A-share market opening express | Three major indexes opened lower and rose higher, and copper cable high-speed connection sector became active again.

On January 24, the three major indexes opened lower and then rose. By 9:45, the Shanghai Composite Index fell by 0.14%, the Shenzhen Component Index rose by 0.12%, and the ChiNext Index rose by 0.38%. On the market, the high-speed copper cable connection sector was active again, with concepts like Huawei Euler, Zhipu AI, and Huawei Ascend driving the AI intelligent body concept higher. On the decline side, the liquor sector saw a significant pullback, with agricultural stocks like genetically modified organisms and food concepts leading the losses. In terms of main funds, funds favored the communication equipment, and optical optoelectronic industries, while funds fled from the semiconductor, liquor, and banking industries. Institutional Views: Looking ahead, Soochow predicts that before and after the Spring Festival, in the context of abundant liquidity, continued activity in the industrial trends, and the opening of policy imagination space, A-shares and small and medium-sized technology companies will perform well together. Shenwan Hongyuan Group: Maintains the judgment that the A-share market in the spring will be a volatile market Shenwan Hongyuan Group believes that factors influencing risk preferences in the future remain complex. In the short term, the sensitivity of A-shares to Trump's policies towards China remains high. The decision factors for risk preferences after March may switch to domestic policy implementation and effectiveness. Short-term risk preferences are difficult to change directionally and are still in a game of marginal changes within a narrow range of fluctuations. Maintaining the judgment that the A-share market in the spring has the opportunity to be a volatile market. After a short-term adjustment, it is important to stay positive. We continue to favor thematic opportunities, and high dividend stocks are part of the thematic rotation. Innovative industries like domestic AI computing power and applications, humanoid Siasun Robot & Automation, and low-altitude economy may see a new round of high market performance. Haitong: A-shares are expected to enter an upward trend driven by fundamentals Haitong believes that historically, the spring market has shown momentum every year, and the initiation of the spring market is closely related to policy catalysis, loose liquidity, and improving fundamentals. The positive catalysis that may drive the initiation of the spring market has already occurred: from a policy perspective, this implementation plan is another major step in implementing last year's "New Nine Measures" and the Central Economic Work Conference's intention to "stabilize the real estate and stock markets". Furthermore, the tone of China's macro policies has clearly shifted since the 24th Central Economic Work Conference, explicitly stating that 2025 will implement "more proactive and effective macroeconomic policies", opening up opportunities for future macroeconomic policy efforts. From a liquidity perspective, with long-term funds entering the market due to policy guidance and potential additional monetary policy measures, the liquidity environment is expected to remain loose. From a fundamental perspective, the bottom-up policy efforts are gradually paying off, with real GDP growth in Q4 2024 reaching 5.4%, surpassing market expectations. Therefore, whether from a policy catalysis, liquidity, or fundamental perspective, the A-share market in the spring of this year is expected to be promising. Looking ahead to the whole year of 2025, with changes in funding and fundamentals, A-shares are expected to enter an upward trend driven by fundamentals. Soochow: Small and medium-sized tech stocks are expected to perform well in the spring market As funds flow back to the banking system after the holiday, the macro liquidity situation is expected to improve, and active funding will change the current pressure on small and medium-sized stocks. Referring to historical experience, macro liquidity tends to loosen gradually before and after the Spring Festival, with the turnover rate in February often significantly better than in January. Based on the average level since 2014, it is expected to increase by 0.25% monthly. The A-share market's win rate and profitability will enhance under active funding, and after the Spring Festival, the 60 trading days will often show better resilience in small-cap and growth styles. Soochow predicts that before and after the Spring Festival, in the context of abundant liquidity, continued activity in the industrial trends, and the opening of policy imagination space, A-shares and small and medium-sized technology companies will perform well together. Hot Sectors: AI intelligent body concepts collectively rose, with Shanghai New Centurion Network Information Technology, Lets Holding Group hitting the upper limit, Synthesis Electronic Technology opening higher by over 10%, Nanxing Machinery, Hand Enterprise Solutions, Qingdao Kutesmart Co., Ltd., Sinodata Co., Ltd., Richinfo Technology were among the biggest gainers. Review: On the news front, Beijing Zhipu HUAZHANG TECH announced that its Zhipu GLM-PC had opened for experience, claiming it was an "upgraded multimodal agent that operates computers independently." In addition, Huawei's Executive Director Yu Chengdong recently revealed in a video that Huawei will launch the Xiaoyi APP during the Spring Festival, which includes various intelligent applications. The high-speed copper cable connection concept stocks were active again, with Xinya Electronic hitting three consecutive limit ups, Yangtze Optical Fibre And Cable Joint Stock hitting the limit up, Nanjing Huamai Technology, Broadex Technologies rose by over 5%, Suzhou Recodeal Interconnect System, Shenzhen Woer Heat-shrinkable Material, Tongling Jingda Special Magnet Wire, Henan Carve Electronics Technology followed the trend. Review: Huaxin Securities pointed out that high-speed copper cables sales continue to grow as they are used for server connections and interconnections in decoupled switches and routers. It is estimated that the compound annual growth rate of high-speed copper cables from 2023 to 2027 will be 25%, and by 2027, the shipment volume of high-speed copper cables will.It is expected to reach 20 million items.This article is reprinted from Tencent Selected Stocks, GMTEight Editor: Xu Wenqiang.