Broker Morning Meeting Highlights | A-shares expected to usher in a strong market opening

Last Friday, the Hong Kong stock market started the year with a big rise, with the Hang Seng Index closing up 2.76% and the Hang Seng Tech Index up 4%. "Hong Kong's GPU first stock" BIREN TECH rose more than 75% on its first day of listing; the semiconductor sector led the gains, with HUA HONG SEMI up more than 9%, Semiconductor Manufacturing International Corporation up more than 5%; tech stocks rose, with Baidu Group up more than 9%, NetEase up more than 6%, Alibaba and TENCENT up more than 4%. At today's morning meeting of brokerage firms, China Securities Co., Ltd. believes that A-shares are expected to usher in a strong start to the year; CICC believes that consumer spending continues to recover during the New Year holiday; East Money Information Securities believes that thematic investment will remain active. China Securities Co., Ltd.: A-shares are expected to usher in a strong start to the year The A-share cross-year rally has started as scheduled. This year, the liquidity environment and exchange rate environment faced by the market on New Year's Day are significantly better than the previous two years. Multiple positive factors have driven the sharp rise in Hong Kong stocks, and A-shares are expected to usher in a strong start to the year. The industry mainly focuses on semiconductors, AI, and future industrial hotspots. Industries of key interest include semiconductors, AI, non-banking, new energy, and mechanical equipment; medium and long-term bullish sectors include non-ferrous metals (industrial metals, minor metals), and innovative drugs; thematic focus areas include commercial aerospace, nuclear power, humanoid Siasun Robot & Automation, and Hainan (duty-free). CICC: Consumer spending continues to recover during the New Year holiday This year's New Year holiday lasted for three consecutive days and allowed for "3 days off". The number of outbound travelers increased significantly compared to the previous year, and the radius of travel expanded. The tourism numbers and spending reported by the Ministry of Culture and Tourism were stronger in comparison to the National Day holiday in 2019, and inbound tourism continued to show strong interest. With the help of policies, tourism numbers and spending in Hainan saw a significant increase, with moderate growth in retail sales in various regions indicating a good start to consumption. However, data such as the average consumer spending per domestic traveler, per capita spending in scenic spots, and movie ticket prices have slightly fallen year-on-year, indicating a trend towards value-for-money consumption. East Money Information Securities: Thematic investment will remain active The characteristics of the upcoming spring market may include the following: First, given the unclear situation of domestic demand fundamentals in 2026, the technology growth represented by AI may still be the main theme of the market, while the rise in commodity prices benefits from the global loose cycle and structural recovery as an important secondary theme, and the outbound direction benefiting from the prosperous external demand may be an important supplementary theme. Second, during the period of earnings vacuum, thematic investments will continue to be active. After the Spring Festival, the market may gradually shift towards being driven by earnings. Based on this, A-shares will continue to interpret a slow bull market with fluctuations in the near future, and the process will depend on the inflow of incremental funds. It is recommended to focus on low-priced themes and sectors on the basis of prosperity themes. Key focus sectors include semiconductors, automobiles, domestic computing power, AI applications, and humanoid Siasun Robot & Automation. This article is reprinted from "Cailian Society". GMTEight Editor: Xu Wenqiang.