A-share midday review | ChiNext 50 falls more than 1% in half a day, resource stocks like non-ferrous metals experience huge fluctuations, leading gold company gains 4 consecutive daily limit boards.

On January 29th, the A-share market fluctuated narrowly in the morning, with a half-day trading volume of 2.02 trillion, an increase of 103.9 billion from the previous trading day. By midday, the Shanghai Composite Index fell 0.10%, the Shenzhen Component Index rose 0.01%, the ChiNext Index fell 0.05%, and the Sci-Tech Innovation 50 Index fell by over 1%. Industrial believes that although the market pace is slowing down, the upward trend is still continuing, and the money-making effect is spreading to a wider range structurally. In terms of allocation, as A-share listed companies' annual report previews enter the peak disclosure period, combined with the concentrated disclosure of financial reports by North American tech giants, the impact of performance on structure may become more significant. Therefore, the focus should continue to be on digging out highlights in the fundamentals. In terms of the market, hotspots are rotating rapidly, with AI marketing, AI comics, media, KNOWLEDGE ATLASAI, multimodal and other AI application concepts all surging. Stocks like Guangdong Insight Brand Marketing Group and Beijing Quanshi World Online Network Information hit limit up. Precious metals and oil and gas stocks have seen huge volatility, with China National Gold Group Gold Jewellery hitting a continuous limit up, and Hunan Gold Corporation hitting a four-day limit up. The banking sector is rising, with BQD hitting the limit up. Real estate stocks are rebounding significantly, with multiple stocks like Grandjoy Holdings Group also hitting the limit up. Additionally, concepts like commercial aerospace, space photovoltaics, and new consumption have shown some performance in the market. Looking ahead, Orient believes that in the short term, the stock index will continue to fluctuate, but signs of regulation are evident during trading, making large gains and losses unrealistic. The Shanghai Composite Index is expected to continue to fluctuate upwards, but the space before the Spring Festival is not large. Popular sectors: 1. Explosive growth of AI application concepts. 2. Bottoming and rebound of the gold concept. 3. Rebound in the real estate sector. Institutional perspectives: 1. Industrial: Although the market pace is slowing down, the upward trend remains. 2. Huatai: The index still has strong resilience amid fluctuations. 3. Orient: Short-term stock index fluctuation pattern unchanged.