Brokerage Morning Meeting Highlights | Focus on Cross-Year Market Changes

Last Friday, the market opened high and closed low, with all three major indices collectively falling. The turnover of the Shanghai and Shenzhen stock markets was 3.03 trillion yuan, 120.8 billion more than the previous trading day. More than 2900 stocks in the entire market fell. In terms of sectors, the semiconductor industry chain collectively strengthened, with JCET Group Co., Ltd. hitting a 5-year high limit, and storage chip concepts continued to rise in the afternoon, with Biwin Storage Technology and Shenzhen Longsys Electronics both hitting historic highs. The concept of humanoid Siasun Robot & Automation rose, and the power grid equipment concept was active. In terms of declines, the oil and gas, and AI application sectors led the decline. By the close, the Shanghai Composite Index fell by 0.26%, the Shenzhen Component Index fell by 0.18%, and the ChiNext Index fell by 0.2%. At today's brokerage morning meeting, China Securities Co., Ltd. believes that they need to pay attention to changes in the New Year's market under the active cooling down scenario; Guosheng believes that the short-term market adjustment may have been basically completed; Galaxy Securities believes that internal and external disturbances are intertwined, and Hong Kong stocks may oscillate narrowly. China Securities Co., Ltd.: Focus on changes in the New Year's market under active cooling down Since the beginning of the year, the New Year's market has become increasingly intense, with funds actively entering the market. Sectors like commercial aerospace and AI applications continue to surge, triggering local overheated trading. After active cooling down this week, some investors are worried that this may reverse the overall pattern of the New Year's market. Overall, this active cooling down does not affect the overall pattern of the New Year's market, but the situation of local overheating may be alleviated, and there may be some changes in the direction of fund trading. In terms of industry allocation, AI computing power, non-ferrous metals, innovative drugs, and automobiles have significant prosperity catalysts. Previously, hot market sectors like commercial aerospace and AI applications may experience temporary adjustments, so investors can focus on other themes such as ultra-high voltage, brain-machine interface, and controlled nuclear fusion. Guosheng: Short-term market adjustment may have been basically completed The market fluctuated downward this week, with the Shanghai Composite Index falling by 0.45% for the entire week. In this context, the pharmaceutical and transportation sectors saw daily-level gains. Currently, 23 industries are experiencing daily-level gains. At present, the probability of the market's daily-level gains continuing is still high for several reasons: 1. The Shanghai Composite Index has only gone through a single wave structure of rise, so the likelihood of a short-term end is low; 2. Currently, the market is experiencing simultaneous increase in volume and price, indicating a healthy trend; 3. Sectors such as media, computers, steel, construction, textiles, agriculture, forestry, animal husbandry, and fishery have recently seen a return to daily-level gains, and have only gone through a single wave structure of rise, so the likelihood of a short-term end is low. This week, the Shanghai Composite Index and the Shanghai 50 Index have undergone a 30-minute adjustment, indicating that the short-term adjustment has been basically completed, and the market will start a new round of rise. Galaxy Securities: Internal and external disturbances intertwined, Hong Kong stocks may oscillate narrowly Looking ahead, the short-term expectation of a rate cut by the Federal Reserve has decreased, global geopolitical uncertainties have intensified, and investor risk appetite will be affected, leading to an expectation of narrow fluctuations in Hong Kong stocks. In terms of allocation, it is recommended to focus on the following sectors: (1) The technology sector remains the main theme for medium and long-term investment. With multiple positive factors such as rising prices in the industrial chain, domestic substitution, and accelerated AI applications, it is expected to fluctuate upward. (2) The consumption sector is expected to continue to benefit from policy support, and its current valuation is relatively low, with significant long-term upside potential. It is necessary to pay attention to the landing intensity of policies and the improvement of consumption data. (3) As geopolitical tensions escalate, safe-haven assets such as precious metals are expected to benefit. This article is reprinted from "" by GMTEight editor: Liu Jiayin.