CSI 300 fell by 0.57%
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The overall trend of A-shares remains upward, with the market environment still being at a stage where “conditions are favorable and investment opportunities can be continuously sought.” This week, the index showed characteristics of structural differentiation coexisting with high-level fluctuations, with trading volume significantly increasing, indicating that the level of capital activity remains relatively high.
In terms of index performance, the SSE Index(000001) fell by 0.45% this week but still operates above the 10-day, 20-day, 50-day, and 200-day moving averages, with a retracement of about 2.12% from its one-year high and is still 34.90% higher than its one-year low. The CSI 300(000300) declined by 0.57% this week, with weighty sectors experiencing phased pressure, yet the index remains 11.17% above the 200-day moving average, with the amplification of trading volume reaching 62.26%, reflecting more evident features of institutional portfolio adjustments and structural shifts. Growth styles relatively outperform. The Shenzhen Index(399001) rose by 1.14% this week, and the ChiNext(399006) increased by 1.00%, both hitting new highs for the year and standing 20.99% and 28.75% above their respective 200-day moving averages. Trading volumes have also expanded accordingly, with the ChiNext’s weekly trading volume increasing by 31% compared to last week, showing that capital participation in high-elasticity directions continues to remain at a high level.
Regarding overseas markets, major US stock indices experienced slight corrections. The Nasdaq Composite(0NDQC) fell by 0.73% this week, and the S & P 500 Index(0S&P5) decreased by 0.31%, but both are still clearly operating above the 200-day moving average, with annual trends unbroken. In terms of macroeconomic data, initial jobless claims in the US dropped to 198,000 for the week ending January 10th, lower than expected, indicating resilience in the labor market; December CPI was up 2.7% year-on-year and 0.3% month-on-month, consistent with expectations, without an unexpected rebound in inflation. Meanwhile, November retail sales rose by 0.6% month-on-month, performing better than previous lows. On the energy front, EIA crude oil inventories increased by 3.391 million barrels in the latest week, contrasting with continuous destocking previously, providing some short-term suppression on energy prices. Overall, the US economy exhibits a combination of slowing growth but not stalling, with inflation running mildly, while market expectations for interest rate cuts by the Fed this year remain moderately aligned.
On the domestic macro and policy front, the orientation towards easing continues to strengthen. The central bank explicitly stated it would maintain ample liquidity and emphasized flexible use of policy tools such as reserve requirement ratio reductions and interest rate cuts, forming a high consensus on structural easing within the market. By the end of 2025, M2 grew by 8.5% year-on-year, with social financing and direct financing ratios improving simultaneously, indicating ongoing support for the real economy. Authorities pointed out that balancing stable growth and reasonable price recovery through monetary policy aids in enhancing medium-to-long term corporate profit expectations. Fiscal measures are equally robust, with the Ministry of Finance promoting a series of policies to synergize finance and stimulate domestic demand, focusing on consumption stimulation, industrial upgrading, and technological innovation.
Industrial policy signals further concentrate on high-quality development. The Ministry of Industry and Information Technology is advancing actions to integrate industrial internet and artificial intelligence to empower industries, proposing to accelerate the transformation and upgrade of new industrial networks, beneficial for long-term demands in computing infrastructure, communication equipment, and related fields of industrial digitization. Simultaneously, regulators are intensifying efforts to standardize competitive orders in certain industries, emphasizing prevention of disorderly expansion and “involution” competition, shifting policy direction from scale expansion to profitability quality and technological barriers enhancement.
At the industry level, funds were concentrated in content, property maintenance services, and data storage this week. Internet-Content(G3334IG.CN) saw a weekly increase of 16.53%, with significant sector volatility but noticeable overall capital inflow, primarily influenced by accelerated layout of digital content platforms, revival of paid content, and advertising revenue. Bldg-Maintenance & Svc(G7340IG.CN) rose by 16.47%, with rising demand for residential improvement and policy-driven advancements in property service standards boosting sector prosperity. Computer-Data Storage(G3578IG.CN) gained 15.26% weekly, benefiting from enterprise digitalization, computing capacity expansion, and cloud storage demand growth, with relevant storage equipment and solution providers seeing sustained order increases, significantly improving sector profit expectations.
In terms of portfolio performance, the TOP33 portfolio averaged an increase of 1.97% this week, with 17 stocks rising and 16 declining, slightly outperforming major broad-based indices. The top-performing stock was Suzhou Uigreen Micro&Nano Tech(688661), rated 41 in its industry category, falling into a notable attention range. With a Relative Strength Rating of 96, showing its stock price significantly outperformed the broader market; an EPS Rating of 80, indicating strong earnings growth support; and an O’Neil Score of 74, placing it in the upper-middle tier in overall quality. Its technical advantages in MEMS micro-nano electronic components and semiconductor testing probes, along with its international client base, make it a favorite among investors during this phase.
Under the current overall market operation environment, despite high-level fluctuations, the mid-term upward structure has not changed, supported by policy backing, liquidity conditions, and industrial upgrade directions. Capital tends to allocate to stocks ranking high on the O’Neil industry list with simultaneous improvements in relative strength and profitability quality, aligning sector prosperity with price trends remaining a key focus in the current market.
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published on January 16, 2026