A-share opening express | Three major indexes collectively opened lower, precious metals sector performing actively

On January 19th, the three major A-share indexes opened collectively lower, with the Shanghai Composite Index falling by 0.27% and the ChiNext Index falling by 0.6%. On the board, the precious metals sector was active, with Hunan Silver rising by more than 3% and Zhaojin International Gold rising by more than 2%; AI applications, oil and gas sectors were among the top decliners. Institutional views on the future market: CITIC SEC: Farewell to the hustle and bustle, return to performance CITIC SEC believes that the adjustment of margin financing does not affect the general direction of the market's volatile upward trend, but it will affect the structure. The game of thematic sectors intensifies, and the unilateral trend driven solely by narrative and fund relay comes to an end. As we enter the period of annual report forecasts, the weight of performance clues begins to rise again. The massive redemption of ETFs is part of countercyclical adjustment, providing a window for value-oriented funds to calmly "get on board". In terms of allocation, a good portfolio should be smooth, with low resistance and anxiety resistance, based on the principle of "weighting of resources + traditional manufacturing" (chemicals, non-ferrous metals, power equipment, and new energy). On this basis, it is advisable to increase allocations to non-financials (securities, insurance) on dips, while enhancing returns through certain service consumption varieties (such as duty-free, aviation) or highly prosperous varieties (semiconductor equipment, etc.). Guotai Haitong: Faster thematic rotation, focusing on domestic semiconductors and power Guotai Haitong believes that the China Securities Regulatory Commission proposed to severely crack down on illegal activities such as excessive speculation and market manipulation last week, to prevent drastic ups and downs in the market. The recent large increases and debates among investors about themes such as commercial aerospace and GEO have returned to rationality. The domestic demand for domestic calculation power has been accelerated by the iteration of domestic models such as Qianwen/Dou Bao, and the capital expenditure guidance of TSMC exceeded expectations. National Grid's increased investment in the "13th Five-Year Plan" has become a new catalyst. Trade supervision helps guide the market to stability and long-term growth, with a faster pace of thematic rotation. It is optimistic about low-tech sectors with strong demand support and intensive industrial catalysis, such as domestic calculation power, new power grids, Siasun Robot & Automation, and domestic consumption. Orient: It is expected that the Shanghai Composite Index will consolidate in the 4000-4200 region before the Spring Festival Orient believes that from the perspective of the market, the speculative sentiment in commercial aerospace and AI applications has clearly converged, while the heat of speculation in the semiconductor industry chain and intelligent grid, though high, is significantly weaker than that of the previous two tracks. This indicates that the cooling effect of policies is indeed evident, which is beneficial to this year's market performance. In the short term, it is expected that the Shanghai Composite Index will consolidate in the 4000-4200 region before the Spring Festival, but it will not affect the performance of popular sectors and individual stocks. Prosperity and performance are still important dimensions for stock selection. Direction such as AI computing power, semiconductors, non-ferrous metals, Siasun Robot & Automation are still worth looking at. This article is reproduced from "Tencent Stock Selection", GMTEight editor: Xu Wenqiang.