Market Overview - The A-share market experienced a decline, with the Shanghai Composite Index down by 0.37%, the Shenzhen Component down by 0.99%, and the ChiNext Index down by 1.17% as of January 20 [1][15] - The beauty care, real estate, building materials, and construction decoration sectors showed localized activity, while the communication, defense, and non-ferrous metal sectors declined [1][15] Electric Grid Equipment Sector - The electric grid equipment sector was active at the beginning of trading, with companies like Senyuan Electric, Hancable, and Guangdian Electric achieving three consecutive trading limits, and Haiyou New Materials rising over 10% [2][15] - The National Energy Administration announced that by 2025, China's total electricity consumption will exceed 10 trillion kilowatt-hours, reaching 10.4 trillion kilowatt-hours, a year-on-year increase of 5% [3][17] Real Estate Sector - The real estate sector saw a rise, with City Investment Holdings and Hefei Urban Construction hitting the daily limit, while Poly Developments and China Merchants Shekou also experienced gains [4][18] - The building materials sector also rose, with companies like Hanjian Heshan and Jiuding New Materials reaching their daily limits, and Dongfang Yuhong increasing by over 7% [4][19] Communication Sector - The communication sector faced a downturn, with Datang Telecom hitting the daily limit down, and companies like Sanwei Communication and Dongxin He Ping experiencing significant declines [6][20] - The commercial aerospace concept stocks continued to retreat, with Aerospace Power hitting the daily limit down, and other companies like Aerospace Huanyu and Aerospace Hongtu also declining [6][21] Company Specifics - Yidian Tianxia officially resumed trading on January 20, opening with a 20% limit down at 65.06 CNY per share, and remained at the limit down with over 300,000 shares for sale [9][22] - The company stated that its business does not involve GEO operations and has not generated related revenue, maintaining that its main business remains in overseas integrated marketing and digital services [10][11]

Market Overview - The A-share market experienced a decline, with the Shanghai Composite Index down by 0.37%, the Shenzhen Component down by 0.99%, and the ChiNext Index down by 1.17% as of January 20 [2][3]. Sector Performance - The electric grid equipment sector showed initial strength, with companies like Senyuan Electric and Hancable achieving three consecutive trading limits, and Haiyou New Materials rising over 10% [6][7]. - The real estate sector saw gains, with City Investment Holdings and Hefei Urban Construction hitting the daily limit, while Poly Developments and China Merchants Shekou also experienced increases [9][10]. - The building materials sector also performed well, with companies like Hanjian Heshan and Jiuding New Materials reaching their daily limits, and Dongfang Yuhong rising over 7% [11]. - Conversely, the communication sector faced a downturn, with Datang Telecom hitting the daily limit down, and several other stocks like Sanwei Communication and Dongxin Peace experiencing significant declines [14][15]. - The commercial aerospace sector continued to retreat, with Aerospace Power hitting the daily limit down and other stocks like Aerospace Huanyu and Aerospace Hongtu also declining [16]. Company-Specific News - Yidian Tianxia resumed trading and immediately hit a 20% limit down, trading at 65.06 CNY per share, with significant selling pressure [19][20]. - Yidian Tianxia announced that its business does not involve GEO operations and has not generated related revenue, emphasizing that its core business remains unchanged [21].

2026 年 01 月 19 日 策 略 研 究 北美缺电或催生"表后供电"新模式，电力设备 正处于 AI 驱动大周期 投资要点： 策 略 定 期 报 告 北美缺电或催生"表后供电"新模式，电力设备正处于 AI 驱动大周 期。在美国电网老化亟需升级&"自建电厂"的"表后供电"模式双重驱 动下，相关电力设备需求将随之增长。电力设备正处于 AI 驱动的大周期中， 关注燃气轮机&光储&SOFC 等发电设备、变压器等电网设备、AIDC 等电 气设备的相关投资机会。 本周（1/12-1/16）市场先扬后抑，全 A 收涨 0.49%。从指数情况看， 科创 50、中证 500 领涨，上证 50、中证红利领跌。从风格情况看，科技、 周期领涨，消费、金融地产领跌。本周 31 个申万行业涨少跌多，计算机、 电子、有色金属领涨，农林牧渔、房地产、国防军工领跌。 3、涨价链：金属矿产、化工、存储等涨价链景气度较高，供需格局优 化。 风险提示 地缘政治风险超预期、宏观经济不及预期、海外市场大幅波动、 假设与现实存在偏离、历史不代表未来。 团队成员 市场观察：股债收益差下降，行业轮动强度下降。（1）市场估值：股 债收益差下降至 0.4% ...