A-shares midday review | Shanghai Composite Index fell by 0.29%, PCB concept stocks collectively surged, port shipping and other sectors led the decline.

On January 9th, A-shares opened lower and rose higher, with the ChiNext and Shenzhen Component Index leading the gains. By the close, the Shanghai Composite Index fell by 0.29%, the Shenzhen Component Index rose by 0.38%, and the Growth Enterprise Board Index rose by 0.3%. In terms of the market, technology sectors such as chips, PCB, AI PC, and humanoid Siasun Robot & Automation were among the top gainers, while industries such as port shipping, banks, and chemical pharmaceuticals led the declines. In terms of main funds, funds favored industries such as batteries, banks, and home appliances, while funds fled communication equipment, logistics, and optical optoelectronics. Institutional Views: Looking ahead, Orient pointed out that with the upcoming Spring Festival being a period without major policy announcements or conferences, internal factors will have limited impact on the market. External risk expectations remain the main disruptor of the current market, and until those risks materialize, the market is likely to continue to fluctuate. Minsheng Securities: The market has entered a period of correction, undervalued state-owned enterprises offer better value. Minsheng Securities noted that the stability of margin trading funds and trading activity is a necessary condition for the stabilization of the A-share market. The distribution of chips among investors is more diversified, with trend traders representing margin trading funds likely to have a greater marginal impact on the market. The market adjustment process may still be unstable due to individual investors and speculative funds being unaffected by market stability policies. The investment strategy should shift from seeking upward elasticity to seeking downside support. It is recommended to focus on undervalued state-owned enterprises (petroleum, banking) from a defensive perspective. Resource assets (aluminum, coal, gold, copper) are currently important, and opportunities in the service consumer sector (aviation, OTA platforms, express delivery) should also be considered. Cinda: Consolidation period may be a significant buying point approaching Spring Festival. Cinda believes that the rapid decline during the correction period will not last long, with most of the time being characterized by fluctuations. After the consolidation period, the strongest alpha sectors of the bull market will gradually emerge. Short-term consolidation period may present a significant buying point approaching the Spring Festival. In conclusion, the market is consolidating and approaching an important buying point prior to the Spring Festival. Orient pointed out that external risk expectations are the main factors disrupting the current market, and until these risks materialize, the market will continue to fluctuate.Ion hits the daily limit, Rockchip Electronics also surges to the limit, while Espressif Systems, Amlogic, Shenzhen Bluetrum Technology, Quectel Wireless Solutions, Bestechnic (Shanghai) Co., Ltd. are among the top gainers.Review: CITIC SEC research report believes that the key theme of CES 2025 is "AI accelerating implementation". With the rapid improvement of large model understanding and interactive capabilities, as well as the rapid decrease in costs of external API calls, the landing of AI on the terminal side is expected to flourish. This article is reproduced from "Tencent Stock Selection"; GMTEight Editor: Wang Qiujia.