were semiconductor equipment, lithography machines, and the SMIC industrial chain [24]

Group 1 - The ChiNext Index has fallen below 3300 points, currently down over 0.6% [1]

Group 1 - The Shenzhen Component Index increased by 1.01%, currently at 13,967.622 points [1] - The Shanghai Composite Index rose by 1.12%, currently at 4,068.510 points [1] - The ChiNext Index saw a smaller increase of 0.23%, currently at 3,302.214 points [1]

Core Viewpoint - The A-share market experienced a positive start to the new year, with significant gains across major indices on the first trading day of January [1] Group 1: Market Performance - The Shanghai Composite Index rose by 1.38%, reclaiming the 4000-point level [1] - The Shenzhen Component Index increased by 2.24% [1] - The ChiNext Index saw a rise of 2.85% [1] - The North China 50 Index gained 1.8% [1] Group 2: Trading Volume - The total trading volume for the three markets reached 25,672 billion yuan, an increase of 5,015 billion yuan compared to the previous day [1] - Over 4,100 stocks across the three markets experienced price increases [1]