Pre-market report on A-shares | Breaking news! US announces additional 25% tariffs on semiconductors Metal prices surge again! Four major varieties hit new highs consecutively

Pre-market briefing 1. The White House in the United States announced a 25% tariff on specific semiconductors and other products Type: Industry Emotional Impact: Negative The White House in the United States announced on the 14th that starting from the 15th, a 25% import tariff will be imposed on certain imported semiconductors, semiconductor manufacturing equipment, and derivatives. The U.S. government aims to encourage chip manufacturers to produce in the United States, reduce dependence on chip manufacturers in China and other countries. The U.S. Supreme Court has not made a final ruling on the legality of the Trump administration's tariff policy. Galaxy Securities stated that in the external environment, supply chain security and autonomy are long-term trends. 2. Multiple cooling signals! Several heavyweight stocks see substantial selling pressure, and the Shanghai Stock Exchange takes action Type: Market Emotional Impact: Neutral On January 14, multiple cooling signals emerged in the market. Firstly, after the exchange raised margin requirements, multiple heavyweight stocks saw significant selling pressure during closing auction, with China Merchants Bank's selling pressure exceeding 6.5 billion yuan. Secondly, the Shanghai Stock Exchange took self-discipline measures, suspending account trading for Beijing Qianjing Landscape-related investors. Analysts believe that the core goal of cooling measures is not to suppress the market, but to prevent risks and promote long-term healthy development to prevent the market from transitioning from "rapid rise" to "quick fall." 3. Ministry of Finance: Deploying comprehensive policies to promote fiscal and financial coordination to boost domestic demand Type: Industry Emotional Impact: Positive In the afternoon of January 13, the Ministry of Finance, together with relevant departments, held a national video conference to promote comprehensive policies for fiscal and financial coordination to boost domestic demand. The meeting deployed work to promote fiscal and financial coordination to boost domestic demand, requiring all levels of finance departments to work together with relevant departments and handling agencies to fully grasp the requirements of fiscal and financial coordination to promote domestic demand, simplify procedures, strengthen execution tracking, and effectively promote the implementation of policies for visible results. 4. Three departments continue the new policy of tax refund for house exchange, institutions believe the real estate adjustment cycle is expected to enter the final stage Type: Industry Emotional Impact: Positive The Ministry of Finance and other departments jointly issued an announcement to continue implementing the tax policy to support residents in exchanging homes, from January 1 this year to December 31 next year, if a homeowner sells their property and purchases a new one within one year after the sale, they will receive a tax refund for the personal income tax paid on the sold property. Huayuan Securities stated that the real estate adjustment cycle is expected to enter the final stage by 2026, with a clear trend towards quality properties. Investment Calendar Press conference on financial policies by the State Council Information Office Investment Tips Investment Tip: One of the best ways to control asset portfolio risk is to accurately understand which assets you hold and the reasons for holding them. Do not overly focus on the composition of your portfolio at a certain point in time. Ben Carlson Institutional Views 1. Orient: The stock index is still in a healthy range, short-term volatility helps smooth fund allocation between sectors. 2. Cinda: The liquidity environment is likely to be favorable before the Spring Festival, and the market may continue to be strong, with possible fluctuations in January. 3. China Galaxy Securities: As the market frequently hits new highs, market volatility may increase, focusing on structural opportunities. Upcoming market positives and negatives 1. Metal prices soar again! Silver breaks $92 for the first time, gold, copper, and tin rally to new highs Type: Market discussion CMSC: With a major change in macro order, structural buying and cyclical buying of precious metals are likely to resonate. Internal prices are likely to rise and overseas premiums may be repaired, focusing on high demand and upstream industry chain independent control related targets. 2. Positive news for autonomous driving! Shanghai issues action plan to accelerate intelligent advancement of cars Type: Policy focus Dongxing: Car intelligence has moved from quantitative change to qualitative change, 2026 will be the year of L3 intelligent driving, and intelligent driving technology represented by intelligent chassis will be mass applied, intelligent driving will become a main investment theme in the automotive sector. 3. Google launches new generation MedGemma1.5, accelerating AI medical breakthroughs Type: Institutional review China Securities Co., Ltd.: AI medical applications have great value in improving medical equipment functions, assisting clinical decision-making, and other areas. With continued catalysis from national policies and industry technology, AI medical application scenarios are expected to accelerate. Announcements More positive announcements 1. CITIC SEC: Net profit for 2025 is 30.1 billion yuan, a year-on-year increase of 38.46%. 2. Unigroup Guoxin Microelectronics: Intends to purchase 100% equity of Ruineng Semiconductor. 3. Zhuzhou Hongda Electronics Corp., Ltd.: Controlling subsidiary intends to invest in the construction of a special device wafer manufacturing and packaging testing base project. More negative announcements 1. Beijing Quanshi World Online Network Information: Subsidiary involved in a 55.09 million yuan contract fraud case. 2. Shenzhen Infogem Technologies: Expects to incur losses again in 2025. 3. Anhui Huaren Health Pharmaceutical: Shareholder Saifu Investment plans to reduce its stake by no more than 2% of the company's shares. Overseas Markets Selected brother reminder: U.S. stocks closed collectively lower, with the Nasdaq leading the decline, and large-cap technology stocks showing a general decline. Concerns about potential disruption of Iranian oil supplies led to an increase in energy stocks. Most popular Chinese stocks fell, with Ctrip plummeting over 17%. This article is reproduced from "Tencent Selection Stocks", GMT8 Editor: Jiang Yuanhua.