A-share opening express | A-shares weak shock! Coal sector strengthens against the trend, and tourism concept performs actively.

On January 30th, the A-shares opened weakly and fluctuated. As of 9:37, the Shanghai Composite Index fell 0.35%, the Shenzhen Component Index fell 0.66%, and the ChiNext Index fell 0.13%. In terms of the market, the coal sector performed strongly against the trend, with Guizhou Panjiang Refined Coal hitting the limit up; the tourism concept was active, with Caissa Tosun Development also hitting the limit up; the storage chip concept was active again, with Zbit Semiconductor, Inc. rising by more than 10% to hit a new historical high. On the downside, the precious metals sector collectively pulled back, with stocks like Zhongjin Gold Corp., Ltd hitting the limit down. Looking ahead, Guosen believes that as we enter the latter part of January, the disclosure of annual performance forecasts will become more intensive, and the market focus will shift to performance. Hot sectors: 1. Precious metals concepts collectively pulled back, with multiple stocks like Zhongjin Gold Corp., Ltd, Baiyin Nonferrous Group, Henan Yuguang Gold & Lead, Zhaojin International Gold, Sichuan Gold, and Hunan Silver hitting the limit down. Comments: In terms of news, last night, spot gold and silver rose by 3% and 4% respectively at one point, hitting historical highs. However, profit-taking by investors led to a sharp decline, with spot gold falling from around $5530 to $5105.83, with the largest intraday drop of 5.7%, and silver falling by a maximum of 8.5%. Later, supported by escalating geopolitical uncertainties and inflation expectations in places like the US and Iran, the decline narrowed, with spot gold and silver rising by about 1% at the time of writing. 2. The coal sector performed strongly against the trend, with Guizhou Panjiang Refined Coal hitting the limit up, and other stocks such as Sundiro Holding, Henan Dayou Energy, Anhui Hengyuan Coal Industry and Electricity Power, Shanxi Lu'an Environmental Energy Development Co., Ltd, and Shanxi Coking Coal Energy Group following suit. Comments: In terms of news, Guizhou Panjiang Refined Coal forecasted a year-on-year increase in net profit of 205.30% to 264.83% by 2025. Institutional viewpoints: 1. Guosen: Market focus will shift to performance Guosen believes that as we enter the latter part of January, the disclosure of annual performance forecasts will become more intensive, and the market focus will shift to performance. Based on disclosure criteria, the median year-on-year growth rate of net profits attributable to shareholders of A-share companies is expected to reach double digits in 2025, indicating a potential recovery or acceleration in corporate profitability. Companies in industries such as computing and communications, lithium batteries, and energy storage are expected to see significant growth in performance. Overall, with solid fundamental support and companies exceeding performance expectations in the key window of performance verification, they are expected to outperform and become the core theme of the upcoming "spring momentum" market. 2. Zheshang: Short-term market fluctuations are the main focus Zheshang believes that the "spring momentum" effect, as a seasonal effect, is mainly driven by factors such as strong policy expectations at the beginning of the year, liquidity injections by the central bank, and a vacuum period for economic data and corporate earnings. For example, the convening of the end-of-year Central Economic Work Conference and Politburo meetings often sets the tone for policy intensity and outlook for relevant industries. From the perspective of domestic liquidity, the central bank usually implements measures such as reserve cuts or interest rate cuts to maintain liquidity to meet the cash demand of commercial banks before and after the Spring Festival. In terms of allocation, under cooling conditions, the market may mainly experience short-term fluctuations and corrections, while from a quarterly perspective, the "systematic slow bull market" can still be expected. In terms of industries, with A-shares entering the window of annual performance verification in late January, the market style may shift towards the "two-electric civilization non-machine" and mid-to-small-cap growth sectors that combine performance and resilience. 3. Orient: Stock indices continue to maintain a fluctuating pattern Orient believes that in the short term, stock indices will continue to maintain a fluctuating pattern, with structurally driven rallies in industry prosperity. Cyclical sectors also occasionally show strength, with active funds choosing directions based on performance elasticity or policy support. At the moment, the stock indices lack a clear direction choice. However, it is worth noting that there is a certain divergence in the precious metals sector, and investors need to be cautious of wide-ranging fluctuations in the future. This article is reproduced from "Tencent Stock Selection", edited by GMTEight: Xiao-yi Chen.