A-share opening express | Index trends differentiation, Shanghai index fell by about 0.5%! Multiple stocks with pre-increasing annual reports soared.

On January 17, the three major indices opened collectively lower. By 9:40, the Shanghai Composite Index fell by 0.32%, the Shenzhen Component Index fell by 0.08%, and the ChiNext Index rose by 0.18%. On the market, most industries saw decreases rather than increases, with the fishing industry, general retail, and advertising and marketing industries leading the declines; wind power equipment, energy metals, and motor industries leading the gains. In terms of major capital flows, funds favored the internet e-commerce and energy metal industries, while funds fled from general retail and automotive parts industries. Institutional Views Looking ahead, Huaxi believes that after US President-elect Trump is inaugurated, the A-share market may once again trade on expectations of government policies, potentially brewing a spring market rally. CITIC SEC: Trump's inauguration imminent, external disturbances will gradually become clear CITIC SEC pointed out that the key external variable currently faced by the market is Trump's inauguration on January 20. CITIC SEC believes that during Trump's first month in office, attention should be paid to both domestic and foreign policies. In terms of the economy, this could include signing tariffs, easing administrative regulations, encouraging the development of cryptocurrencies, and negotiating tax cuts with Congress. In terms of energy, this could involve signing orders supporting traditional energy production and strengthening key resource security, as well as potentially withdrawing from the Paris Agreement. Socially, this could involve signing orders to strengthen border control, deport illegal immigrants with violent criminal records, and eliminate certain diversity programs. Diplomatically, this could involve proposing a solution to the Russia-Ukraine conflict and pressuring NATO allies to increase military expenditure. CITIC SEC believes that Trump's previously proposed global tariffs may face obstacles, and that Chinese companies expanding globally remains a long-term trend. Regarding tariffs on China, they suggest a certain industry priority and sequencing. For the domestic capital markets, they anticipate that as Trump takes office, external disturbances will gradually become clear in the latter part of January, and additional measures for hedging potential external pressures could be expected. Huaxi: Spring market rally may be brewing, "new quality cows" still a major theme for investment Huaxi believes that with the central bank stabilizing the exchange rate, the CSRC reiterating its focus on stabilizing the stock market, and discussions in the US on gradual tariffs, the renminbi has stabilized against the US dollar and investor concerns about negative factors affecting A-shares have been alleviated. Additionally, there are signs of improved micro liquidity in the stock market, with trading volumes exceeding trillions in the past two trading days and margin funds returning to net purchases. Looking ahead, after US President-elect Trump is inaugurated, the A-share market may once again trade on expectations of government policies, potentially brewing a spring market rally. In terms of industry allocation, themes related to "new quality cows" are expected to be the main driver of the spring market rally: AI+, humanoid robots, low-altitude economy, domestic substitution, etc. Huaan: Sensitive period of external disturbances, high dividend stocks may be further strengthened Overseas risks continue to accumulate, and the market is expected to remain volatile. Recently, the NDRC and Ministry of Finance announced some measures that were generally in line with expectations, but the scale of the consumer "trade-in" scheme and the increase in the deficit rate still need to wait until the March two sessions for an announcement, with limited market uplift. In addition, overseas risks continue to accumulate, one being Trump's continued implementation of anti-globalization measures and concerns about export and economic impacts persisting in the market. The other is that the minutes of the December FOMC meeting show increased disagreement among Fed officials about rate cuts, leading to a significant increase in the probability of a hawkish path, which could suppress preference for US stocks and global capital markets. Therefore, overall, until there is a significant improvement in the economic fundamentals or increased domestic policy support, it is expected that the market will continue to remain volatile. As external risks continue to accumulate, they may have a certain restraining effect on risk appetite. In terms of allocation, the direction of high dividend stocks is expected to be further strengthened, with agriculture, animal husbandry, and communications also worth noting. The automotive, home appliances, and electronics sectors may gradually benefit from the implementation of the "two new" policies. Hot Sectors Several stocks with earnings forecasts have seen large increases Several stocks with earnings forecasts saw significant increases at the opening, with Hunan Sundy Science And Technology, Suzhou Hycan Holdings, and Lianhe Chemical Technology hitting the bid limit, while Jiangsu Bojun Industrial Technology and Zhejiang Haiyan Power System Resources Environmental Technology opened more than 10% higher. Commentary: In terms of news, Hunan Sundy Science And Technology expects a 157%-183% year-on-year increase in net profit for 2024; Jiangsu Bojun Industrial Technology expects a 90%-120% year-on-year increase in net profit for 2024; Suzhou Hycan Holdings expects a 730%-849% year-on-year increase in net profit for 2024; Lianhe Chemical Technology expects a turnaround from losses to profits of RMB 90-135 million for 2024. Siasun Robot&Automation concept stocks rally again Concept stocks related to Siasun Robot&Automation rallied again at the opening, with Shenzhen King Explorer Science And Technology Corporation hitting a 7-day limit up, Ningbo Zhongda Leader Intelligent Transmission limit up, and Zhejiang Fore Intelligent Technology, Hangzhou Kaierda Welding Robot, Kinco Automation (Shanghai) Co., Ltd., and Zhejiang Changsheng sliding.Ng Bearings, Shenzhen Manst Technology, Dianguang Explosion-proof Technology, and Zhejiang XCC Group all rose more than 5%.Comments: On the evening of January 16th, Siasun Robot & Automation released a video of the humanoid robot Siasun Robot & AutomationUnitree G1 walking and running. According to reports, the Siasun Robot & Automation has undergone bionic and agile upgrades to achieve smooth walking and human-like running. This article is reprinted from "Tencent Stock", edited by GMTEight: Jiang Yuanhua.