A-share market opening express: Index opens high and goes high, Shanghai index rises by 0.5%! Micro-cap stock index rises by more than 2%

On January 14, the three main stock indexes of A-shares collectively opened higher; as of 09:44, the Shanghai Composite Index rose by 0.52%, the Shenzhen Component Index rose by 0.48%, the Growth Enterprise Index rose by 0.6%, and the Weipan Stock Index rose by 2.36%. On the trading floor, the Pinduoduo, Internet e-commerce sectors showed strong performance, while sectors such as Internet celebrities and short-form games led the gains. In terms of declines, the cyclical sectors such as precious metals, non-ferrous metals, and rare earth permanent magnets, which rose yesterday, led the declines. The high-profile stock Ningbo Techmation rose to the daily limit, showing a "limit up" trend, with 5 daily limits in 6 days, and a trading volume of nearly 800 million yuan. The stock opened with a daily limit down this morning. In terms of main funds, funds favored industries such as semiconductors, automotive parts, and Internet e-commerce; while funds moved out of chemical products, leisure food, and communication equipment industries. Institutional views Looking ahead, Zhongtai pointed out that the current market is in a basic and policy "risk window" period during the "end of the year and the beginning of the year", with limited information, the overall market volatility may intensify. Huaxi: Important buying opportunities may appear around the Spring Festival Huaxi pointed out that since the New Year, the main indexes of A-shares have undergone adjustments, but some small and micro-cap and technology-themed indices have rebounded from the bottom, indicating that the closer A-shares get to key gaps below, the stronger the support from the funds. Important buying opportunities may appear around the Spring Festival. In terms of industry allocation, first, in the low-interest rate and asset allocation shortage, high-dividend sectors act as ballast; second, focus on core assets such as AI+, Siasun Robot & Automation, and low-altitude economy when establishing positions at lows. EB SECURITIES: Pay attention to leading enterprises in large-cap stocks in technology, consumption, etc. EB SECURITIES stated that after the adjustment of macro-prudent adjustment parameters, in the short term, it is conducive to stabilizing the RMB exchange rate. The stabilization of the RMB exchange rate by the central bank boosts market confidence, and the capital market liquidity receives good news. With the stabilization of the RMB exchange rate, the trend of net outflows of cross-border funds is expected to ease, and foreign capital may have a certain expectation of net inflows. This incremental funding is expected to drive up stock prices, particularly in sectors preferred by foreign investors, such as technology and consumption. Zhongtai: How will the market interpret the "risk window" period after the pullback? The current market is in a "risk window" period in terms of basic and policy during the year-end and the beginning of the year. With limited information, the overall market volatility may intensify. Generally speaking, there are no major bearish factors in the market recently. Last week, the market experienced a significant adjustment, significantly exceeding the expectations of most investors. As for the subsequent interpretation of the market, the sharp drop in the index may be nearing its end. Considering that it is still in a "risk window" period before the Spring Festival, with factors like tariffs and the resilience of the real estate market, there may still be opportunities for rebound around the Spring Festival. At this point in time, it is advisable to closely monitor the stabilization of small and micro-cap liquidity such as the CSI 2000. The liquidity of small and micro-cap stocks is the most important indicator for determining when the market will stabilize and rebound in the short term. Minsheng Securities: Be prepared for the "defensive counterattack" in the current market As the market heat recedes, it is necessary to see the convergence of market expectations since September 24 on the one hand, and on the other hand, it is important to see that A-shares are in a state where shareholder dividends and repurchases have the highest returns and are undervalued, which is the long-term stable support of the market. Currently, technology growth has become the final stronghold, with a turnover ratio at a high level in the past 3 years. However, looking forward, the marginal drive of the theme itself has slowed down, and there is a need for a decrease in heat. Resource stocks have short-term catalytic impacts from geopolitical conflicts, and from a medium-term perspective, one can wait for the gradual recovery of demand. The turnover ratios of TMT and physical asset trading are at high levels in the past 3 years, indicating a possibility of regression. General physical assets are entering a period of relative returns, gradually transitioning to a period of absolute returns. The de-financialization of the Chinese economy has been basically completed, as manufacturing activities dominate, resource stocks will gradually shift from a defensive logic to a pro-cyclical logic. Hot sectors Strong performance in the Little Red Book concept Stocks related to the Little Red Book ecosystem concept showed strength, with Hangzhou Onechance Tech Corp., Inly Media Co., Ltd. hitting the daily limit, and Inmyshow Digital Technology, Shanghai Yaoji Technology, Visual China Group following suit. Comments: On the news front, the international version of the Little Red Book topped the US App Store's free list. Tianfeng believes that the international version of the Little Red Book will continue to attract users and expand its platform's revenue opportunities. The content of the Little Red Book is basically not isolated domestically and internationally, and overseas users can directly register with an overseas phone number, with low migration costs. This article is reprinted from "Tencent Stocks", GMTEight Editor: Jiang Yuanhua.