Pre-market report on A-shares | TSMC's financial report ignites the AI market! American chip stocks collectively strengthen, Philadelphia Semiconductor Index refreshes high.

Pre-market news 1. Involving targeted interest rate cuts and reducing inventory in the real estate market! The central bank pushes a "combination punch" of monetary policy, experts interpret Type: Macro Sentiment Impact: Positive On January 15, the central bank held a press conference at the State Council Information Office, proposing to lower the rates of various structural monetary policy instruments by 0.25 percentage points, expand the scope and scale of multiple structural monetary policy instruments, etc. Experts pointed out that this time, the central bank further expanded in scale and in the applicable range, clarifying the country's determination to support specific industries financially. Lowering the down payment ratio for commercial properties is beneficial for further reducing inventory in the real estate market. 2. TSMC's financial report ignites the AI market! US chip stocks rise together, Philly Semiconductor Index hits a new high Type: Market Sentiment Impact: Positive The three major US stock indices collectively closed higher, with chip stocks rising under the impressive financial report of TSMC, pushing the Philly Semiconductor Index up by 1.8%, hitting a new high. Thanks to strong demand for high-end chips, TSMC's fourth-quarter profit grew by 35% year-on-year, exceeding expectations and reaching a new high. Institutions believe that TSMC's performance confirms the industry demand, downstream customers have strong payment capabilities, and the supply-demand imbalance situation will continue until 2028-2029. 3. Growth of 40%! State Grid plans to invest 4 trillion yuan in building a new power system Type: Industry Sentiment Impact: Positive On January 15, State Grid disclosed that during the "Five-Year Plan", its fixed asset investment is expected to reach 4 trillion yuan, a 40% increase compared to the previous five-year plan, to drive high-quality development of the new power system industry chain through expanding effective investment. Sinolink believes that by 2026, the high prosperity track points to the two major directions of main grid transmission and transformation and the offshore market of power equipment. At the same time, attention is also on the turning points of the network and external network sides. 4. CBIRC: Normalize the operation of urban real estate financing coordination mechanism in 2026 Type: Industry Sentiment Impact: Positive On January 15, the China Banking and Insurance Regulatory Commission held a regulatory work meeting for 2026, proposing to prevent and resolve risks in relevant areas. Promote the normalization of the operation of the urban real estate financing coordination mechanism to help build a new model for real estate development. It also emphasized the need to strengthen financial supply to promote consumption and expand investment, providing efficient services for the strategy of expanding domestic demand. Actively cultivate patient capital to promote the development of new quality productive forces. Investment Calendar 2026 Fusion Energy Technology and Industry Conference Investment Tips Investment Tip: There is a huge difference between probability and results. Things that are possible haven't happened, while things that are impossible have happened. This is one of the most important things you should know about investment risks. - Howard Marks Institutional Views 1. Orient: In the short term, the spring market is not over yet, the slow bull continues, focusing on the growth style for further compensating. 2. Huatai: The spring frenzy is in progress, but as the hot sectors become more crowded, the probability of rotation is gradually increasing. 3. Shenwan Hongyuan Group: The market is at the high point of the "structural bull" phase, and there may be some adjustments and setbacks in the middle, but the magnitude is expected to be limited. Upcoming Positive and Negative Events 1. China Aerospace Hi-Tech Holding Group: Make full efforts to break through reusable rocket technology in 2026 Type: Market hot topic Sinolink: With the intensive launches and exploration of reusable rockets, the commercial rocket industry has entered a period of rapid iteration from 0 to 1. When reusable rocket technology matures, the structural and control systems of the rocket are expected to continue benefiting. 2. Copper resource competition intensifies! Mining giant Rio Tinto to supply copper to Amazon's AI data center Type: Institutional hot commentary Guosen: Under the rise of new demand in AI, electricity, and new energy, non-ferrous metals are expected to continue to perform well in 2026. At the same time, China has initiated "anti-inner-circulation" to regulate industry competition, strengthen resource value through strategic resource export controls. 3. Ministry of Commerce: Continue to unleash the potential vitality of service consumption, commodity consumption, and down-market consumption in 2026 Type: Policy focus East Money Information: With the rapid development of the Chinese economy and the continuous improvement of the income distribution system, the consumption sector is expected to usher in a golden ten years of development. The fundamentals stack up with the sector's low valuations, and consumption is expected to see a strong market with strong policy expectations. Announcement Update Slightly positive announcement 1. Luxshare Precision Industry: Plans to repurchase shares worth 1-2 billion yuan 2. Hybio Pharmaceutical: Signs a 180 million yuan sales order for GLP-1 bulk drug 3. Ningbo Zhenyu Technology: Pre-announced doubled net profit in 2025, with primary business income nearing tens of billions Slightly negative announcement 1. National Silicon Industry Group: Major fund reduced holdings by 32.01 million shares during the period from January 9 to January 15 2. Tonze New Energy Technology: Received administrative regulatory measures and supervision letters for irregularities such as improper goodwill impairment testing 3. Aidite: Shareholders Junlian Xinkang and HAL plan to collectively reduce their holdings by no more than 3% Overseas Markets Self-selected Brother's Tip: The three major US stock indices collectively closed higher, with large-cap tech stocks showing mixed movements, and chip stocks rising under the impressive financial report of TSMC. Most popular Chinese stocks fell, with the Nasdaq Golden Dragon China Index down by 0.6%. This article is translated from "Tencent Self-selected Stocks", GMTEight editor: Chen Xiaoyi.