The three major A-share stock indexes collectively opened lower on January 7. After opening lower, the stock index turned red for a while, but weakened again in the afternoon. In the afternoon, the two markets fluctuated upward, and individual stocks showed a general upward trend.

From the perspective of the disk, popular science and technology themes broke out across the board, high-speed copper connections, optical chips, and GPU concept offensives were like a tide, and Haiguang Information and Cambrian both rose by 10%; The IDC power supply and lab-grown diamond sectors continued to be active, and the media and precious metals performed well; Pharmaceutical stocks collectively went out, and coal and shipping fell.

At the close, the Shanghai Composite Index rose 0.71% to 3,229.64 points, the STAR 50 Index rose 2.86% to 965.53 points, the Shenzhen Component Index rose 1.14% to 9,998.76 points, and the ChiNext Index rose 0.7% to 2,028.36 points.

Wind statistics show that a total of 4,390 stocks rose in the two cities and the Beijing Stock Exchange, 899 stocks declined, and 91 stocks were flat.

The total turnover of the Shanghai and Shenzhen stock exchanges was 1,076.6 billion yuan, an increase of 18 billion yuan from 1,058.6 billion yuan on the previous trading day. Among them, the Shanghai market turnover was 436.4 billion yuan, a decrease of 7.8 billion yuan from the previous trading day's 444.2 billion yuan, and the Shenzhen market turnover was 640.2 billion yuan.

According to Great Wisdom VIP, a total of 149 stocks in the two cities and the Beijing Stock Exchange rose by more than 9%, and 14 stocks fell by more than 9%.

Semiconductors rebounded sharply, and pharmaceuticals and biology led the decline

In terms of sectors, semiconductors rebounded sharply to lead the two cities, Jewalt (688141), Longxun shares (688486), Dawei shares (002213), Kangqiang Electronics (002119), Demingli (001309) and other nearly 10 shares rose or rose by more than 10%.

The

non-ferrous metal sector was among the top gainers, with Xinke Materials (600255), Oriental Tantalum (000962), Hongchuang Holdings (002379), Fuda Alloy (603045), Antai Technology (000969), Longci Technology (300835), Chujiang New Materials (002171), etc. rising more than 4%.

The rise of machinery and equipment is gratifying, Chunhui Intelligent Control (300943), Hanwei Technology (300007), Huayi Technology (688071), Oriental Intelligent Manufacturing (002175), Boshen Shares (002282), Jialitu (603912), Haide Control (002184) and other more than 10 shares rose or rose by more than 10%.

The pharmaceutical and biological sciences that rose sharply in the previous trading day led the two markets, Haier Biotechnology (688139), Aoxiang Pharmaceutical (603229) and other companies fell by more than 10%, and Hengdi Pharmaceutical (301211), Fangsheng Pharmaceutical (603998), Changshan Pharmaceutical (300255), Luoxin Pharmaceutical (002793), Guilin Sanjin (002275) and others fell by more than 7%.

Coal stocks fell significantly, Anyuan Coal (600397) and Baotailong (601011) fell more than 3%, and China Coal Energy (601898), Huaihe Energy (600575), and Shaanxi Coal (601225) fell more than 2%.

Power stocks fell, and the utilities sector fell against the market, with Huadian International (600027), New Natural Gas (603393), Wanneng Power (000543), ENN (600803), Foran Energy (002911), and Guiguan Power (600236) falling more than 2%.

Volatility may continue to be high

Founder Securities pointed out that in the short term, the market trading heat has cooled down, and volatility may continue to be high. Under the effect of multiple risk factors such as the performance disclosure period, the strength of U.S. bonds and the U.S. dollar, the market may face volatility, and the dividend sector is expected to continue to dominate, but the adjustment period of "Kete Valuation" is also a long window. In the medium to long term, domestic policy expectations can be more positive. The tone of the double-easing policy will not change, and the medium- and long-term liquidity easing is expected to drive A-shares to continue to be risk-on, while if it goes further, the fiscal policy can drive the early repair of prices and credit, and the certainty and elasticity of A-shares will be further improved.

Huaan Securities said that before the Spring Festival is a window period for policies and major meetings, and domestic policies have limited effect on the market in the short term. For example, at the press conference of the National Development and Reform Commission and the State Council Information Office on January 3, the details of the "trade-in" policy for consumer goods were announced, but the scale of support was not announced. At the same time, economic fundamentals are slow to change and support is equally limited. Therefore, external risk expectations have become the main factor disrupting the current market, and the market is more sensitive to changes in external risks, so it is expected that the overall shock will continue before external risks land.

China Post Securities pointed out that, in summary, although ultra-long-term credit bonds are an emerging variety that has been born for a short time, there is still some room for ultra-long-term strategies in 2025 with the advent of the era of low coupons. The scarcity in the supply of high-interest assets is still not effectively solved, and the space for sinking strategies is becoming narrower, and embracing duration may be the only way to go. However, it should be noted that the yield of ultra-long-term credit bonds at around 2.2% may show greater downward resistance, mainly because there are local bonds to choose from near this point, and the improvement of local bond liquidity and the beginning of the transformation of investment strategies to trading may be unexpected changes.

Everbright Securities believes that the market will be dominated by structural conditions during the double festival. Before the Spring Festival, the A-share market may be dominated by structural markets, and the performance of A-shares after the Spring Festival is worth looking forward to. On the one hand, there are relatively few important meetings in January, and there is a relative lack of economic data, and the current analysts' consensus expectations for A-share earnings growth in 2025 have not yet been significantly revised up and downward, or to a certain extent, reflecting that the current market has not yet formed a consensus expectation for A-share corporate earnings in 2025, so it may be difficult to have a major positive catalyst in January. On the other hand, from the perspective of the calendar effect, since 2015, in most years, the rise and fall of the Shanghai Composite Index in January of that year and the increase in December of the previous year have shown a certain "one and the other" characteristics, while the Shanghai Composite Index closed slightly higher in December 2024, and historically, the A-share market usually performs relatively average in the period before the Spring Festival, and usually performs better in the 20 trading days after the Spring Festival. It is expected that in January 2025, the market style may oscillate between defense and thematic growth, with the defensive style industry focusing on large state-owned banks such as gas and electricity, and the theme growth style focusing on batteries (solid-state batteries), automation equipment (humanoid robots), semiconductors (byte AI chain), etc.

Zhongyuan Securities pointed out that the current average price-earnings ratios of the Shanghai Composite Index and the ChiNext Index are 13.66 times and 33.84 times respectively, which are at the median average level in the past three years, which is suitable for medium and long-term layout. It is expected that the focus of the market long and short game may focus on whether the domestic macro policy will maintain confidence and stabilize expectations by caring for the stock market, and the main line of the capital market to further deepen the reform policy will be to focus on supporting scientific and technological innovation and industrial upgrading, and to promote mergers and acquisitions and restructuring, and improve investor returns. From the perspective of the internal environment, the policy effect has emerged, but the transmission still needs to be processed, and the recovery of economic data needs to be closely tracked in the future. With the continuous implementation of domestic macro-control and pro-growth policies, the stock index is expected to maintain a volatile pattern in the future, while it is still necessary to pay close attention to the changes in policy, capital and external factors. It is recommended to pay attention to investment opportunities in industries such as pharmaceuticals, medical devices, power supply equipment and non-ferrous metals in the short term.