A-share market opening express | The three major stock indexes are mixed, with the drop in copper cable, high-speed connection and other sectors leading the way.

Major A-share indices opened with mixed gains and losses, with the Shanghai Composite Index up 0.01% and the ChiNext Index down 0.2%. On the market, sectors such as high-speed copper cables, internet e-commerce, and small household appliances led the decline. Institutional outlook: Huaan: External risk expectations disturb market preference, favoring high stock dividends before the holiday Huaan believes that there is a domestic policy window period and external risk expectations are disturbing market preference. Before the Spring Festival, there is a policy and major meeting window period, and in the short term, the domestic policy's limited boost to the market. For example, on January 3rd, the National Development and Reform Commission announced the details of the "trade-in" policy for consumer goods, but did not disclose the support scale. At the same time, the slow change in economic fundamentals also provides limited support. Therefore, external risk expectations have become the main factor disturbing the current market, especially nearing the inauguration of Trump, making the market more sensitive to external risk changes. Therefore, before the landing of external risks, the overall market is expected to remain volatile. In terms of allocation, continue to emphasize the theme of high stock dividends before the holiday, while also paying attention to the automobile and home appliance sectors with policy expectations. However, the policy's implementation may become a window for realization, and there is also potential for improvement in the agricultural and animal husbandry sectors. BOC International: The brief decline at the beginning of the year can be seen as a window for a more favorable position BOC International stated that market confidence is expected to be restored in the future. On the one hand, the central bank stated over the weekend that by 2025, it will "choose the timing to lower reserve requirements and interest rates, maintain ample liquidity, and stabilize financial aggregate growth," once again strengthening market expectations of reserve requirement cuts; in addition, the Securities Regulatory Commission stated that "by January 15, all negative rumors about listed companies will be released," and "large redemptions by insurance companies of public funds" are all rumors. The active stance of regulators is expected to positively restore current market confidence. On the other hand, although the non-manufacturing PMI in December marginally improved and the manufacturing PMI has declined slightly but is still stronger than seasonal average levels, reflecting that the new orders index, an indicator of demand, is still rising, and domestic demand expectations need not be excessively pessimistic. With the implementation of the central bank's loose monetary operations, market confidence and funding conditions are expected to be restored. The risk premium indicator reflecting A-share sentiment has declined to 1 standard deviation below the standard, combined with annual strategy predictions, there is still room for A-share ERP level repair in the annual view, the brief decline at the beginning of the year can be seen as a more favorable position for adding positions during the year. In the recent market adjustment, under the decline in risk appetite and acceleration of industry rotation, some sectors of the consumer sector combine policy expectations and economic catalysis. Focus on household appliances, consumer electronics, social e-commerce, and IP economy. This article is reproduced from "Tencent Stock Selection", GMTEight editor: Xu Wenqiang.