A-share market morning express | Three major indexes collectively open higher, non-ferrous metal sector strong

On January 23, the three major stock indexes of A-shares collectively opened higher, with the Shanghai Composite Index rising by 0.18% and the ChiNext Index rising by 0.16%. On the market, the non-ferrous metal sector was strong, with Hunan Silver rising by over 6%; while the oil and gas exploration, and semiconductor sectors were leading the decline. Institutional Views on Future Market Trends EB SECURITIES: Looking ahead, EB SECURITIES recommends investors to remain cautious before the Spring Festival. EB SECURITIES believes that looking ahead, before the Spring Festival, it is advisable for investors to remain cautious. Overall, the market is unlikely to continue its rapid upward trend in the near future, and may gradually cool down and enter a consolidation phase. In terms of strategy, it is recommended for investors to maintain a cautious allocation strategy before the Spring Festival; looking ahead to the post-holiday period, the market is expected to usher in a new round of upward momentum. In terms of industries, focus on electronics, power equipment, non-ferrous metals, etc.; in terms of themes, continue to focus on commercial aerospace. If the market trend is towards growth, industries like electronics, power equipment, communications, non-ferrous metals, automobiles, and defense industry tend to perform well in the five-dimensional industry comparative framework. Debon Securities: Market continues to oscillate upwards Debon Securities believes that the current market turnover remains at a historical high level, indicating that funds remain active, and after the adjustment of some popular sectors in the previous period, risks have been released, accumulating strength for subsequent increases. The current market is in a structural market driven by "policy catalysis + industrial trends", with sectors such as commercial aerospace, AI computing power, storage chips, etc. having dual support from policy and industry, strengthening the logic of domestic substitution, and may have long-term tracking value. The January meeting of the Federal Reserve is about to take place, if it releases a rate cut signal, the decline in the US dollar index may favor the continued inflow of northbound funds, further boosting the technology and cyclical sectors. As of January 21, a total of 587 listed companies have disclosed their 2025 performance forecasts. From the perspective of the upper limit of net profit growth, over half of the listed companies have positive performance forecasts, companies that achieve year-on-year growth in performance may attract more market attention in the future, while some high-valuation stocks may face risks of underperformance, paying attention to profit-cutting announcements and goodwill impairment risks. Orient: Consensus on bull market continuation constitutes market bottom support Orient believes that overall, since January 14, the Wanda All A-shares have been oscillating within a narrow range of nearly 1%, with daily trends almost flat, forming a consolidation upper edge as sentiment cools, the consensus on the continuation of the bull market constitutes bottom support, the gradually increasing chips piled up at the current level will gradually enhance the positive impact on the market, laying the quantitative foundation for the future upward movement of stock indexes. This article is reproduced from "Tencent Self-selected Stocks", edited by Xu Wenqiang, GMTEight.