A-share stock market morning report | A-share market collectively opens higher, Shanghai Composite Index rises by 0.01%, precious metals sector continues to show strength.

A-shares three major stock indexes opened higher collectively, with the Shanghai Composite Index rising 0.01% and the ChiNext Index rising 0.07%. In the market, precious metals continue to be strong, with Zhongjin Gold Corp., Ltd. rising more than 1%; the semiconductor sector is active, with Shenzhen Techwinsemi Technology rising more than 5%. Institutional Outlook Sinolink: Embrace the window period in 2026, continue to be optimistic about AI investment and the resonance of global manufacturing industry recovery industrial resources Sinolink believes that the recent lackluster market caused by limited macro resilience and intensified industrial differentiation has brought investors an opportunity to adjust their thinking and embrace the window period in 2026: instead of betting on the increasing risks and market concerns of a single industry narrative, it is better to embrace more certain "physical demand driving" and "domestic demand policy dividends". They continue to be optimistic about AI investment and industrial resources such as copper, aluminum, tin, lithium, crude oil, and oil transportation that resonate with the recovery of the global manufacturing industry; take advantage of the consumption recovery channel resulting from the restoration of inbound tourism and increased household income - aviation, hotels, duty-free, food and beverages; benefit from the expansion of the capital market and the bottoming out of long-term asset return rates for non-banking sectors (insurance, securities); and the Chinese equipment export chain with global comparative advantages and confirmed bottom of the cycle - power grid equipment, energy storage, lithium batteries, photovoltaics, engineering machinery, commercial vehicles, lighting, as well as domestic manufacturing industries with bottom reversal potential - printing and dyeing, coal chemical industry, pesticides, polyurethane, titanium dioxide. Cinda: There is a high probability of a spring frenzy before the Spring Festival, allocate to non-banking financial institutions, electrical equipment, mechanical equipment, etc. Cinda stated that tactically, the foundation of the bull market remains solid, with the possibility of profit improvement and capital inflows resonating on an annual basis. Strategically, considering that A-share valuations are not low at present, with the expectation of strong and stable growth decreasing and uncertainties still present in the external market, the market may be in an adjustment period before the start of the new year market rally. There is a high probability of a spring frenzy before the Spring Festival in 2026, focusing on economic data, liquidity, or signals of positive changes in industry catalysts. The short-term market fluctuations in the coming year may come from regulatory policies and the speed of supply expansion. Among the factors that have led to the market's turnaround from bearish to bullish in the past year, the impact of policies and funds has been far greater than the impact of profits. The current bull market trend has basically formed. Orient: The market is currently in a period of consolidation with low trading volume, with limited upward momentum, trend opportunities need to wait for positive signals Orient stated that overall, as the market approaches the end of the year, it is in a period of consolidation with low trading volume. Although there is a preliminary rebound in stock indices in the short term, there is limited upward momentum, and the Shanghai Composite Index is still mainly oscillating around 3900 points. Trend opportunities need to wait for positive signals to appear. This article is reproduced from "Tencent Self-selected Stocks", GMTEight Editor: Feng Qiuyi.