A-share pre-market report | Goldman Sachs has raised ratings of multiple Bank of China stocks. There are new developments in the merger of Guotai Junan and Haitong.

Investment Calendar 2025 Gofu Shanghai Innovation Conference to be held today Editor's View Editor's View: The market fluctuated narrowly yesterday, with the Shanghai Composite Index showing a weak trend, and funds focusing on technology themes; BOC International believes that the brief decline can be seen as a window for adding more positions, focusing on home appliances, consumer electronics, etc. Pre-market news 1. Goldman Sachs raised ratings for several Bank of China stocks: Target price of 7.56 yuan for ICBC, target price of 6.06 yuan for ABC Type: Industry Sentiment impact: Positive Goldman Sachs raised its rating on China Merchants Bank A shares to Buy, with a target price of 49.85 yuan; raised its rating on China ABC A shares to Neutral, with a target price of 6.06 yuan; raised its rating on Bank of China A shares to Buy, with a target price of 6.60 yuan; raised its rating on Industrial and Commercial Bank of China A shares to Neutral, with a target price of 7.56 yuan. 2. Securities industry super aircraft carrier about to emerge, Guotai Junan, Haitong merger approved by the Shanghai Stock Exchange Type: Company Sentiment impact: Positive The Shanghai Stock Exchange announced that the merger and reorganization application of Guotai Junan and Haitong has been approved, making it the first merger and reorganization project approved by the Shanghai Stock Exchange in 2025. Zhonghang Securities believes that brokerage integration will help enhance concentration, and expects merger and reorganization in the industry to accelerate. 3. Funds speculate on cross-border ETFs, with some funds trading at a premium of over 50%! S&P Consumer ETF to be suspended from Friday Type: Market Sentiment impact: Neutral Jingshun Changcheng Fund announced that the S&P Consumer ETF has a significant premium, and the fund will be suspended from trading starting January 10th. In recent times, funds have been speculating heavily on cross-border ETFs, and as of the closing of yesterday, the premium rate for the S&P Consumer ETF (159529) has surged to 51.82%, with fund companies frequently issuing risk warning announcements. 4. Shanghai issues document supporting the development of new energy storage industry, targeting to form leading companies with billion-scale by 2030 Type: Industry Sentiment impact: Positive Shanghai issued a document proposing to establish a core technology equipment industrial chain for new energy storage by 2026, build 2 new energy storage industrial parks, cultivate more than 10 high-quality enterprises with industrial driving effects; by 2030, to attract and develop leading companies with a scale of billions, striving for an application scale of over 2 million kilowatts. Institutional views 1. Huaan: Domestic policy window period, external risk expectations disturb market preferences, favoring high dividend stocks before the festival. 2. BOC International: The brief decline at the beginning of the year can be seen as a window for adding more positions, focusing on home appliances, consumer electronics and other sectors. 3. Orient: The market is in a state of volatile adjustment,... (Translated text is too long. Please shorten it to 500 characters or less for a complete translation)